Get Foreclosure Help

Tag: Credit card debt

  • Can Bankruptcy Be Removed from Your Credit Report?

    Can Bankruptcy Be Removed from Your Credit Report?

    Call: 888-297-6203

    People having trouble in managing finances often resort to bankruptcy. It is the last solution to deal with excessive debt which is quite difficult to pay back. Despite getting rid of a huge amount of debt, bankruptcy can have a negative effect on your credit rating. People find it difficult to get a loan, credit card, and even job once they have filed for bankruptcy. According to Dallas based bankruptcy law firm Recovery Law Group lawyers, bankruptcy remains on your credit report for a period of seven to ten years (from the date of filing) depending on the chapter of bankruptcy filed.

    • In the case of Chapter 7 bankruptcy Dallas, since no debts are repaid, the bankruptcy remains on records for 10 years.
    • In Chapter 13 bankruptcy, some amount of debt is repaid over a period of 3-5 years and thus, this type of bankruptcy is deleted after seven years from the filing
    • All accounts included in bankruptcy chapters remain on credit report for seven years. Accounts that were delinquent prior to bankruptcy filing will be deleted after seven years from the original delinquency date, while those that were current at the time of bankruptcy filing will be removed, seven years from the filing

    It is therefore important for people to regularly check their credit report for any discrepancy. Any account included in the bankruptcy should automatically be deleted after the specified time frame. In case this is not the case, you can ask the credit reporting company to rectify the mistake. Hiring an adept bankruptcy lawyer can be a huge asset for your case. If you wish to consult with one, you can call 888-297-6023.


      *Are you more than 60 days past due on your mortgage?

      *Do you own a home?

      Are you currently working?

      By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

    • Should You opt for Bankruptcy Or Debt Consolidation?

      Should You opt for Bankruptcy Or Debt Consolidation?

      If you are under debt, don’t worry; you are not alone. There are lots of people sailing in the same boat as you. There can be numerous reasons for accumulating debts such as sudden medical expenses, loss of a job, increase in mortgage, high tuition fee or buying a new vehicle. Fortunately, there is help available to get rid of huge amounts of debts; the most popular being bankruptcy. It is often the most feared and misunderstood option according to Dallas based bankruptcy law firm Recovery Law Group. Other options like debt consolidation, debt management, and debt settlement are equally viable.

      Bankruptcy

      People can end up having a huge amount of debt, even if they are earning well. There are different chapters of bankruptcy through which individuals can get rid of their debts. While Chapter 7 allows you to discharge all your debts in a relatively less time frame, it can be effective for people who have a monthly income less than the state mean for a household of a similar number of people. Chapter 13 on the other hand, allows you to repay some portion of your debt (depending on your disposable income) while getting rid of the remaining at the end of your repayment plan which takes 3 to 5 years. In both cases, your credit rating takes a dip, which means you will not be able to get a loan for some time. Moreover, bankruptcy records are public, i.e. your reputation is under the scanner, your potency to land up a job will be hampered.

      The repercussions of bankruptcy can affect you for a long time, hence it is important to consider other options before filing for bankruptcy. Alternatives to bankruptcy include using credit counseling, debt consolidation, etc. Even filing for bankruptcy includes going for counseling with an accredited counselor. As per credit counselors, there are three alternatives to bankruptcy; debt management, debt settlement, and debt consolidation.

      Debt management

      If you have income enough to afford the monthly payment, you can opt for this arrangement. Since you are not taking another loan, it becomes easy to repay the debt with the credit counselor working out a plan with lenders. A lower interest rate results in reduced monthly payments thereby making it easier to repay the principal amount. Late fees can also be eliminated. However, if you miss on payments, the deal can be revoked, and the interest rate hiked back. This may take nearly 3 years to get rid of debt. This also affects your credit report but unlike bankruptcy, debt management notation is removed as soon as you finish the plan.

