What you can keep in a Texas bankruptcy

Posted on | January 10, 2012 | No Comments

When considering bankruptcy you are understandably concerned with what property you may keep. By understanding what exemptions are available to you in a bankruptcy it can help you take the necessary steps to resolve your financial situation.

In Texas, federal and state exemptions are available to bankruptcy filers. On certain exemptions there are some limits but an experienced Texas bankruptcy attorney can help you determine how those limits apply to your case.

Following is a brief explanation of exemptions available to you if you file bankruptcy in Texas:

• Homestead. Your home, if in town, not more than ten acres, if out of town, 100 acres, and 200 acres for families.
• Personal property. Up to $60,000 in value for a family, or $30,000 for single adult and includes: vehicles, livestock, home furnishings, and clothing.
• Trade tools. Includes tools, books, equipment, and vehicles used in your trade, farming vehicles and equipment.
• Wages. Earned unpaid wages/commissions that do not exceed 25 percent of your total personal property exemptions.
• Pensions. Traditional and Roth IRAs (with limits), tax-exempt retirement accounts, and pension and survivor’s benefits.
• Insurance. Most life, health, accident, or annuity policies.
• Public benefits. Unemployment, Workers Compensation, medical and public assistance.
• Other. Alimony and child support, business partnership property, educational savings plan trust accounts.

Understand your exemptions with the help of a Texas bankruptcy attorney

Because in a consumer bankruptcy you are required to turn over your non-exempt assets to the court, it is important to understand your exempt and non-exempt property. An experienced bankruptcy attorney can help you determine what property you may keep. Contact us online or call 972-772-3083 to discuss your bankruptcy needs.

Garland Consumer Bankruptcy Lawyers

Posted on | December 7, 2011 | No Comments

Although you aren’t required to hire a Texas bankruptcy lawyer to file for bankruptcy it is a good idea to consult with an experienced lawyer to better understand your situation. While there are countless books and websites that that offer advice on how to handle a bankruptcy by yourself, neither books nor websites can evaluate your set of circumstances. It is a common myth that filing bankruptcy is a simple matter of paperwork, but the truth is it can be a complex procedure and requires an understanding of state and federal statutes, case law, and procedural rules. And bankruptcy may not be the solution to your financial problems—and an experienced lawyer can help you determine what the appropriate legal solution is for you.

The benefits of working with a Garland, Texas bankruptcy lawyer

Working with an experienced bankruptcy lawyer offers many benefits including:

• Prevents creditors from contacting you directly. The Fair Debt Collections Practices Act forbids creditors from contacting you directly and requires them to communicate through your lawyer once you have filed.

• Determining the appropriate type of bankruptcy to file. Your lawyer has the knowledge and understanding of bankruptcy law and can determine whether a Chapter 7 or a Chapter 13 is the appropriate type of bankruptcy for you.

• Timely preparation and filing of necessary documents. In a bankruptcy there is a lot of paperwork and errors can stall the process. An experienced lawyer ensures all forms are properly completed and the required documentation is filed within the court’s deadline.

Get the relief you deserve

Bankruptcy laws allow individuals to obtain relief from overwhelming debt and to have a second chance. If you are considering bankruptcy, contact us online or call 972-772-3083 to schedule a free consultation today.

How You Can Benefit from a Chapter 13 Bankruptcy Filing

Posted on | November 3, 2011 | No Comments

If you live in or around Rockwall, Texas, and you are struggling to make ends meet, a Chapter 13 bankruptcy filing can get you the fresh financial start you need. Not only will a bankruptcy filing put an immediate end to the harassing phone calls, letters and other efforts by creditors and bill collectors, but it can give you the time you need to get your finances back on track. In many instances, you can work out payment agreements for less than the full amount due.

At the office of Rockwell bankruptcy lawyer Carrie Weir, I offer a free initial consultation to anyone considering filing for protection under Chapter 13. To schedule an appointment, contact my office online or call me at 972-772-3083.

Stop Creditor Harassment Immediately

Under the 2005 revisions to the bankruptcy laws, you must qualify to file for the permanent discharge of debts under Chapter 7. The law sets up a “means test,” requiring that you demonstrate to the bankruptcy court that you lack the resources to repay your creditors over a three-to-five year period. If you are not eligible for protection under Chapter 7, your only recourse in bankruptcy is in Chapter 13.

