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  • Medical Debts Might Lead To Filing For Bankruptcy

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    According to the Census Bureau, one out of six Americans does not have health insurance. Thus, suffering from an illness or other medical problems has become one of the most common reasons to file for bankruptcy.

    Most of us are surviving on the edge in the current economic circumstances. According to the data of the Census, revolving debt of about $5,100 is carried by the average American cardholder at any one time. It takes only an illness or an accident to make people fall behind on their bills. After that, the rates of interest are increased by the credit card companies which make it impossible for the people to cope with the financial crisis.

    Filing for bankruptcy is not an easy decision to make, but sometimes, it is the best option to get back on one’s feet. In bankruptcy, you can almost always get your medical debts discharged which were attracted due to reasonable health and welfare reasons. Thus, if you are well enough to go back to work, your life can begin to get back to normal.

    Debts can be overwhelming and thus, it is necessary to have expert guidance before making any decision about bankruptcy. You can contact the Recovery Law Group, the best bankruptcy attorneys in Los Angeles & Dallas, TX, at www.staging.recoverylawgroup.com or by calling on 888-297-6203, for expert consultation.


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    • Re-Filing For Bankruptcy

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      If you have been bankrupt in the past and have also fall victim to the headlong fall in the economy, you might probably be thinking about the number of times a person can file for bankruptcy. Receiving a discharge in the most recent bankruptcy and kind of bankruptcy that was filed, will determine whether a person will be allowed to re-file a bankruptcy or not.

      You can file for bankruptcy as many times as you want, but there is a limit on how frequently you can file for it. Once you have received a discharge in a Chapter 13 bankruptcy, you cannot file for a Chapter 7 bankruptcy unless the following conditions are fulfilled:

      • It’s been six years since you have received a discharge in your Chapter 13 bankruptcy case.
      • At least 70% of the unsecured claims of your Chapter 13 case have been paid by you and the plan reflected the best efforts to pay made by you.

      In case of a Chapter 7 bankruptcy, you cannot file for it again before 8 years from the date you received a discharge in your previous Chapter 7 filing.

      If your previous Chapter 7 or Chapter 13 case got dismissed and you did not receive a discharge because of your failure to obey the orders of the court or because of your request for a dismissal, you can again file for a discharge under a Chapter 7 bankruptcy after 180 days from the dismissal of your previous filing.

      Thus, there is no limit to the number of times you can re-file a bankruptcy, provided you follow the above mentioned time restrictions. But it is always smart to consult and take guidance from a competent bankruptcy attorney before again and again filing for bankruptcy. To contact the best bankruptcy attorneys of Los Angeles & Dallas, TX, visit Recovery Law Group or call on 888-297-6203.


        *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 – A Great Way to Improve Your Credit Score

        Bankruptcy – A Great Way to Improve Your Credit Score

        Call: 888-297-6203

        The credit score of an individual is a point of concern for them. Many people have tried their level best to improve their credit score but in vain. You will be surprised to find that bankruptcy can be of aid to you in such times. Dallas based bankruptcy law firm Recovery Law Group lawyers enlighten that when you have hit rock bottom in terms of credit score, the only place to go is up. Bankruptcy wipes your slate clean offering you a fresh financial start. However, before deciding to file for bankruptcy, it is important that you are aware of how a credit score is calculated.

        Your credit history and other datas are used to generate your credit score. It comprises of both positive and negative credit entries. Late payments on debts lower your credit score while continuing to make the payment has a positive impact on your credit rating. Different credit agencies use diverse methods to calculate your credit score. Generally, five different categories are used to calculate your credit score. These include:

        • Amount owed
        • Payment history
        • Duration of credit
        • Types of credit used
        • New credit account

        Despite only five factors involved, they can have a diverse effect on the credit rating of different people. People with a long credit history might get more weightage on certain points compared to people with relatively smaller credit history. The exact impact of any one factor on your credit history is extremely difficult to calculate.

        When people are bogged down with debt, they might find themselves in despair. There are certain steps people can take to keep their credit in line. However, sometimes, negative accounts might not lead to any improvement in the situation. This is because credit reporting agencies use information previously collected with respect to your due balance, any late payment, judgment lawsuit, etc.

        When you file for bankruptcy, all debts included are listed as “included in bankruptcy” on your credit report with $0 balance. In case they are not listed so, they appear as active accounts hindering your chances of getting credit. The worst part is that creditors often do not update the information post-bankruptcy discharge. You should ask for a copy of your credit report after a couple of months of getting a bankruptcy discharge. In case you find any discrepancy, you can rectify the mistake by contacting any of the credit reporting agency (Trans Union, Experian, and Equifax).