      Debt settlement

      This is a risky option specially designed for people who are not able to make minimum monthly payments. Debt settlement companies take control of credit card debts. You need to make payments to them, and they will make a settlement offer to the lender, wherein the lumpsum amount is paid to them to settle your debts. You can reduce your debt by nearly 50%, however, there is no guarantee for success. The process (if agreed upon by card companies) can take somewhere between 3 and 4 years. Including the late/non-payment penalty, fees for debt settlement services, etc. you can save 20% of the amount. The credit report shows this for the next seven years.

      Debt consolidation

      You can consolidate loan from a bank, online lender or credit union and on its approval can pay off your entire credit card debt. The interest rate is generally lower than normally present on credit cards, thereby reducing monthly payments. Your assets are used to secure the loan, thereby putting them at risk if you fail to make payments. This also opens a new credit line which can end up affecting your credit score.

      Whatever your circumstances, it is important to make sure that you continue making payments to get rid of debt, preferably focussing on paying the highest interest rate debts first. In case you wish to know which option from those mentioned above will best suit you, consult with expert bankruptcy lawyers at 888-297-6023.


        *Are you more than 60 days past due on your mortgage?

        *Do you own a home?

        Are you currently working?

        By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

      • You Might Have to Face These Questions from Bankruptcy Trustee

        You Might Have to Face These Questions from Bankruptcy Trustee

        Filing for bankruptcy results in a lot of paperwork. You need to ensure your income; assets and your debts are in order. Filing for bankruptcy results in a creditors meeting (also known as 341 hearing) where you are required to provide confirmation for any information you have given.  The meeting is attended by you and your attorney, your bankruptcy trustee and even your creditors. According to Dallas based bankruptcy law firm Recovery Law Group, the bankruptcy trustee can ask you questions to find out details of your bankruptcy estate. The entire proceeding takes place under oath, so you should avoid lying or you might end up perjuring yourself. Having a consultation with expert bankruptcy lawyers at 888-297-6023 will help you prepare for your 341 meetings.

        Some of the most common questions your bankruptcy trustee might ask to include:

        • If you are familiar with the information provided in your bankruptcy paperwork?
        • If all the information provided in bankruptcy papers is complete and accurate?
        • Have you listed all your property in the papers?
        • Have all your creditors been listed in your bankruptcy schedule?
        • Have you reviewed and signed the bankruptcy petition and schedules prior to filing them?
        • Have you filed for bankruptcy earlier?
        • What is your gross monthly income?
        • Do you wish to make any changes in your papers?
        • Are you paying any alimony or child support?
        • Have you filed previous tax returns?
        • Have you made any transfer of property within the last two years?
        • Have you made any new charges to your credit cards?
        • Which creditors have you paid within a year of your bankruptcy?
        • Have you had your property valued?
        • What method did you use to get your property valued?
        • Is your car or home insured?
        • Do you have business, corporation or partnership?

        Having a bankruptcy attorney can be an asset as they can help you deal with the entire process of bankruptcy including the questions asked by the trustee. They can help you by –

        • Gathering documents related to your case.
        • Help to prepare the paperwork essential for the 341 meetings.
        • Submit related documents before the trustee either before, during or after the hearing.
        • Manage financial information for you including your assets and expenses.
        • Ensure that all your paperwork is accurate, complete and compliant with the state laws.
        • Answer all questions asked by bankruptcy trustee during the meeting.
        • Try their best to minimalize your financial loss.


          *Are you more than 60 days past due on your mortgage?

          *Do you own a home?

          Are you currently working?

          By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

        • Avoid Making These Mistakes During Bankruptcy Filing

          Avoid Making These Mistakes During Bankruptcy Filing

          A common man does not always think of preparing for the worst. Therefore, many people are often at their wit’s end when difficult financial situation plagues them. Though bankruptcy is the best option to get rid of unsurmountable debts, Dallas based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/ confirm people are often unaware of what they should or shouldn’t do when filing for bankruptcy. Having an adept bankruptcy attorney by your side can be an asset during tough financial times. Contact 888-297-6023and consult with the best legal minds to know what to do prior to a bankruptcy filing.