Chapter 13 bankruptcy, also known as debtors’ reorganization, allows you to enter into new payment arrangements with your creditors. When you file a Chapter 13 bankruptcy petition, you get many of the same benefits that come with a Chapter 7 filing. The automatic stay under the bankruptcy law goes into effect as soon as you file. This prevents your creditors from calling you, writing you, filing a lawsuit or pursuing any course of action outside of the bankruptcy proceeding to attempt to collect the debt from you.

When you hire a lawyer to assist you with a Chapter 13 bankruptcy, your lawyer will work closely with you to prepare a reorganization plan to submit to your creditors. Your creditors may also initiate negotiations to restructure debt. Your attorney will review any proposed refinancing or repayment agreements to make certain you can afford them. If you make promises in a Chapter 13 bankruptcy proceeding, but fail to keep them, you will most likely lose the protection of the bankruptcy laws.

Don’t make the mistake of trying to handle your Chapter 13 bankruptcy proceeding on your own. The law and the process can be complex and confusing. You want an experienced lawyer to make certain your documents are correctly prepared, and that your interests are fully protected in all hearings or proceedings with creditors, the bankruptcy trustee or the court.

Contact Heath, TX Bankruptcy Attorney Carrie Weir

I offer a free initial consultation to all potential bankruptcy clients. Contact my office by e-mail or call me at 972-772-3083 for a private meeting. With offices in Rockwall, Texas, I represent clients in Heath, Greenville, Lavon, Wylie, Mesquite and Rowlett.

Consumer vs. Commercial Bankruptcy

Posted on | October 4, 2011 | No Comments

If you own or operate a business, and you are struggling to pay your bills, you may be considering a personal or business bankruptcy petition. You may be uncertain of the options available to you, and whether your interests will best be served by a consumer or commercial bankruptcy. This blog post identifies the different options in personal and business bankruptcy filings.

At the office of bankruptcy attorney Carrie Weir, in Rockwall, Texas, I provide a free initial consultation to anyone considering filing for bankruptcy. For a private meeting, contact my office online or call me at 972-772-3083 to set up an appointment.

An Overview of Consumer Bankruptcy Options

When seeking to put your personal finances in order, you can file for protection under Chapter 7 or Chapter 13. In a Chapter 7 personal bankruptcy filing, you are allowed to permanently rid yourself of certain debts in exchange for the sale of some of your property. As a general rule, only unsecured debt, such as credit card bills and medical expenses, can be discharged in a Chapter 7 proceeding. You can, however, keep certain value in your home, car, retirement plans and other personal property.

In a Chapter 13 petition, you enter into new payment agreements with your creditors, agreeing to satisfy your debts over a three-to-five year period. You are allowed to keep all of your property, and can enter into repayment arrangements with respect to almost any type of debt.

In both Chapter 7 and Chapter 13 proceedings, you get the immediate benefit of the automatic stay. Your creditors may not call or write you, and must suspend any pending legal action to collect the debt.

Commercial Bankruptcy

You can file a Chapter 7 bankruptcy petition with respect to your business, but if you do, you must liquidate the assets of your business. If you want to continue business operations, the best option for commercial bankruptcy is under Chapter 11, the business equivalent to a Chapter 13. In a Chapter 11 proceeding, your lawyer will work directly with your creditors, seeking to put together a reorganization plan that meets their approval. Your attorney will also evaluate repayment offers from your creditors, to make certain they are within your means. If you make agreements under Chapter 11 or Chapter 13 and fail to keep them, you can lose the protection of the automatic stay.

In business bankruptcy filings, you also get the benefit of the automatic stay.

Contact Texas Bankruptcy Attorney Carrie Weir

I offer a free initial consultation to all potential bankruptcy clients. Contact my office by e-mail or call me at 972-772-3083 for a private meeting. With offices in Rockwall, Texas, I represent clients in Heath, Greenville, Lavon, Wylie, Mesquite and Rowlett.

When Creditors Don’t Comply with Bankruptcy Discharge Rules

Posted on | September 4, 2011 | No Comments

So you filed for protection under Chapter 7, identified the debts that you want to permanently discharge, sold some of your assets at a bankruptcy sale, and thought the matter was closed. What do you do, though, if one of your creditors, whose debt was extinguished in the Chapter 7 proceeding, continues in attempts to collect the debt from you? This blog post addresses your rights in these situations.

