My phone tries to turn on but cannot

I have an LGVolt (LS740ZV6) and I think it must be in a "boot loop". It never gets to the main screen, just constantly tries to turn on and when it can't, it retries...Over and over... Through some of these posts, I found how to get to the recovery screen but nothing I select has made any difference. At the bottom of the screen there are a few messages...

E: missing bitmap stage_empty
(code -1)
E: missing bitmap stage_fill
(code -1)
Formatting ...
Manual select menu

In the center of the screen (on the recovery screen still), there is the little green Android with a blue symbol in it's tummy and in grey letters beneath it says "Installing system update" but it's been saying that for over 10 min and there is nothing moving.

Above his head there are choices in blue
Reboot system now
Apply update from external SD card
Apply update from cache
Apply update from ADB
Wipe data/factory reset
Wipe cache partition

I've tried all except wiping data/factory reset (because I'd like to recover my phone contacts if possible)
When I have chosen some of them, a menu appears with what looks like a DOS prompt but there's no way to type anything even if I knew what to type lol

Is there any hope?

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