          It is very important to keep in mind to avoid doing the following if you are thinking of filing for bankruptcy:

          • Transferring assets (money or property)

          If you are thinking of filing for bankruptcy, it is important that you do not transfer any money or property to relative or friend. Anything and everything you own becomes a part of your bankruptcy estate. The trustee assigned to your case goes through all the documents with a fine comb. Such transfers of assets are considered means of hiding so that the property could not be included in your bankruptcy estate; especially if you give it for free, or at less than the fair market rate, or within a stipulated time frame. If the court feels that you have been hiding assets, it will get them back when you file for bankruptcy. You can make use of various federal and state exemptions to protect your property instead of opting for transferring it.

          • Being selective while paying creditors

          Having a proper payment schedule prior to a bankruptcy filing is important. if the court finds evidence that you have made payments to some creditors while ignoring others, your chances of the bankruptcy case are ruined. Moreover, you could be facing lawsuits from other creditors. Bankruptcy trustee also has the right to sue those creditors who seem to have benefited from preferential payments. All of this can add to your financial woes.

          • Unaware of your income sources

          It is important to have a record of all your income as this forms an integral part of your bankruptcy filing Dallas. Your business and personal account should be separate for clarity of income and expenditure. If you are aware of your income sources and can provide proof supporting your statements, you won’t have much issue during bankruptcy.


            *Are you more than 60 days past due on your mortgage?

            *Do you own a home?

            Are you currently working?

            By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

          • What Are the Possible Ways to Settle a Credit Card Judgment?

            What Are the Possible Ways to Settle a Credit Card Judgment?

            There are enough cases of credit card debts in Los Angeles. People have a surmounting amount to be paid as credit card loans. Most of these credit card loans are unsecured loans; which means the creditors cannot seize credit card owners’ assets if he/she fails to pay the loans. However, the creditor can take rescue and file a case against the debtor. Once he gets a judgment against the debtor, he can propel the debtor to respond in court and take steps to seize the debtor’s assets. For good advice on how to settle a credit card judgement, the debtor can connect to https://bankruptcy.staging.recoverylawgroup.com/

            There are three possible ways to settle a credit card judgment-

            1. Vacate the judgment

            Vacate a judgment means filing a case in court against the creditor to dismiss the judgment. When a debtor files to vacate a judgment, the judgment stands null and void. For proposing to vacate a judgment the debtor will need a lawyer. A lawyer files a legal motion against the creditor to vacate the judgment. He can make the case strong by convincing the court that the client was not rightly served with the judgment.

            The client can win the case and the judgment will be vacated. Apparently, the client is still liable to pay the creditors; because if the case stands true there is no way the client is excused. On top of that, the client will have to shell an extra sum as the lawyer’s fee. So, vacating the judgment may not be the best approach.

            1. Settle the judgment

            The client can seek a unanimous settlement with the creditor.  The creditor usually settles for a lesser amount than the actual loan amount to arrive at a settlement. The client must seek a written document to avoid future complications. The lawyer can help the client retrieve a written settlement document to clear the case.

            However, despite settling the judgment the client may have to bear with the judgment on his credit record for many years. This may not go well with the client’s reputation and may wish to avoid it. Hence, settling the judgment may not appeal to the client.

            1. Apply for bankruptcy

            The creditor can file a chapter 7 bankruptcy case in the court. This will although save the settlement amount, but the lawyer’s fees need to be paid by the client. This again will damage the reputation of the client and will stay on his credit card record for more than 10 years.

            Is there any other option?

            There is one good option that will retain the reputation of the client as well as settle the judgment. The client can ask the creditor to vacate the judgment in good faith and dismiss the lawsuit. This way the client is clear off the record and is able to save his reputation. Apparently, the creditor’s lawyer may not be happy with the deal. The debtor can make some effort to convince the lawyer by offering an extra package to the creditor’s lawyer. The small amount will be like a drop in the ocean to save and secure the client’s reputation with an upgraded credit card report.

            Things to keep in mind while settling a debt amount

            The entire procedure of settling the debt must be covered well in a written document signed by both parties. Without the written document there will be no strong proof of settlement. Hence the client must agree on a written document before paying the money. Secondly, the client must take into notice that despite settlement the client is not excused of tax on the forgone debt amount. He may need to pay the tax against the actual debt amount. To understand more call on 888-297-6203.