At the office of bankruptcy attorney Carrie Weir, in Rockwall, Texas, I provide a free initial consultation to anyone considering filing for bankruptcy. For a private meeting, contact my office online or call me at 972-772-3083 to set up an appointment.

Protect Your Rights after a Discharge in Bankruptcy

Under the federal bankruptcy laws, when a debt is discharged through a Chapter 7 proceeding, the creditor has no further legal right to seek payment from you. Nonetheless, either intentionally or unintentionally, creditors may contact you after the close of a Chapter 7 bankruptcy, seeking to recover payment or to get you to make a new arrangement. You don’t need to put up with this.

If you have been contacted by a creditor or collection agency seeking to recover a debt that was discharged in bankruptcy, you need to immediately contact your bankruptcy lawyer. If the efforts persist, your attorney can file a motion with the bankruptcy court, reporting the illegal action and asking that the court reopen your case to address the matter. Once the case is reopened, you can file what is known as an “adversary complaint,” asking the court to use its power to stop any further creditor harassment, and, if appropriate, to issue sanctions or assess damages for the violation. In most instances, the court will assess a fine, and may even require the creditor to pay attorney fees.

Contact the Office of Texas Bankruptcy Attorney Carrie Weir

I offer a free initial consultation to all potential bankruptcy clients. Contact my office by e-mail or call me at 972-772-3083 for a private meeting. With offices in Rockwall, Texas, I represent clients in Heath, Greenville, Lavon, Wylie, Mesquite and Rowlett.

Can You Keep Your Property When Filing for Bankruptcy Protection?

Posted on | July 25, 2011 | No Comments

If you are struggling to pay your bills, you may have considered personal bankruptcy as a way to stop creditor harassment and get a fresh financial start. You may worry, though, that you will put all your assets at risk, that you may lose all the property you worked so hard to obtain. This blog post addresses how the consumer bankruptcy laws affect your rights to retain your property.

At the office of bankruptcy attorney Carrie Weir, in Rockwall, Texas, I provide a free initial consultation to anyone considering filing for bankruptcy. For a private meeting, contact my office online or call me at 972-772-3083 to set up an appointment.

How Bankruptcy Affects Your Right to Your Property

When filing for personal bankruptcy, you generally have two options: a liquidation proceeding under Chapter 7 and a debtor reorganization under Chapter 13. Both give you the benefit of the automatic stay, preventing your creditors from taking any action outside of the bankruptcy process to collect the debt from you. The two chapters treat your assets differently, though.

In a Chapter 7 bankruptcy filing, you are allowed to permanently discharge certain debts in exchange for the sale of some of your property. Some obligations, such as child support arrearages, school loans and some tax obligations, are generally not dischargeable in bankruptcy. On the other hand, you can choose to make certain assets exempt from sale to satisfy debts. The laws governing bankruptcy exemptions are determined by state statutes. In Texas, for example, you have an exemption that protects a certain amount of value in your home. You can also claim exemptions for your car and other personal property items. Of course, the more property that you seek to exempt from sale, the less you have to satisfy creditors and the less likely your petition will be granted.

In a Chapter 13 bankruptcy proceeding, you are allowed to keep all of your assets, entering into new payment arrangements. This is one of the principal reasons that many people opt to file for protection under Chapter 13 instead of Chapter 7. With this type of filing, you don’t have to worry about whether you can keep your assets. Your focus is on restructuring your debts in ways that are acceptable to your creditors.

Contact Heath, TX Bankruptcy Attorney Carrie Weir

I offer a free initial consultation to all potential bankruptcy clients. Contact my office by e-mail or call me at 972-772-3083 for a private meeting. With offices in Rockwall, Texas, I represent clients in Heath, Greenville, Lavon, Wylie, Mesquite and Rowlett.

