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  • Bankruptcy – The Public Record Which Appears on Your Credit Report

    Bankruptcy – The Public Record Which Appears on Your Credit Report

    Call: 888-297-6203

    Earlier three types of public records were reported on the credit report of any individual, however, now just one – bankruptcy is reported in the credit history. Bankruptcy is generally the last resort for people who have tried in vain to get rid of their debts. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, elaborate that different bankruptcy chapters can have different repercussions on your credit history.

    • In Chapter 7, the filer does not pay any debts; any non-exempt property they have is sold off to pay their creditors. This type of bankruptcy remains on the credit report for a period of 10 years.
    • Chapter 13 requires you to repay some portion of your debts through the repayment plan over 3-5 years’ time. This bankruptcy stays on your credit report for 7 years from the filing

    As court records are updated on a regular basis, any information related to bankruptcy also gets automatically updated on the credit report. The information is generally provided either directly from courts or through the credit reporting companies. In case you observe any discrepancy in the information, you could dispute the same by submitting proof via mail, phone or online to any of the credit rating bureaus. Once the information is verified, it is rectified and updated on your credit report. You can ask experienced bankruptcy lawyers to help you with problems related to a bankruptcy filing or discharge 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.

    • When is The Credit Score Updated After Bankruptcy?

      When is The Credit Score Updated After Bankruptcy?

      Call: 888-297-6203

      Nothing is permanent in life. Not even the ill-effects of bankruptcy. Though it becomes public record and negatively affects the credit score of an individual, bankruptcy is removed after seven to ten years from the credit report of the filer. However, it takes time to change your credit score. Many people are worried if their credit score does not show any improvement even after bankruptcy is removed. According to the Los Angeles based bankruptcy law firm Recovery Law Group, there are different ways of calculating credit scores. Different lenders have different strategies to check risk management requirements.

      Unless changes are made in your credit report, credit scores are not updated. Moreover, different lenders use more than one scoring model depending on the type of lending as well as their customers. The system used to calculate credit score by a credit union is different from that used by a national credit card company. This difference is because they have different clienteles and lending methods. Removal of bankruptcy is reflected in the credit score when a new copy of credit report is generated after the new score is calculated.

      There is not going to be much change in your credit history just after bankruptcy is removed. Sometimes, negative items in credit history might cause no improvement in your credit score. You can get a free copy of your credit report to ascertain whether bankruptcy has been removed from it or not. It is important to have the latest credit report if you wish to seek any new credits. Changes in risk level should be reflected in your credit score and credit report. If you need the assistance of experienced bankruptcy lawyers, 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.

      • Can Mortgage Amount Remain Despite Bankruptcy?

        Can Mortgage Amount Remain Despite Bankruptcy?

        Call: 888-297-6203

        Bankruptcy is complex and requires a lot of time to understand. Having an experienced lawyer like those of Los Angeles based bankruptcy law firm Recovery Law Group can be a huge asset. Managing various loans, filing papers and reaffirming certain debts can be quite confusing for the layman. Though, bankruptcy is considered to give you a way out from a huge amount of debts; yet sometimes certain debts might remain even after completion of your bankruptcy chapter. In the case of Chapter 13, individuals pay some portion of their debts through the repayment plan. These may include secured debts like mortgage or car loan, as well as unsecured debts like credit card bills or utilities and priority debts like alimony too. However, there are chances that the mortgage company might ask you for additional payment despite your bankruptcy discharge. This can be a point of contention.

        An individual can owe money to mortgage company even after bankruptcy discharge if they had reaffirmed the loan after filing for bankruptcy. In Chapter 13 bankruptcy Los Angeles, you agree to pay your creditors through the court-approved repayment plan over a period of 3-5 years. This provides your creditors with a percentage of the dues which was owed to them. You also have the option of reaffirming certain loans like auto loan and mortgages if you wish to keep your vehicle and home respectively by making regular payments towards it. Once the loan is reaffirmed it is no longer considered a part of bankruptcy and needs to be paid in full. If this happens, you might end up owing the mortgage company money even after your bankruptcy ends.

        However, if you had not reaffirmed the loan and it is being incorrectly reported, you can take steps to rectify the mistake. This can be done by sending a copy of your bankruptcy schedule “A,” your bankruptcy petition and the copy of bankruptcy discharge to any of the three credit reporting agencies. Once verification regarding the claim is done, account information is updated on your credit report. Additionally, you can also contact your mortgage company for a query related to the amount you are being asked. You might need legal assistance for this. To avail the expertise of experienced bankruptcy lawyers, you can give a call 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.

        • Is It Possible to Get a Credit Card After Declaring Bankruptcy?