              *Are you more than 60 days past due on your mortgage?

              *Do you own a home?

              Are you currently working?

              By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

            • Debts That You May Continue to Pay During Chapter 7 Bankruptcy

              Debts That You May Continue to Pay During Chapter 7 Bankruptcy

              Chapter 7 is advocated as one of the best Chapters to release a good amount of debt with zero obligation after the bankruptcy process. However, this might not hold true under some scenarios. The filer might have to continue to pay out some of the debts during and after Chapter 7 bankruptcy. To assess if Chapter 7 could actually kill all your debts or not, it is best to analyze some of the debts, you may still be obliged for even after filing for Chapter 7 bankruptcy. For more information relating to bankruptcy and Chapter 7, log on to Recovery Law Group.

              1. Any debt that has been incurred after filing for bankruptcy

              Any form of expense, debt, or bills that have been incurred after the filing of a bankruptcy will still hold you liable for clearing the same. This is referred to as a post-petition debt in legal terms. Some of the common debts that could fall under this category can be listed as follows-

              • Child support or alimony
              • Utility bills, taxes, insurance payments
              • Rent or lease dues
              • HOA or condo fees

              Some of these expenses that have been incurred before the bankruptcy filing will also not be wiped off. Child support, alimony, and taxes debt will usually not be discharged and are only wiped off under rarest of rare circumstances. The debts which will be wiped off will again depend on the bankruptcy court’s judgment.

              1. Secured Debts

              Debts which have been secured by an asset or collateral is referred to as secured debts. These are debts which are usually of high dollar value. Some of the common examples of secured debts can be listed as follows-

              • Home mortgage or home equity line of credit
              • Car loan
              • Business property loan

              The discharge or release of these debts depends on whether you agree to surrender the collateral or security of the debt. If you intend to keep the asset, you might have to pay off the debt in full. You might still get part of your debt released if you prove to the court how essential the particular asset is and impacts income generation. If you decide to keep the asset and pay off the debts, you cannot afford to miss the payment then. During bankruptcy, the lender can pass a motion and exercise lien on the asset or can directly access the asset after the bankruptcy court has closed your bankruptcy case.

              1. A brief break for your non-dischargeable debts

              Some debts like student loans, taxes, government dues/penalties/fines, etc., can freeze when you file for bankruptcy. You get a brief respite from those dues till your bankruptcy case is in the progress with the bankruptcy court. However, this by any means does not make you less accountable or liable for all dues during the bankruptcy phase as well as before and after bankruptcy. It just gives you a breather to re-assess and get things together.

              Voluntary debt repayment

              There are scenarios when you had like to pay off some of the debts. This usually happens for debts owed from related people, medical practitioner, or a particular lender who has supported the most. To pay off debts, you might not be able to use any of the nonexempt assets that are to be liquidated for repayment to lenders under Chapter 7 Bankruptcy. The best approach to voluntary debt repayment would be to initiate such payments after the bankruptcy case is closed by the court. To know more such important and smart tips, call 888-297-6203 now!


                *Are you more than 60 days past due on your mortgage?

                *Do you own a home?

                Are you currently working?

                By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

              • Automatic Stay – Way to Stop Your Creditors

                Automatic Stay – Way to Stop Your Creditors

                One of the best advantages that bankruptcy can offer debtors is an automatic stay. this puts an immediate end to all collection actions and any civil lawsuit filed against you by the creditors, government or collection agencies. The upside of the automatic stay as per Los Angeles based bankruptcy law firm Recovery Law Group  is that it can help you prevent being evicted or protect your property from being repossessed or foreclosed on, utilities being disconnected or wage garnishment. For more information on automatic stay, call 888-297-6023 and speak with expert bankruptcy lawyers.

                What can automatic stay prevent?

