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  • Filing for Bankruptcy? Know Your State Specific Requirements

    Filing for Bankruptcy? Know Your State Specific Requirements

    Call: 888-297-6203

    When you find no other way out of the huge financial mess, bankruptcy might be an excellent option to get rid of your debts. However, it is important to understand that despite bankruptcy being governed by federal laws, it is not the same in every state. Apart from federal laws, state rules and regulations are also equally important, say lawyers of Dallas based bankruptcy law firm Recovery Law Group. It is therefore vital that you hire attorneys who are well versed with the state laws regarding bankruptcy as well as the exemptions provided during the process.

    When any individual files for bankruptcy, there are various factors to be kept in mind. These include:

    • You are required to complete a government-approved credit counseling program, six months before you file for bankruptcy.
    • Once you file for bankruptcy, you are expected to complete a financial management instruction program.
    • The next step is very important as it determines when you will get a discharge. Your finances are studied to determine whether you can qualify for Chapter 7 bankruptcy (pass the means test). If your average income for the past six months is less than the state median, you can opt for Chapter 7, otherwise, your option is Chapter 13 bankruptcy.
    • Paperwork is filed according to the Chapter of bankruptcy the debtor qualifies for.

    Though you can file for bankruptcy without a lawyer too, it is advised to hire experienced lawyers since the paperwork can be quite complex. If you wish to have a successful bankruptcy discharge, you should have your papers in order. To do so you need the assistance of qualified lawyers. You can schedule an appointment with experienced bankruptcy attorneys Dallas by calling 888-297-6023. A lawyer can help protect the majority of your assets through the exemptions provided by your state.


      *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.

    • Is Chapter 7 Bankruptcy Your Best Bet to Get Rid of Debts?

      Is Chapter 7 Bankruptcy Your Best Bet to Get Rid of Debts?

      Call: 888-297-6203

      Money comes, money goes. The saying best describes the monetary situation of most people. There is no dearth of individuals who are struggling to make ends meet. You will hardly find someone who has not faced money problems in their life. If you are currently going through a bad financial phase and have accumulated a large amount of debt, then, bankruptcy might be a way out. However, there are various chapters of bankruptcy and it might be a bit too much for a layman to understand which chapter will work best for them. According to Dallas based bankruptcy law firm Recovery Law Group, people generally prefer to opt for Chapter 7 bankruptcy as it offers to get the majority of your debts discharged within 3-6 months of filing. This chapter is also beneficial if you are on the verge of foreclosure. However, it is important to consider certain factors before filing for Chapter 7 bankruptcy.

      • Do you qualify for Chapter 7 bankruptcy?

      Chapter 7 has stringent measures when it comes to qualifying for it. In order to qualify for Chapter 7 bankruptcy Dallas , your past six months’ income must be less than or equal to the median income in your state. Additionally, you might also need to show that you do not have enough disposable income to pay back your debts through Chapter 13 repayment plan.

      • What happens to your assets?

      Anything and everything you own becomes part of the bankruptcy estate when you file for bankruptcy. In the case of Chapter 7, the court can sell your non-exempt property to pay your unsecured creditors while discharging the remaining unsecured nonpriority debts.

      • How to deal with secured debts?

      Secured debts are those debts against which the creditor has collateral such as an automobile loan, mortgage, etc. They are not discharged in bankruptcy. However, you have the option of either reaffirming or redeeming the loan or surrendering the property. In the case of the former two, you can keep your property while coming to a payment agreement with the creditor.

      Since bankruptcy is a complex process, involving numerous forms and fees, it is better to let professionals deal with it as all of this can be extremely overwhelming especially when you have immediate financial concerns. Seek professional assistance from experienced bankruptcy lawyers by calling 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.