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  • An Increase Seen in Bankruptcy Filing in Elders

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    When people are unable to repay their debts and find no other way out, they opt for bankruptcy. In recent years, there has been an increase in the number of elders filing for bankruptcy. compared to young filers, the number of senior citizens filing for bankruptcy has tripled in the past 25 years. According to Dallas based bankruptcy law firm Recovery Law Group, the reasons why bankruptcy filing has seen an increase in older debtors are:

    1. Higher healthcare costs

    With increasing age, health complications are bound to happen. Thanks to erratic lifestyle, diseases like diabetes, hypertension, and obesity are on the rise. This causes a huge increase in medical expenses, which has not been initially catered for. This can throw any retiree under huge debt.

    1. Reduced income avenues

    Once you reach a certain age, your ability to work more than one job decreases. Thus, your average income also gets reduced. Managing your expenses within something as low as $17,390 (average income of older American bankruptcy filers) can be quite difficult.

    1. Delay in getting full social security

    Partial social security benefits are available for people from the age of 62 years, while full social security benefits are provided once you attain the age of 66 years and 4 months. This delay can result in incurring a huge amount of debts.

    1. Plunging retirement accounts

    Most people are not good planners. Not saving enough in your retirement funds can lead to monetary issues when your heydays end. Any unexpected expense, such as sudden ailments, etc. can result in you ransacking your pension accounts.

    1. Increasing debt

    The current generation and the one before them have often taken loans to fulfill various requirements. Caring for the elderly as well as taking care of the tuition fees of kids can leave you with huge amount of debts. Over time, the debts increase abysmally leading you towards bankruptcy.

    1. Too little too late

    Most people keep on adding to their debts over their entire working life, with the idea that they will be able to pay it off. However, the realization dawns in a bit too late that the debts have added to create a huge burden which won’t be handled without assistance.

    As soon as you realize that you will not be able to manage your debts on your own, it is important to seek consultation with professionals. You can call 888-297-6023 to schedule an appoint with experienced bankruptcy lawyers Dallas to know more about your options.


      *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.

    • Risks Involved in Informal Debt Resolution

      Risks Involved in Informal Debt Resolution

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      When it comes to getting rid of a huge amount of debt, there are formal and legal options available like bankruptcy as well as informal options like loan workouts. Though bankruptcy is probably one of the best ways of getting rid of debt, lawyers of Dallas based bankruptcy law firm Recovery Law Group inform that the repercussions are something that people are often not prepared to adjust to.

      Individual consumers can file for bankruptcy under Chapter 7 or Chapter 13. Through these bankruptcy chapters, debtors repay some portion of their debt while getting rid of others at the end of the chosen bankruptcy chapter. Though getting a discharge of your unsecured debts is a great option, bankruptcy has a negative effect on your credit history. Many consumers are not willing to risk the appearance of bankruptcy on their credit report and therefore look for alternatives to get rid of their debt. One such option available is “loan workout”

      This informal debt paying technique is offered by many creditors. In this case, the debtor and the creditor come to agree on an informal payment plan through which the debtor pays a reduced amount of money than they owe. This way, without the negative effect of bankruptcy, they can get rid of their debts. However, there are downsides to this plan too. These include:

      • The casual approach of the debtor regarding the payment of debts.
      • Verbal agreement with the creditor regarding lower repayment amount or payment plan, which may later prove to be extremely costly if the creditor denies any such agreement.
      • Letting the creditor access to your accounts. You might end up losing everything if they decide to directly take the money from your account.

      These mistakes can leave you with no legal option to pursue against the creditors. if you wish to protect yourself from dubious practices, you should call 888-297-6023 to consult with experienced bankruptcy lawyers Dallas regarding your case.


        *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.

      • How to Improve Your Credit After Bankruptcy Filing?

        How to Improve Your Credit After Bankruptcy Filing?