                The automatic stay can come in handy in several emergencies like:

                • Utility bills. In case you are behind on utilities like water, gas, telephone or electricity and face disconnection, the automatic stay can prevent it for a minimum of 20 days. however, you need to pay a deposit to ensure future payment.
                • Foreclosure. The automatic stay prevents the proceedings of foreclosure. You can catch up on past payments in the Chapter 13 repayment plan if you wish to keep your home. However, if you are behind on your payments in a chapter 7 bankruptcy case, an automatic stay is a temporary relief.
                • If the landlord has a judgment against you, or they allege you are endangering the property then automatic stay cannot help. In other cases, the automatic stay may provide temporary relief, however, the landlord might ask the court to lift the stay and allow eviction.
                • Wage garnishments. the automatic stay puts an end to collection actions like this. You can discharge qualifying debt like credit card or personal loan dues. However, alimony and child support debts cannot be discharged. Priority unsecured debts are dealt with differently in different bankruptcy chapters.
                • Overpayment of public benefits. The agency is entitled to collect any overpayment made from future checks or from you directly. The automatic stay prevents the collection but does not prevent the agency from terminating benefits.

                In what circumstances automatic stay is not of much help?

                An automatic stay cannot help you in some cases like:

                • Tax proceedings. IRS can audit you, issue tax deficiency notice and tax assessment, demand tax return or payment of assessment despite the automatic stay. However, there can be a temporary pause to issue of tax lien by IRS or seizing your income or property. The taxes could get discharged in Chapter 7 bankruptcy Dallas, or you might end up paying the debt in Chapter 13.
                • No respite from legal actions. A lawsuit for paternity establishment, modification or collection of spousal or child support won’t be stopped. Similarly, any criminal proceeding against you (sentence, paying fine, community service, ) won’t be stopped by the automatic stay.
                • A loan from the pension. Money can still be withheld from your income despite automatic stay to repay loans from some pensions like IRAs and job-related ones.
                • Numerous filings. In case you have a pending bankruptcy case from the previous year, the automatic stay lasts only for 30 days unless the creditor or the trustee asks for its continuation. In case any creditor files for a motion to lift the automatic stay, you will need to prove that the bankruptcy case was filed in good faith and the automatic stay protection should continue.

                Can creditors resume collection action?

                Creditors can ask the court to lift the automatic stay sanction by filing a motion in bankruptcy court. This is generally done in case of a foreclosure, tenant/landlord dispute or a lawsuit in a different court. If the creditor can show that they will lose money with automatic stay in place and no benefit/harm will come to other creditors, the court might agree.


                  *Are you more than 60 days past due on your mortgage?

                  *Do you own a home?

                  Are you currently working?

                  By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

                • Can Credit Cards be Secured Loans?

                  Can Credit Cards be Secured Loans?

                  Credit card loans always relate to unsecured loans by default. That’s what most of us are used to hearing. However, there can be circumstances when credit card loan can be a secured one too. The basic distinction between secured and unsecured loan is that there is a lien or an asset attached as collateral for the lender to capitalize in order to recover the debt. This holds good only if the debtor defaults or misses payments due consistently. To learn more about loans, bankruptcy, and other financial information, log on to Recovery Law Group, the encyclopedia to address all your financial questions!

                  What is a secured credit card?

                  A secured credit card is usually offered in exchange for a deposit in the credit union or a bank. This credit offered usually attracts a lower rate of interest. The percentage of credit extended based on the deposit varies from scenario to scenario and person to person. A few people might only be able to access 50% of the deposit while others can access 120% of the same. Credit score, previous history, amount of deposit, etc., are some factors which a bank or a credit union considers before determining an appropriate percentage. The deposit account isn’t allowed any activity while the credit card is in use. The deposit account is basically frozen. Once the credit card is surrendered, the account is released. In this scenario, the deposit account acts as collateral and makes the credit card issued a secured one.

                  Why opt for a secured credit card?

                  Considering it is a secured loan and not a very justifiable solution, it is worthy to understand why people would like to opt for such a credit card. Most people use this as a last resort as they are unable to qualify for an unsecured one. This card is also secured by people who are not eligible due to their poor credit score and want to improve the same by improving their payment history. Secured credit cards are also a lucrative way of increasing the credit card limit slowly. However, there are many flaws in this type of cards too. Higher application fee, annual charges, maintenance fees, and other fees, make this type of card an expensive affair.

