A More Complicated Chapter 13 Case

In the absolutely simplest Chapter 13 case you pay a monthly amount each month based on what you can afford and it's divided prorata among your unsecured debts. So, say, you pay $300 for 36 months, and all of your debts are paid 20% of what you owe, and at the end of the case all the remaining debts are discharged—written off. But Chapter 13 … [Read more...]

A More Complicated Chapter 7 Case

In the simplest version of a Chapter 7 case: you easily pass the "means test" based on your income all your assets are protected by "exemptions" you either have no debts with collateral or else are current on these debts, and all your debts get discharged (legally written off). But what if your case isn't so straightforward? If Your … [Read more...]

The Big Differences between Chapters 7 and 13

The two main consumer/small business bankruptcy options are quite different. Each one has its advantages and disadvantages. So, for many people Chapter 7 is much better, for others Chapter 13 would be. And for others it's a closer call. Even if you have your mind set on one or the other, it's important to discuss both alternatives with your … [Read more...]

Non-Bankruptcy Alternatives

Bankruptcy is not the best option for everyone. If your financial problems look like they can be solved other ways, those alternatives should be explored. Consider both their advantages and disadvantages honestly. Here are three bankruptcy alternatives, highlighting their risks and concerns: 1. Debt Settlement: Once a debt goes into extended … [Read more...]

Is it Moral to File Bankruptcy?

The Obligation to Pay Our Debts Sure, we all have a moral obligation to pay our debts. But you may well have a higher moral obligations to get relief from those debts. Think about it this way. Consider whether to file bankruptcy as a "business decision." Corporations make business decisions whether it's best for the business to file bankruptcy. … [Read more...]

Who Does What in Bankruptcy?

It's a lot easier to make sense of bankruptcy if you know who's who in the process. Debtor: The person or business filing bankruptcy. A debtor and spouse can file a joint petition in bankruptcy. The debtor has various duties which your attorney will help you with. The debtor's most important duty is simply to be honest and cooperative throughout … [Read more...]

The Bankruptcy Chapters

A Summary of the Chapter Options Each Chapter of bankruptcy is designed for certain kinds of debtors, and certain kinds of circumstances. For consumers and small business owners, usually either Chapter 7“straight bankruptcy” or Chapter 13“adjustment of debts”is appropriate, or occasionally Chapter … [Read more...]

So What is Bankruptcy?

Bankruptcy is not a single thing. It's a set of different legal options for people and businesses to deal with their debts. It's in the U.S. Constitution The U.S. Constitution specifically authorizes bankruptcy. It gives Congress the "Power . . . To establish . . . uniform Laws on the subject of Bankruptcies throughout the United States." (See … [Read more...]

Passing the Income Side of the Means Test in Texas

Most people can pass the means test and qualify for Chapter 7 “straight bankruptcy” simply because their income is no more than the “median income” for their state and family size. So if you are considering bankruptcy, this blog post can help you find out if you are among the many people whose income easily qualifies them for Chapter 7. The Point … [Read more...]

The Hardship Discharge of Student Loans

Bankruptcy does not discharge (legally write-off) student loans "unless excepting such debt from discharge. . . would impose an undue hardship on the debtor and the debtor’s dependents. . . ." See Section 523(a)(8) of the U.S Bankrutpcy Code. That is, to discharge a student loan you and your lawyer would need to show … [Read more...]

Call Rockwall bankruptcy lawyer Carrie Weir at 972-772-3083 or fill out the contact from below for a free, confidential consultation to discuss your options.

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Consumer Bankruptcy

Can I keep my car? Will bankruptcy stop a foreclosure? Will I ever be debt-free again? How will I ever pay these medical bills?

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Chapter 7 Bankruptcy

If you want to stop creditor harassment, eliminate repossession debt, stop garnishments and keep your house, and car, a Chapter 7 bankruptcy could help.

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Chapter 13 Bankruptcy

Are you in jeopardy of losing your house? Are you making good money but everyone is asking for payment right now? Do you want or need to stop collections?

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