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  • Can You Save Your Vehicle in Bankruptcy?

    Can You Save Your Vehicle in Bankruptcy?

    Call: 888-297-6203

    Filing for bankruptcy is probably the last resort people opt for concerning the ill effects it has on a person’s credit score. Even after they have decided that bankruptcy is probably the only way, they can get rid of the huge mountain of debt that has been crushing them for a long time, their major concern is that they might end up losing their property. Well, Dallas based bankruptcy law firm Recovery Law Group, informs that losing property during bankruptcy is not a common occurrence. With various exemptions in place, people can protect their property.

    Fear of losing property despite opting for bankruptcy can be an awful streak of bad luck. People are majorly concerned about saving their house and their vehicle as living without either seems next to impossible. A vehicle is no longer a luxury but a necessary item if you wish to save time on commuting. The amount of assets you can save depends on which chapter of bankruptcy you file under. Different exemptions are available for assets of people in different bankruptcy chapters. Secured debts such as vehicle loan can be reserved through other options also. These include debt redemption, debt reaffirmation or surrendering the asset. If you are up to date on your car payments, you can opt for debt reaffirmation or redeem the debt. If, however, you feel you do not need the vehicle, you can surrender it. Since these choices can be quite confusing for a person facing an immense burden of debt, it is advised that you consult with experienced attorneys Dallas regarding it. You can schedule an appointment with a bankruptcy lawyer 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.

    • Proof of Claim – How Creditors Get Paid in Bankruptcy

      Proof of Claim – How Creditors Get Paid in Bankruptcy

      Call: 888-297-6203

      Bankruptcy has been one of the best tools to get rid of debt. Many people across the country regularly benefit from it. However, a point of concern is that, are the creditors always in a loss when any person files for bankruptcy? If that would have been the case, say Dallas based bankruptcy law firm Recovery Law Group lawyers, objections would have been raised against the entire process. Creditors get paid during bankruptcy, be it Chapter 7 (liquidation of assets) or Chapter 13 (repayment plan). They are assured of payment if they prepare and file a proof of claim.

      What is proof of claim?

      When bankruptcy is filed by a debtor, they are expected to list all their creditors along with the debts in the papers filed. These papers are used to inform the creditors of the impending bankruptcy. Once the creditor receives notification of the debtor’s bankruptcy filing, they should file a formal written statement if they wish to receive a payment through the bankruptcy estate. This statement is known as proof of claim and it is sent to, not just the bankruptcy court but also to the debtor, bankruptcy trustee as well as any other concerned party. This is particularly important for unsecured creditors. Proof of claim can be submitted in both Chapter 13 and Chapter 7 bankruptcy Dallas cases. Secured creditors, however, are not required to file this document as their debts are secured by liens.

      By when can proof of claim be filed?

      Unsecured creditors can be government or non-government. Though the criterion does not depend on the bankruptcy chapter, it surely does on the origin of the creditor. Government creditors can submit their proof of claim documents within 180 days of the meeting of creditors; while non-government ones need to submit theirs in 90 days. An experienced attorney Dallas can ensure that the claim papers are in order and filed within the stipulated time period. You can call 888-297-6023 to fix an appointment with qualified lawyers to deal with this issue.


        *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.

      • 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.