Chapter 12 Bankruptcy-Protecting Family Farmers

Posted on | June 20, 2011 | No Comments

If you own or operate a family farm, and you are struggling to make ends meet, you may have considered bankruptcy as a means of getting a fresh financial start. Though you could seek protection under Chapter 7 (liquidation) or Chapter 13 (reorganization), the federal bankruptcy laws have a specific provision, Chapter 12, to provide relief for family farmers. Chapter 12 was added to the bankruptcy laws in 1986, providing relief similar to Chapter 13 with some additional benefits. This blog post provides an overview of the benefits of Chapter 12.

At the office of bankruptcy attorney Carrie Weir, in Rockwall, Texas, I provide a free initial consultation to anyone considering filing for bankruptcy. For a private meeting, contact my office online or call me at 972-772-3083 to set up an appointment.

An Overview of the Protections Under Chapter 12

Under the federal bankruptcy laws, relief under Chapter 12 is available only to individuals or entities that meet the statutory definition of “family farmer.” This can be an individual, a partnership or a corporation.

There are specific tests that are applied to make this determination, including:
• Amount of debt
• Percentage of debt arising from a farming operation
• Whether or not the applicant has “regular annual income.”

If the entity seeking protection is a partnership or corporation, at least 50% of the ownership of the farming operation must be held by one family, and more than 80% of the value of the partnership or corporation must be related to the farming operation.

A Chapter 12 bankruptcy petition is closely modeled on a Chapter 13 filing. When you seek protection, a trustee is appointed and you work with creditors to negotiate new payment arrangements. The plan can include modification of the terms of secured or unsecured debts. The petitioner has a couple options, though, with respect to repayment. You can either agree to repay all unsecured debts, or to dedicate all disposable income to the repayment of unsecured debts. In many instances, a Chapter 12 petition gives you a longer period of time in which to repay your creditors.

As with a Chapter 13 petition, you must prepare a reorganization plan, submit it to your creditors, and have it approved. Your lawyer will help you prepare this plan and will review any proposed restructuring agreements from your creditors, to ensure they are within your means.

Contact the Office of Texas Bankruptcy Attorney Carrie Weir

I offer a free initial consultation to all potential bankruptcy clients. Contact my office by e-mail or call me at 972-772-3083 for a private meeting. With offices in Rockwall, Texas, I represent clients in Heath, Greenville, Lavon, Wylie, Mesquite and Rowlett.

Can Bankruptcy Stop a Foreclosure Proceeding?

Posted on | May 18, 2011 | No Comments

When you face financial difficulties, your mortgage payment can be particularly imposing. For many people, it is the single largest payment they make every month. If you have fallen behind on your house payments and can seem to catch up, even though you are working or have income, you may wonder whether a Chapter 13 debtors’ reorganization will help you keep your home. This blog post addresses how the bankruptcy laws affect foreclosure proceedings.

At the office of bankruptcy attorney Carrie Weir, in Rockwall, Texas, I provide a free initial consultation to anyone considering filing for bankruptcy. For a private meeting, contact my office online or call me at 972-772-3083 to set up an appointment.

Bankruptcy and Home Mortgage Foreclosure

As a consumer, you generally have two options in bankruptcy: a liquidation proceeding under Chapter 7 and a reorganization petition under Chapter 13. In a Chapter 7 proceeding, you are allowed to permanently rid yourself of certain debts in exchange for the sale of some of your assets. Chapter 7 bankruptcy generally governs unsecured debts, such as credit card obligations and medical expenses. As a general rule, you cannot discharge the debt on property, such as a house or car, and still keep the property.

In a Chapter 13 filing, you enter into new payment agreements with your creditors. Often, as part of the process, your creditors may be willing to waive penalties and late fees, and allow you to roll any arrearages into a new note.

Whether you file for protection under Chapter 7 or Chapter 13, you are entitled to the benefit of the automatic stay under the bankruptcy laws. The automatic stay prohibits your creditors from calling you, writing to you or taking legal action against you, other than through the bankruptcy proceeding. This means that they cannot initiate legal action (file any lawsuits against you) and cannot proceed with any legal claims that have already been filed. So, if you have filed under Chapter 7 or Chapter 13, a lender cannot start foreclosure proceedings against you. If a foreclosure action has already been filed, it must be suspended while the bankruptcy is in process.

A Chapter 7 bankruptcy proceeding will end once debts have been discharged, assets have been sold and the proceeds distributed among creditors. Because you can’t discharge your mortgage debt and keep the house, when the Chapter 7 proceeding is over, you will again be responsible for paying mortgage payments.