          Is It Possible to Get a Credit Card After Declaring Bankruptcy?

          Call: 888-297-6203

          Bankruptcy can tank your credit score. This fact is probably one of the most common reasons why people fear filing for bankruptcy. However, it will be surprising to know that rebuilding your credit score requires credit cards! According to Los Angeles based bankruptcy law firm Recovery Law Group , people fresh out of bankruptcy will find it a bit difficult to get the kind of credit cards they want. This is because bankruptcy alerts lenders of the inability of the individual to repay. Any credit card you get post-bankruptcy will charge you a higher rate of interest than normally applicable.

          Consumer bankruptcies which appear on credit report generally belong to Chapter 7 or Chapter 13. While the former is discharged within 3-6 months, the latter involves repaying some part of your loan through a court-approved repayment plan and generally takes 3-5 years. Bankruptcy becomes public record and stays for 7-10 years on your credit report depending on the chapter of bankruptcy you have filed under. In case you need to apply for a credit card before your bankruptcy is discharged, it becomes a bit difficult. It is important to have legal representation so that you are aware of any restrictions in this matter. If you need consultations with experienced bankruptcy lawyers, call 888-297-6023.

          The best way to improve your credit rating after bankruptcy is by re-establishing credit. This is done by using credit cards. Though it might seem that you will end up making the same mistakes again, it is not so. Instead of using credit cards with a high-interest rate, you should opt for secured credit cards through a local bank. With a fixed sum of money in your account as a guarantee, you will be able to get credit up to a fixed limit. Keeping your purchases limited to essential items and making payments on time can result in slowly but steadily improving your credit ratings. With time, the secured credit card might get converted into an unsecured one. Sometimes, lenders might not report the secured credit card accounts to credit reporting agencies. This might affect your credit-building efforts negatively, hence inquire about this in advance and plan your strategy accordingly. Rebuilding credit requires time and patience. You need to continuously make efforts to improve the situation in order to lead a normal life.


            *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 Get Creditors Names Removed from Credit Report After Bankruptcy?

            How to Get Creditors Names Removed from Credit Report After Bankruptcy?

            Most people who have gone through bankruptcy are worried about the after-effects of the same. They would love to put this chapter behind them as soon as possible. One of the major concerns people who have filed for bankruptcy is getting the creditors names removed from the debtor’s credit report after completion of the Chapter 13 bankruptcy plan. However, according to Dallas based bankruptcy law firm Recovery Law Group lawyers, this is not possible. Experienced bankruptcy lawyers elaborate that neither filing for bankruptcy nor completion of bankruptcy plan will remove the accounts included in bankruptcy to be removed from the credit report.

            When any individual files for bankruptcy, this is added to their credit history. This includes adding all creditors acknowledged in the case. Since bankruptcy is public record, these names and accounts can be obtained and updated in your credit record. Any aberrant accounts will be deleted after 7 years from the original date of any such accounts. The bankruptcy is shown on your credit report for a duration of 7 years from the filing date in case of Chapter 13 bankruptcy Dallas and 10 years from the filing date in Chapter 7 case. Thus, eventually, after the mentioned duration, the accounts will be deleted, however, they will not be removed immediately. If you wish to know more about the process, call 888-297-6023 to consult with experienced bankruptcy lawyers.


              *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.

            • Get Your Credit Report Updated to Show Bankruptcy Discharge

              Get Your Credit Report Updated to Show Bankruptcy Discharge

              Since bankruptcy filing is public information, people can have access to it. This is a major point of concern for bankruptcy filers as it hampers their chance of getting a loan or even a decent job. Though the information is entered in your credit report, any discharge granted for the bankruptcy should also be mentioned on the credit report. Many times as per the Los Angeles based bankruptcy law firm Recovery Law Group lawyers, the information is not updated on credit reports. This is a cause of worry for people who wish to start their life afresh but can’t. since bankruptcy is quite emotionally draining, people often are confused as to what should be done to get their credit reports updated. Here are some basic facts that can help you sort out things.

              • Bankruptcy becomes public record and is displayed in the credit report.
              • All accounts included in the bankruptcy should indicate the status discharged once you have completed your bankruptcy chapter.
              • You can verify the same by getting a copy of your credit report from the official website.
              • In case your bankruptcy discharge information is not reflected in your credit report, immediate action must be taken to get the same updated. This can be done by sending a copy of your bankruptcy Schedule A, Schedule D or Schedule F which lists all the debts included in a bankruptcy, a copy of the documentation for proof that bankruptcy has been discharged as well as the statement to update bankruptcy information. The information can be uploaded online or sent via mail at the address mentioned on the credit report.
              • The courts can also be contacted to verify the bankruptcy discharge.