        Building credit after bankruptcy is equally important. Keeping in mind the following methods help immensely:

        • Build positive credit. Any bad credit that you had accumulated over the course of time is erased with bankruptcy. However, bankruptcy remains on your credit report for a maximum duration of 10 years which makes it difficult to get credit. You can start building positive credit by opting for a secured credit card or a card with a small credit limit. Using it sparingly and making regular and timely payments can go a long way in building your credit.
        • Reading the fine print before accepting credit. Fresh out of bankruptcy, people are inundated with credit offers. However, there is a catch involved with these loan and credit companies. It is important that you carefully understand the terms and conditions of the loan before signing on the dotted line.
        • Confirm your bankruptcy discharge. Sometimes, you might find that despite getting your bankruptcy discharge, your creditors are asking you for money. In such situations, you might have to provide them with proof that the debts were indeed discharged in bankruptcy. It is therefore important that you have all your documents in place so that you can provide any creditor claiming ignorance of the discharged debts with proof that you had received a discharge on the debts listed in the bankruptcy.
        • Ensure bill payments on time. Making late payments even after bankruptcy discharge is not going to do wonders for your credit report. Just like credit card companies, utility companies too report late payments to credit reporting agencies. Thus, this habit of late payments can end up portraying you as a credit risk. Additionally, paying bills on time can also avoid late payment charges.

        These small steps can go a long way in building a healthy credit score which will eventually open the gates for a new credit line. In case you wish to know more about how bankruptcy can play a positive role in your credit history, you can call 888-297-6023 to consult with expert bankruptcy lawyers Dallas.


          *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.

        • What to do in Case You Have an Incorrect Address on Your Credit Report?

          What to do in Case You Have an Incorrect Address on Your Credit Report?

          Call: 888-297-6203

          Being in debt can send anyone in a tizzy. You might not be aware of how many documents you are required to fill and submit in order to file for bankruptcy. When you file for bankruptcy, you are expected to list all your creditors along with the debts you owe them. Sometimes, a mistake can cause the entry of an incorrect address which then appears on your credit report. This can be really frustrating for the bankruptcy filer since they are already under tremendous stress. However, experienced lawyers such as those of Los Angeles based bankruptcy law firm Recovery Law Group, inform that with some simple mistakes can be easily rectified.

          • Any address associated with an account makes an appearance on your credit report. This may be the address of a friend, attorney, or family
          • The addresses are reported to the credit bureaus by your creditors. You can discuss the incorrect address entry with the respective creditor associated with the account.
          • In case you are unsure of which creditor made the incorrect address entry, you can call the number on your credit report to speak with the representative of the credit bureau.
          • Once the creditor rectifies the mistake, the correct address is entered in the credit bureau system and subsequently in the credit report.

          Though, these steps may seem simple, getting things done is not this easy. if you need professional assistance, you can call 888-297-6023 to speak with experienced bankruptcy lawyers Los Angeles.


            *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 Long Does It Take to Rebuild Credit?

            How Long Does It Take to Rebuild Credit?

            Call: 888-297-6203

            In terms of credit rating, nothing could be worse than bankruptcy. Since it has long term effects on your credit history, you should weigh in all options before choosing to file for bankruptcy. As per Los Angeles based bankruptcy law firm Recovery Law Group, bankruptcy is a red flag which warns creditors of your financial issues. Depending on the bankruptcy chapter, the bankruptcy record remains on your credit report for 7-10 years. Thus, for this duration, you will be facing negative effects such as getting new credit at reasonable rates, etc.

            Though bankruptcy can cause numerous problems in getting new credit; however, with certain steps like managing your finances and being responsible with your budget, can help improve your credit rating slowly and steadily. Continuous efforts in this direction can help you rebuild credit even before bankruptcy is removed from your credit reports. In case of any doubts related to bankruptcy, call experienced 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.

            • Can Bankruptcy Protect You and Your Property?

              Can Bankruptcy Protect You and Your Property?

              Bankruptcy is a legal way to get rid of your debts. You can get rid of a huge amount of unsecured debts while protecting your exempted assets from going under the hammer. When you file for bankruptcy, Los Angeles based bankruptcy law firm Recovery Law Group lawyers enlighten that any collection action including foreclosure, wage garnishment or bank levies are put to an end. You have access to your financial accounts and with the bankruptcy petition, any wage garnishment done 90 days prior to filing can be returned and taxes levied, refunded.