A Chapter 13 proceeding can last three to five years. Throughout the duration of the Chapter 13, you have the protection of the automatic stay. You must, however, make all agreed payments or you risk the loss of the automatic stay.

Contact Heath, TX Bankruptcy Attorney Carrie Weir

I offer a free initial consultation to all potential bankruptcy clients. Contact my office by e-mail or call me at 972-772-3083 for a private meeting. With offices in Rockwall, Texas, I represent clients in Heath, Greenville, Lavon, Wylie, Mesquite and Rowlett.

Pros and Cons of Filing for Bankruptcy

Posted on | September 13, 2010 | No Comments

A personal bankruptcy filing can help you get a fresh start, putting an end to the non-stop phone calls, letters and legal actions you face. There are consequences to filing for bankruptcy, though. Before submitting a Chapter 7 or Chapter 13 petition, you want to consider all the advantages and disadvantages, so that you make the decision that is best for you.

The Benefits of a Bankruptcy Filing

• For most people, the most important reason for filing for bankruptcy protection is to obtain the protection of the automatic stay. The automatic stay prohibits creditors from calling, writing or taking any other legal action outside the bankruptcy process to collect a debt. While the stay is in place, you can get caught up with some or many of your creditors.

• Filing for bankruptcy can actually help you get a quicker start on rebuilding your credit. Once creditors see that you have taken constructive action to resolve debt problems, they are often more willing to work with you and help you re-establish your credit.

• A Chapter 7 bankruptcy filing will allow you to permanently discharge some debts. This can free up the resources necessary so that you can meet your other financial obligations.

• Certain essential property is exempt from sale in a Chapter 7 petition, so you can discharge debts without losing your home, principal vehicle and other necessary items.

• Bankruptcy will stop garnishment, foreclosure and repossession proceedings.

The Consequences of Filing for Bankruptcy Protection

• You will lose all credit cards, unless they are paid off before you file, and you won’t have many opportunities for credit or credit cards for a while. In many instances, you can apply for new credit cards within 24 months, but may have to pay significantly higher interest rates.

• You may not be able to get a home mortgage for up to five years.

• You won’t be able to discharge all debts. Student loan payments, child support arrearages and certain tax debts cannot be wiped out in bankruptcy.

• Bankruptcy can carry an emotional stigma, but so can being sued for non-payment.

• A bankruptcy will appear on your credit report for up to 10 years, making it hard to buy a car or house, get life insurance or even a job.

• Bankruptcy is a matter of public record. If you file, your name will appear in court documents and may appear in the local newspaper.

Take a Close Look before You File

Bankruptcy is not for everyone. If most of your debt is in student loans or tax arrearages, you may be limited to debt reorganization or need to look at alternatives to bankruptcy. For additional information, contact an experienced Rockwall County Bankruptcy Attorney at the Law Office of Carrie L. Weir in Rockwall, Texas.

Located in Rockwall, Texas, and representing individuals throughout the Rockwall County area, the Law Office of Carrie L. Weir provides clients with quality representation and personal service.

I have more than 10 years of experience handling legal issues involving personal finance, including bankruptcy. Although I am one of the only attorneys in Rockwall County who focuses my practice on bankruptcy, I also look for alternatives to bankruptcy that might better serve your interests and achieve your goals.

I also believe that in order to properly represent you, I need to have the requisite information and understanding of you and your circumstances. For that reason, I will handle all of your paperwork and interviews personally. I don’t want to walk into a meeting of creditors or a courtroom and be surprised.

At my office, you will always be treated with the respect you deserve. Take advantage of my understanding and years of experience battling and negotiating with creditors. You do have options; we just need to determine what they are.

Contact Attorney Carrie Weir Today at 972-772-3083

I offer experienced representation in a relaxed environment. You owe it to yourself to have the information you need to make an informed decision. Call me today to schedule a free, confidential consultation. I can be reached at 972-772-3083 or via our Online Intake Form below.

If I am in court or with a client, please leave a message and I will return your call as promptly as possible. I am genuinely interested in helping you and presenting you with all of your viable options, whether those include bankruptcy or alternatives to bankruptcy.

Alternatives to Bankruptcy in Texas

Posted on | July 2, 2010 | No Comments

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