                  The interest rates are high, you don’t even get grace period for repayment too. So, this is not a great alternative for sourcing funds for sure. If you are planning to get one for yourself in order to secure a better credit score it is worthy to ask your credit card company if they report to any of the three national reporting agencies or not. If they don’t, all your hard work to enhance the credit score could just go to vain. If you are not getting one and this is the only option, you are then out of options and there is no choice. However, you have a choice with respect to some of the best financial experts to address, solve and help with all your questions and concerns. Dial in +1 888-297-6203 now!


                    *Are you more than 60 days past due on your mortgage?

                    *Do you own a home?

                    Are you currently working?

                    By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

                  • Embezzlement Debts During Bankruptcy

                    Embezzlement Debts During Bankruptcy

                    Embezzlement refers to liability occurring from criminal, fraud, litigation and other malpractice. The jury or court usually orders an individual to pay fines or compensation or penalty based on the crime or law/code violation. This kind of debt is referred to as embezzlement debt. The common doubt or question people have is; Will the embezzlement debt be discharged during bankruptcy? It is important to learn that the type of debts held by the person filing bankruptcy is usually arranged on the basis of priority to determine the discharge or release ability. In the array or order, the embezzlement dues fall under the most prioritized debt since it is usually an order of jury which cannot be compromised. However, the type of embezzlement and the course adopted by the lender may still determine the release of embezzlement debts.

                    Criminal fines and civil body orders

                    Any type of debt arising from criminal activities like fraud, or any other such malpractice is regarded as ‘non-releasable debt’. This kind of debt cannot be released and should be paid off as first priority above secured and unsecured loans. There is practically 1% chance of getting criminal fines released by the bankruptcy law code. Learn more about such facts and bankruptcy on Recovery Law Group.

                    In case of civil body orders or judgments, the lender or the person who is expecting compensation from the bankruptcy filer has to proactively present a case for non-release of his/her debts. The lender has to request the court to categorize his/her debt as non-releasable debt by presenting facts and evidence confirming the same. If the lender fails to do so or does not approach the bankruptcy court proactively, the bankruptcy court might release such a debt prioritizing other debts. Civil debt is referred to as an act of fraud or misrepresentation in the capacity of fiduciary. Unlike civil dues, criminal fines need not be proven as non-releasable debts in the court and the lender need not make proactive attempts to confirm the same.

                    What the lender will do?
                    In order to retrieve the civil dues, the lender usually files a lawsuit which is referred to as ‘adversary proceedings’. This has to be filed in the span of 60 days from the first date of lenders meeting in the bankruptcy case. The meeting of lenders during the bankruptcy case in the court is a mandatory meeting, which usually happens in the first or second hearing. This meeting usually happens in about 30 days after the bankruptcy filing. This means a lender would have about 3 months or 90 days to file for an ‘adversary proceeding’ once the debtor has filed for bankruptcy. It is important to note that if the lender does not file within this period, the right of lender is void and it is up to the discretion of the bankruptcy court to release or not release the civil fines/compensations.

                    Points to be noted
                    Three important points to be proved by the lender in order to categorize a debt as fraud or from embezzlement can be listed as follows-
                    • The bankruptcy filer or debtor held the property for another property
                    • The property was used for unauthorized purposes
                    • The circumstances, evidence, and facts suggest an act of fraud

                    Once these three points are proved by the lender, the debt cannot be released under the bankruptcy norms. Also, once the debt has been declared as non-releasable by the bankruptcy court, it remains so for any future bankruptcy filings also. This means such debt could never be released no matter what. Every situation of bankruptcy is different. Personalized and professional services desired can be availed by dialing +1 888-297-6203. Dial now for interpreting your situation better!


                      *Are you more than 60 days past due on your mortgage?

                      *Do you own a home?

                      Are you currently working?

                      By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

                    • What Impact Does Low Bankruptcy Filing in Los Angeles has?