              Another advantage of filing for bankruptcy is protecting your home against foreclosure. When you have a financial crunch, making payments on a mortgage can become difficult. In case, you have fallen behind on your mortgages, there is a possibility of the creditor foreclosing on your home. However, bankruptcy filing puts an end to the worry of foreclosure too. In fact, bankruptcy is the best tool to save your home. Chapter 13 also offers you a chance to catch up on past arrearage through the repayment plan. Unless a sheriff sale has taken place, bankruptcy can be the best tool to prevent your home from being taken from you.

              Both federal and state government allow certain exemptions in personal property of the bankruptcy petitioner. When you file for bankruptcy, you can effectively save a lot of your assets while getting rid of several unsecured debts. Various exemptions available include automobile, homestead, household items, retirement plans, insurance, tools of trade, etc. In case you wish to protect your property while getting rid of your huge debts, filing for bankruptcy is the best option. Call 888-297-6023 to consult with expert bankruptcy lawyers regarding the protection of your assets while getting rid of your debts.


                *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 Back After Bankruptcy?

                How to Get Back After Bankruptcy?

                Bankruptcy is a tiring times for people. Even after getting a discharge in their bankruptcy case, it is difficult for people to bounce back from it. Your credit ratings get hit and you might feel down and low. However, Los Angeles based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/ lawyers say that with hard work and time, you can recover from the hit bankruptcy takes on your life. For a better analysis of your situation, you can contact expert bankruptcy lawyers at 888-297-6023.

                • Though filing for bankruptcy is tough, it is important to take stock of the situations which led to your end up filing for bankruptcy. Though reliving the past is not recommended, it is important that you learn from your mistakes. take counseling sessions to improve your financial management skills in order to avoid falling into a similar situation again.
                • You need to set a goal for yourself if you wish to recover from bankruptcy in Los Angeles. You can start with something simple like getting a healthy credit score. Managing your money properly, living within your means and avoiding unnecessary expenditure can go a long way to help you get back on your feet. Seeking assistance for achieving your goals can ensure that you don’t fall off the track.
                • Accumulated debts over a period are the reason why you end up being bankrupt. recovering from bankruptcy can go smoothly if you are able to avoid debts. Though getting a credit card is a great way to improve your credit rating, opt for a secured one. Ensure that use it for essential expenditures only such as utilities and make a payment on time. Alternately, you could use your bank debit cards for any transaction.
                • At any cost, avoid making huge purchases like a car or home, unless they are essential. Since you will be using credit cards for paying for these assets, you will end up accumulating debt which will lead you towards bankruptcy. Avoid using credit cards if possible and live a simple life until you bounce back.
                • When you file for bankruptcy, you are often flooded with offers from companies which offer you a loan to help repay your debt. However, it is important to steer clear of such companies as you will get yourself out of the frying pan into the fire. You might end up losing whatever assets or money you have.
                • Seeking professional assistance is essential if you wish to recover from the shock of bankruptcy. Seek the counsel of established and trusted financial advisors to avoid making any mistake which might result in bankruptcy.


                  *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 You Filing for Bankruptcy? What Happens to Your Mortgage?

                  Are You Filing for Bankruptcy? What Happens to Your Mortgage?

                  Bankruptcy court acts as a shield between you and your creditors to provide you breathing space and a fresh financial start. Though the law is designed to provide respite to you, it does not do so at the cost of your creditors. You need to pay for your secured loans like mortgages. One of the best aspects of bankruptcy filing is the automatic stay which prohibits all sorts of collection actions against you. Thanks to it, your home and car cannot be foreclosed or repossessed. In case repossession is done, they have to return it. Moreover, any liens cannot be placed on your home, no wage garnishments, etc. can be done.

                  For mortgages, you need to ensure that you file for bankruptcy before the home is sold. The sale can be stopped, even if an auction is scheduled if you timely file for bankruptcy. Despite the power automatic stay has, Dallas based bankruptcy law firm Recovery Law Group enlighten, that creditors can have the stay lifted if you default on making mortgage payments. In case the creditors get their say in court, the bank can continue with foreclosure proceedings.

                  While filing for bankruptcy you need to be sure whether you wish to keep your home or let it go. In case you decide on leaving your home, you can stop making mortgage payments. In this case, the automatic stay will be lifted and banks can sell your home. In case your home was foreclosed without bankruptcy and sold for less than what you owe, you might have to pay the difference (also known as the deficiency). Opting for bankruptcy saves you from paying the deficiency. If you wish to keep your home, you need to choose the bankruptcy chapter carefully (Chapter 7 or Chapter 13).