        Call: 888-297-6203

        Though bankruptcy is dreaded, it might be the best thing to happen to you. Many times, people need a reality check to get hold of their finances. Bankruptcy wakes them up like anything and makes them more responsible financially. Though it affects your credit history and can tank your credit scores, bankruptcy stays on your credit report for a maximum duration of ten years. Credit building efforts can start from the day you get your bankruptcy discharge which is 3-6 months from the filing date in case of Chapter 7 bankruptcy and 3-5 years in case of Chapter 13. Lawyers of Dallas based bankruptcy law firm Recovery Law Group, suggests the following ways to rebuild your credit after bankruptcy:

        • Keeping credit report updated. Bankruptcy results in the discharge of your debts. Having the debts discharged is better than having delinquent accounts on your credit report. You should ensure that the information available on your credit report is accurate and regularly updated. This goes a long way in building positive credit.
        • Paying debts which weren’t discharged in bankruptcy. Many debts like student loan etc. survive bankruptcy. Making payments against those debts will show that you have reformed.
        • Avoid being scammed. Bankruptcy remains on your credit report for 7 years (Chapter 13) or 10 years (Chapter 7). Anyone who says they can get it removed is lying. You should steer clear of such people if you wish to hold on to any money you have.
        • Stay within budget. Credit counseling is a mandatory part of your bankruptcy as it teaches you to balance your money. You should avoid getting in debt just after bankruptcy to improve your credit.
        • Get a new credit card. Though it may sound oxymoronic, a credit card is the best way to build credit. Establishing that you are a responsible user who can make payments on time will result in building your credit. However, people may find it difficult to get an unsecured credit card, fresh out of bankruptcy. In this case, opt for a secured credit card.
        • Take a loan. Once you have made efforts for a couple of years following the above points, you might be able to secure a car loan. Making regular and timely payments on the same can go a long way to prove that you have changed your ways and are reliable to get mortgage loan too.
        • Go slow. Doing too much at the same time can not only be overwhelming but might also cause you to make a mistake which might prove costly. Take time and work out slowly to repair your credit.

        Despite what you think or feel, bankruptcy is not the end of your life. You can rebuild your life after bankruptcy, all you need is time, patience and continuous effort. In case you are considering bankruptcy to get rid of your debts, you can call experienced bankruptcy lawyers Dallas 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.

        • Bankruptcy: Facts Vs. Fiction

          Bankruptcy: Facts Vs. Fiction

          Call: 888-297-6203

          Bankruptcy has earned a bad name among the general population. People often want to avoid someone who has filed for bankruptcy. However, it will be astonishing to know that bankruptcy is more common than you would like to think or admit. In fact, bankruptcy is one of the best ways to get rid of a huge amount of debts and wipe your financial slate clean. According to Dallas based bankruptcy law firm Recovery Law Group, people fear bankruptcy because of the various myths surrounding it. Sifting fact from fiction is important so that people are aware of the benefits of bankruptcy. Some of the most common myths associated with bankruptcy include:

          The prior credit report can affect bankruptcy

          Nothing can be far from the truth. No matter how good or bad your credit history was prior to filing for bankruptcy, it has absolutely no effect on your credit after bankruptcy. When you file for bankruptcy, it is mentioned on your credit report, irrespective of your past credit information. Depending on the chapter of bankruptcy you file under, bankruptcy can appear for a period of 7-10 years. Unlike previous credit information, this is going to affect your credit rating in the future.

          Bankruptcy causes irreparable damage to your credit rating

          Yes, mention of bankruptcy can harm your credit rating, but just like nothing is permanent in life, this is also a temporary setback. You can start making efforts for rebuilding your credit even before your bankruptcy is discharged. Seeking professional assistance from financial counselors can go a long way for rebuilding credit. You can start by living within means, avoiding unnecessary expenditure and paying bills on time. These methods can help build positive credit to improve your credit rating.

          You won’t be able to secure a credit card after bankruptcy

          People with bankruptcy find it difficult to get credit at a reasonable rate, however, they can get secured credit cards which make things easier for them. Other options available include getting a credit builder loan which involves paying a deposit as collateral against the loan.

          Before falling prey to rumors, it is important to find out the truth about the various debt relief options including bankruptcy. After weighing the pros and cons of each option, you should decide which would be the best way to get rid of debts. In case you wish to seek assistance from experienced bankruptcy lawyers Dallas , you can call 888-297-6023.