                      What Impact Does Low Bankruptcy Filing in Los Angeles has?

                      Most of the people living in cities like Los Angeles and Dallas, TX face the dilemma of whether to file for bankruptcy or not. In the last decade, there were quite a large number of people who used to file up for bankruptcy to overcome their debt. However, this number has rapidly declined in the past few years to such an extent that it has reached to lowest of the past 10 years. According to the statistics shown by the United States Bankruptcy Court, the number of bankruptcy filings in Central district of California has dropped down to 9415 in the first three months of the year 2017 and this number is the lowest ever since the year 2007.

                      Here we will present some of the statistics based on the local trend shown in the filing of bankruptcy that will help you to understand the impact of reducing filing bankruptcy numbers and hence to decide whether it would be favorable to you or not.

                      Latest trends in bankruptcy filing:

                      It can be easily deciphered by seeing the above-mentioned figures the filing of bankruptcy has enormously declined in the past 10 years and it has hit a historic low. However, this does not mean that people have overcome the problem of debts completely. Still, there is a large crowd that is filing for bankruptcy to overcome their debts. According to the data presented by the central district of California’s federal bankruptcy court which involves Los Angeles, Riverside, Orange, San Luis Obispo, San Bernardino, Ventura, and Santa Barbara it can be observed that still their bankruptcy filing is one of the most popular ways to get rid of debts.

                      As per the data presented in the year 2017, the following numbers can be noted:

                      • A decline of 7.6% in chapter 7 filing in which 11769 filings are new.
                      • A decline of about 4.1% in chapter 13 filings with 4070 new filings
                      • The overall decline of 6.7% in bankruptcy filings with total 15996 new entries

                      These numbers were much larger as compared to the ones in the last decade. According to the data of the year 2007, there were about 9400 bankruptcy filings under chapter 7 in Los Angeles which accounts for a 60% increase since the year 2006. There was further an increase of 72% in the next year which is 2008 and it continued till the year 2011 but after that, it gradually started to decline and touch the lowest trend in the year 2017.

                      What is the reason for reducing bankruptcy filings?

                      It can be inferred that the number of bankruptcy filings has rapidly declined in recent years. Hence it is very vital to analyze and determine the reasons behind this decline. This reduction is not only in Los Angeles and California but is prevalent in the entire United States.

                      One of the most speculated reasons behind this decline as stated by the specialists is the decline in medical debts which accounted for potential debts for most of the Americans. Since it is a well-known fact that medical bills accounted most of the expenses by people of United States, it is obvious that reduction in Medicaid bills due to affordable care act and touted economic recovery, have significantly affected the bankruptcy filings.

                      The working mechanism of bankruptcy explained:

                      The main purpose of bankruptcy is to discharge the debts. As per the provisions of chapter 7 which is termed as the liquidation bankruptcy, an indebted person has to make zero repayments if he is found eligible for it and files for the bankruptcy under chapter 7. He can also keep is property if he uses the exemption law of this chapter. Hence he is able to get rid of various debts via the bankruptcy discharge. However, if you fail to meet the eligibility to file bankruptcy under chapter 7, then you have another option- chapter 13. Filing for bankruptcy under chapter 13 helps you to make a repayment plan and also to reorganize the debts which will eventually prevent you from problems like foreclosure. One of the most amazing benefits of filing bankruptcy is that it helps you to get rid of the creditors and exasperating money collectors by providing an automatic stay.

                      Is filing bankruptcy a boon or a bane?

                      To know whether it would be beneficial for you to file for bankruptcy or not, you must first consult a well learned and wise bankruptcy attorney like Recovery Law Group and discuss your case with them. You can contact the team on 888-297-6203 and take advice for your case. A good bankruptcy attorney would be able to precisely tell you if you should file for bankruptcy or not and whether you should file for chapter 7 or chapter 13 depending on your account and debt status. You must not fall into the trap of temptations of filing bankruptcy yourself as there are many terms and conditions that you might not be aware of.


                        *Are you more than 60 days past due on your mortgage?

                        *Do you own a home?

                        Are you currently working?

                        By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.