                  Mortgages in Chapter 7

                  Your assets are classified into an exempt and non-exempt category. The non-exempt assets are surrendered which are subsequently sold to pay off the creditors. Any unsecured debts which remain after the process are discharged. Different states have different sets of exemption. In California, under Set 1 exemption, you can protect home equity between $75,000 and $175,000, while in Set 2 exemption, home equity up to $26,800 can be exempted. The equity is calculated as the amount borrowed for the purchase minus what you owe for the property. In case your home equity is not covered under the exemptions, you will find it difficult to keep it. If the equity is covered under exemptions, you might be able to keep your home as long as you make regular payments for it. You are also required to “reaffirm” your mortgage debt. Once you reaffirm the debt, it cannot be discharged even after bankruptcy.

                  Mortgages in Chapter 13

                  This chapter of bankruptcy involves a repayment plan which lasts for 3-5 years. Any unsecured debts which remain are discharged after the end of that period. If you wish to keep your home, you can include your mortgage payments in your repayment plan. Similar to chapter 7 bankruptcy, you might need to reaffirm your debts in this case too.

                  Other mortgages

                  In case your financial situation was worse and you had to take other mortgages on your home, you won’t be able to discharge second or third mortgages on your home or any home equity loan in a Chapter 7 bankruptcy if you want to keep your home. In the case of chapter 13, if your home is underwater, you might get a second mortgage or home equity line of credit discharged. The circumstances of discharge of the second mortgage depend on your circumstances and the judge.

                  While struggling with debt, it is important for people to make a conscious decision whether they wish to keep their home and if they do so, can they afford to make payments for it? In case of bankruptcy, any liability for deficiency in case of foreclosure is stricken, especially if your home is underwater. Though the prospect of losing your home is overwhelming, you need to make a decision with your income and assets in mind. An adept bankruptcy lawyer can help you make aware of the various options available when you file for bankruptcy. In case you wish to have a consultation regarding your debts, you can contact 888-297-6203.


                    *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 Income Taxes be discharged in Bankruptcy?

                    Can Income Taxes be discharged in Bankruptcy?

                    The unsecured debts such as medical bills or credit card bills are discharged after people get a bankruptcy discharge. This is 3-4 months from a bankruptcy filing in case of Chapter 7 and after 3-5 years in the case of Chapter 13 repayment plan. However, some debts are not discharged like government taxes or spousal/child support, etc. Though under certain circumstances, local, state and federal income taxes can be discharged along with any interest and penalty fees in Chapter 7, Chapter 11 and Chapter 13 bankruptcy. However, not all taxes are dischargeable. To discern which taxes can and cannot be discharged, you need to consult with experienced lawyers like those of Dallas based firm, Recovery Law Group.

                    How are income taxes discharged in bankruptcy?

                    A substantial part of your income tax debt can be discharged in bankruptcy if it meets the 3-2-240 rule also known as the 3-year, 2-year, and 240-day rule:

                    • According to the 3-year rule, any owed income taxes must be due for at least three years before the individual seeks a discharge by bankruptcy. Example: In case an individual’s income taxes were due on April 5, 2016, the person can file for bankruptcy no sooner than April 5, 2019.
                    • As per the 2-year rule, the tax returns must have been filed a minimum of two years prior to the filing of the bankruptcy Example: If any person’s taxes are due on March 15, 2015, but the tax forms weren’t filed till May 1, 2016, the individual cannot file for bankruptcy until May 1, 2018 (two years after filing and more than three years from the due date).
                    • Under the 240-day rule, evaluation of taxes must take place a minimum of 240 days prior to a bankruptcy filing or not at all. Example: In case a petitioner filed for his/her 2010 taxes on April 5, 2012, and then meets the 3-2-240 requirement on April 5, 2015, they can file for bankruptcy. However if a correction is filed or a new amount due to her is assessed by the IRS due to an error on their part, the 240-days clock will start over.

                    Other actions, such as getting a taxpayer assistance order, previous bankruptcy filing or an offer in compromise, etc. may affect the 3-2-240 requirements. The specified time periods under the rules mentioned above are then deferred until the time any of the above-mentioned actions is pending. It should be kept in mind that any successful discharge of income tax in bankruptcy does not automatically end a tax lien. However, options are available to deal with such situations after bankruptcy. Another factor to keep in mind is that planned tax evasions and fraudulent activities are circumstances which may cause you to become ineligible for discharge. In case you wish to weigh your options regarding taxes and discharge, consult expert bankruptcy attorneys 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.