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  • What is Bankruptcy?

    What is Bankruptcy?

    Call: 888-297-6203

    It is not uncommon to find people struggling with finances. You will find several People struggling with debt every year in the U.S. Bankruptcy has emerged as a popular way to get rid of a huge amount of debts. Consumers can file for bankruptcy under Chapter 7 or Chapter 13 and these are reflected in the consumer’s credit report. According to Dallas based bankruptcy law firm Recovery Law Group in Chapter 13, you end up repaying a portion of your debt as per a court-approved repayment plan over a course of 3-5 years. Due to this, the bankruptcy information remains on your credit report for seven years from the date of filing. In the case of Chapter 7 or liquidation bankruptcy, your entire debts are forgiven. Since no debt is paid to the creditors, this type of bankruptcy remains on the credit report for 10 years from the date of filing.

    Though bankruptcy can affect your credit report negatively and can have detrimental effects on your credit history as well as your credit score, it can also provide you with a reality check and a fresh start. People who have already been having bad credit get a chance to make amends and start afresh. If you wish to know more about bankruptcy and your other options, contact 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.

    • Do You Know How Long Bankruptcy Stays on Your Credit Report?

      Do You Know How Long Bankruptcy Stays on Your Credit Report?

      Call: 888-297-6203

      Struggling to manage your finances is more common than you think. When people have a huge amount of debts like credit card bills, student loan, etc. filing for bankruptcy might be an excellent way to get rid of them. However, there are consequences to this act warn Dallas based bankruptcy law firm Recovery Law Group lawyers. Bankruptcy can negatively affect your credit rating. Depending on which chapter of bankruptcy you file, it could remain on your credit report for as long as 10 years. However, people without any other option might end up filing for bankruptcy.

      Prior to the bankruptcy filing, it is advisable to seek expert opinions, such as that of a non-profit credit counselor or an experienced bankruptcy attorney. This will help them get knowledge about other viable options like debt management, debt settlement, etc. In case filing for bankruptcy is the best choice, you can consult with expert lawyers at 888-297-6023 to find out which chapter of bankruptcy would suit you best.

      Which chapter of bankruptcy should you choose?

      If bankruptcy is the best way to get rid of your debts, you need to decide between Chapter 7 and Chapter 13. Filing for bankruptcy requires an assessment of your income, assets, as well as your debts. Changes in laws being made in 2005, it is not easy to get rid of debts through bankruptcy. Certain debts like a student loan, income tax, alimony and child support or other government fines cannot be discharged through bankruptcy. Individuals who have an income less than the state median for an equal number of household members are eligible to file under Chapter 7. For others who fail to qualify the means test, Chapter 13 bankruptcy is the best bet to get rid of debts. Both chapters affect people differently.

      Chapter 7: In this type of bankruptcy, all unsecured nonpriority debts are discharged without paying anything back. Since no debts are repaid, this bankruptcy remains on your credit report for a period of 10 years.

      Chapter 13: In this case, the debtor pays some portion of their debt through a court-approved plan over a previously agreed timeframe. Any remaining unsecured nonpriority debt is discharged after that duration. Since some part of the debt is paid, this chapter of bankruptcy remains on your credit report for 7 years only.

      The credit agency automatically removes the bankruptcy from the credit report after seven or ten years depending on which chapter of bankruptcy it was filed under. Most people who file for bankruptcy have delinquent accounts. These accounts are also deleted seven years from the date they became delinquent. Since in most cases, the accounts became delinquent prior to the bankruptcy filing, they will be deleted prior to the bankruptcy public record.

      Effect of bankruptcy on your credit

      Bankruptcy filing makes you a high-risk candidate for lending. Thus, you will either not get a loan, or get one at a higher interest rate. It may also hamper your chances of getting a decent job. Thus, it is important to make immediate efforts to rebuild your credit to increase your credit score. This can be done by paying bills on time every month, not taking out unnecessary debt and living strictly as per a designed budget. With better credit score, soon, you will be able to get a loan at lower interest.


        *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.

      • Need to Update Your Bankruptcy Information? Here’s What You Should Do

        Need to Update Your Bankruptcy Information? Here’s What You Should Do

        Bankruptcy involves a lot of paperwork, both while filing for it and even after discharge. It is therefore important to have legal representation to get through with it smoothly. In case you are looking for legal representation, you can call 888-297-6023 to know more about bankruptcy and its discharge. Generally, post-bankruptcy discharge, creditors update information in their accounts which are eventually displayed on the credit reports. However, many times creditors don’t update the information. According to lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, there are options available for individuals if their creditors haven’t updated the bankruptcy discharge information on the credit report.

        Since bankruptcy becomes a public record, the accounts listed in your bankruptcy are reflected in your credit report. In the case of the bankruptcy discharge, the same should be reflected in your credit report as well as bankruptcy record. Filing for bankruptcy involves mentioning all your creditors. Once the knowledge of your bankruptcy is provided to your creditors, they should ensure that the account is updated on the credit report to reflect its status. After you get your bankruptcy discharged, the accounts should also display the updated status. In case it does not, you can contact the creditor through the information provided on your credit report to ask them to update the accounts as discharged.

        Bankruptcy paperwork includes “Schedule” which lists all debts included in the bankruptcy filing. You can alternately send a copy of Schedule A, Schedule D or Schedule F to the address listed in credit report along with a copy of your bankruptcy discharge statement and a request to update the information in your credit report. Alternately, you can verify the information through the courts and update it online. Individuals can file for bankruptcy under Chapter 7 or Chapter 13. In the case of the former, no debts are repaid, and discharge is granted within a few months. This type of bankruptcy remains on credit report for 10 years from the filing date. Chapter 13 on the other hand, involves paying some portion of the debt over a course of 3-5 years. This bankruptcy remains on the credit report for a duration of 7 years from filing date.


          *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.