              However, it is important to know that the discharge date will not affect when the bankruptcy information is deleted from the credit report. Bankruptcy is mentioned on your credit report for a specified period, which is seven years in the case of Chapter 13 and ten years in case of Chapter 7 bankruptcy Los Angeles. The accounts which were included in bankruptcy are also displayed along with their status. These accounts are deleted 7 years from the original delinquency date, which is generally prior to bankruptcy public records. For further information regarding bankruptcy, you can call at 888-297-6023 to speak with experienced bankruptcy lawyers.


                *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.

              • Ignoring These Foreclosure Myths is Essential

                Ignoring These Foreclosure Myths is Essential

                People who have been struggling with finances often are worried about losing their assets like a car or home to foreclosure. This is primarily because of the various myths associated with the foreclosure. According to Dallas based bankruptcy law firm Recovery Law Group,  separating fact from fiction can be quite difficult, unless you have experienced lawyers to handle your case. Some of the basic myths associated with foreclosure include:

                1. Bankruptcy cannot stop foreclosure

                One of the biggest advantages of filing for bankruptcy is undoubtedly the automatic stay provision that puts an end to all collection actions including foreclosure! This provides you with necessary respite and gives you time to keep your funds in order which can help you make payments to avoid foreclosure. Chapter 13 repayment plan also gives you the opportunity to catch up on past due payments so that you can avoid foreclosure of your home.

                1. Banks are on the lookout for your home

                Nothing could be further from the truth. Banks do not have the time or inclination to follow the lengthy process of foreclosure, especially if the property is not worth much. Foreclosing on a property can be detrimental to the bank’s reputation and be bad for their business, therefore, most banks avoid exercising this option, unless no other choice is available.

                1. Foreclosure cannot be avoided

                Timely intervention by skilled lawyers and filing for bankruptcy can avoid foreclosure. There are few options available, however, most people are unaware of them. Since the deadline is critical in the bankruptcy process, it is important you consult an expert bankruptcy lawyer to file a case in time.

                In case you are behind mortgage payments and are worried about foreclosure action against your property, it is advised that you contact experienced bankruptcy lawyers at 888-297-6023 to get expert legal advice regarding your situation.


                  *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.

                • Are Bankruptcy Lawyers Adept at Handling Debt Relief during Divorce?

                  Are Bankruptcy Lawyers Adept at Handling Debt Relief during Divorce?

                  Divorce is a painful time. With emotions flying high, it is difficult to manage things. If coupled with bankruptcy, it can be a double whammy! Both divorce and bankruptcy involve finances and the situation might be related or independent. Sometimes, the bad financial situation can result in straining the marriage resulting in divorce, while at other times, divorce in itself might end up burning pockets. Whatever the situation, bankruptcy can be an ideal way to get rid of huge debts and begin life afresh for both parties.

                  Are Bankruptcy and Divorce Connected?

                  Majority of cases of divorce are due to financial problems. However, getting one isn’t necessarily going to end your problems. If you opt for divorce during financial proceedings, there are lots of financial repercussions like court costs, child support payments, alimony payments, fees of divorce attorneys as well as division of marital debts. At any time, having or maintaining two households is more costly than one. Getting a divorce might make it impossible for you to maintain all your financial commitments. Dallas based law firm https://www.bankruptcyreliefcenter.com/ suggests it is important that couples consider all options before dissolving their marriage. This is also important as laws of divorce and personal bankruptcy are complicated and require the expert advice of experienced bankruptcy lawyers. They can help evaluate your finances and options available to come up with a plan for bankruptcy.

                  What Can Bankruptcy Lawyers Help with?

                  In case you are not yet divorced, bankruptcy lawyers can help draft a divorce agreement keeping in mind any joint debt obligations. Post-divorce, you require their assistance to weigh in your financial options and answer any questions regarding bankruptcy. Since spousal support and child support are obligations which cannot be discharged, wiping off unsecured debts like medical or credit card bills can provide you the necessary respite. Since bankruptcy attorneys are well versed with the laws, it is important to consult them when in bad financial situations.


                    *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.

                  • Benefits of Automatic Stay during Bankruptcy

                    Benefits of Automatic Stay during Bankruptcy

                    Many people do not realize when they have incurred heavy debts thereby leaving bankruptcy as the last resort. However, not many people are aware that bankruptcy offers a lot of protection to debtors. One of the most important tools of bankruptcy is the automatic stay, which helps stop all actions taken by collection agencies to collect dues from you. In case you are facing eviction issues, foreclosure or repossession problems, due to losing utility or benefits, or are unable to make child support problems; automatic stay comes to the aid of you and your family, in this time of financial mess. (more…)