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Keeping Your Property When You File for Bankruptcy
The Impact of Chapter 7 and Chapter 13 on Your Property Rights You’re struggling to meet your financial obligations because you’ve been laid off, you’re going through a divorce, or you’ve incurred substantial medical expenses not covered by insurance. You know filing for bankruptcy can help you get a fresh start, but the last thing you want or … [Read more...]
The Credit Counseling Requirement Tied to a Personal Bankruptcy Filing
Credit Counseling Must Be Completed Before You File You're struggling to make ends meet, whether because you've been laid off, incurred medical expenses, gone through a divorce, or experienced other financial hardship. You can get immediate relief by filing for protection under Chapter 7 or Chapter 13, right? Not quite so fast. Before you can … [Read more...]
The No-Asset Chapter 7 Bankruptcy
Keeping All Your Property in a Bankruptcy Filing When you file for protection under Chapter 7 of the bankruptcy laws, you have the opportunity to permanently discharge many debts in exchange for the transfer of some of your property to the bankruptcy trustee. Some debts, such as child support, cannot be discharged by law, and others, including … [Read more...]
How Soon Can You Expect Relief in a Bankruptcy Filing?
How Long Is the Bankruptcy Process? When you're struggling to make ends meet with little or no prospect of improving your situation,you want relief and you want it as soon as possible. The automatic stay that comes with a bankruptcy filing will immediately end harassing calls, letters, and legal action from creditors. But how long do the broader … [Read more...]
Proceedings Not Affected by the Automatic Stay
Legal Matters that Won't Be Suspended When You File for Bankruptcy If you've been considering filing for protection under the bankruptcy laws to help you deal with unmanageable debt, one of the factors that may have attracted you is the automatic stay that goes into effect immediately upon filing for bankruptcy. The automatic stay prevents your … [Read more...]
When Friends or Family Ask About Your Bankruptcy Filing
Helping Them Understand That You've Made a Good Decision When wrestling with unmanageable debt, whether because of a job loss, medical bills, or divorce, one thing that might hold you back from getting bankruptcy protection is the fear of how friends and family will respond. You may worry that you'll let them down or that they'll think less of … [Read more...]
Texas State Exemptions in a Bankruptcy Filing
The Property You Can Keep When You File for Chapter 7 in Texas When you seek to permanently discharge debts in a Chapter 7 bankruptcy petition, part of the deal is that you must turn over to the bankruptcy court certain property that can be sold to satisfy your creditors. You do, however, get to keep some property that is exempt. Federal law has … [Read more...]
Can Anybody File for Protection Under Chapter 13?
Are There Conditions You Must Meet to Qualify? If you've thought about personal bankruptcy filing as a way to get a fresh start, you may know that you must meet certain qualifications in order to file for permanent debt discharge under Chapter 7. A "means test" is used to determine whether you meet the requirements. There's a general perception … [Read more...]
