Using Chapter 7 or Chapter 13 to Manage Medical Debt If you're facing a mountain of medical debt, with no idea how you'll manage, you're not alone. While it may be little comfort to you personally, it is consistently cited as the most frequent factor contributing to personal bankruptcy. By some estimates, more than a million people seek protection … [Read more...]
Bankruptcy Does Not Equal Failure!
November 8, 2019 by Leave a Comment
There's No Stigma in Filing for Bankruptcy—It's There to Help You Back in the early part of the 19th century, a young surveyor decided to open a general store in his home town of New Salem, Illinois. The store could not turn a profit and the young entrepreneur was forced to file for bankruptcy protection. His name—Abraham Lincoln. Nearly 75 years … [Read more...]
Happy Veterans Day 2019
November 8, 2019 by Leave a Comment
"The willingness of America's veterans to sacrifice for our country has earned them our lasting gratitude." — Jeff Miller … [Read more...]
The Federal Bankruptcy Exemptions
November 1, 2019 by Leave a Comment
Protecting Your Assets When You Seek to Permanently Discharge Debts As we indicated in an earlier blog, the allowable exemptions under Texas law in a Chapter 7 bankruptcy petition are extremely generous. As a general rule, you'll be better served by claiming the exemptions under state law. Here, however, are the types and limits on property that … [Read more...]
The Texas Bankruptcy Exemptions
October 25, 2019 by Leave a Comment
Protecting Property from Attachment in a Chapter 7 Filing When you seek protection under the bankruptcy laws, you can choose to permanently discharge debts under Chapter 7 or to reorganize your debt under Chapter 13. With a Chapter 7 filing, you must turn over certain assets to the bankruptcy court to be sold to pay your creditors. But that … [Read more...]
How Soon Can You Re-File for Bankruptcy in Texas?
October 18, 2019 by Leave a Comment
The Waiting Period for Chapter 7 and Chapter 13 You can go through a bankruptcy proceeding with the best of intentions, pay close attention to your finances and still have difficulty meeting your obligations. Often, it's a health problem that brings you to consider filing for bankruptcy. That's no surprise and no cause for shame—it's the single … [Read more...]
Losing Your IRA in a Bankruptcy Proceeding—Can It Happen?
October 11, 2019 by Leave a Comment
Can You Lose Your IRA Investment in a Bankruptcy Proceeding? The Factors that Can Put Your Retirement Assets at Risk The 2005 revisions to the Bankruptcy Code specifically excluded individual retirement accounts (IRAs) from seizure by the bankruptcy court to satisfy creditors in a Chapter 7 liquidation proceeding. The exemption, however, is not … [Read more...]
Using Chapter 13 When You Are Facing Foreclosure
September 28, 2019 by Leave a Comment
Keeping Your Home and Restructuring Mortgage Debt If you've fallen behind in your house payment, to the extent that you've either been threatened with foreclosure, or are involved in foreclosure proceedings, a petition under Chapter 13 of the bankruptcy laws can help you get your mortgage back on track and keep your home. Initially, you'll have … [Read more...]
Can Chapter 13 Help You Restructure Income Tax Debts?
September 18, 2019 by Leave a Comment
Using the Bankruptcy Laws to Address Personal Tax Liabilities If you have fallen behind on your taxes, you may be under the impression that you cannot use the bankruptcy laws to help you get a handle on that debt. While it's generally true that most income tax arrearages cannot be discharged in a Chapter 7 liquidation proceeding, you may still be … [Read more...]
Filing Chapter 7 When You Don’t Want to Keep Your Home
September 12, 2019 by Leave a Comment
Using a Liquidation Proceeding to Terminate Your Mortgage Obligation Often, when you decide that a personal bankruptcy filing is your best option for getting your finances under control and getting a new start, you still want to keep your home. But what if that's not really in your best interests? What if the costs of keeping your home will be too … [Read more...]
