If you've incurred significant medical bills and it's led you to consider or file for protection under the bankruptcy laws, you're not alone. According to a study conducted by Harvard University, nearly two-thirds of people who filed for personal bankruptcy cited medical bills as a factor in their financial challenges. It's estimated that as many … [Read more...]
Rebuilding Your Credit Score after You’ve Filed for Bankruptcy Protection
March 12, 2018 by Leave a Comment
When you are struggling to meet your financial obligations, you may resist the decision to seek protection under the federal bankruptcy laws, fearing that your credit will be permanently ruined. While there's no question that your credit rating will temporarily decline, there is credit life after bankruptcy. It is possible to rebuild your credit … [Read more...]
Do I Qualify for Protection under Chapter 13?
March 5, 2018 by Leave a Comment
When the bankruptcy laws changed in 2005, it became more difficult to file for liquidation under Chapter 7. You must now submit to means test to determine whether you have the ability to repay your creditors over a 3-5 year period. If so, then your only recourse for a personal bankruptcy is under Chapter 13. But that doesn't mean that you … [Read more...]
The Federal Bankruptcy Exemptions
February 6, 2018 by Leave a Comment
When you seek protection under Chapter 7 of the Bankruptcy Code (assuming you have met the requirements of the "means test"), you can permanently discharge certain debts in exchange for allowing the bankruptcy trustee to sell some of your assets and give the proceeds to those creditors. However, you don't have to transfer everything to the … [Read more...]
The Texas Bankruptcy Exemptions
January 2, 2018 by Leave a Comment
When you file a Chapter 7 bankruptcy in Texas, you can liquidate (permanently discharge) certain debts in exchange for the sale of non-exempt assets. As a general rule, family law obligations cannot be discharged, and tax debts and student loan arrearages are extremely hard to get rid of. You don't have to give up everything you own, either. In … [Read more...]
Can I Keep the Proceeds of a Settlement or Verdict if I Have Filed for Bankruptcy Protection?
December 12, 2017 by Leave a Comment
Often, one of the primary factors that leads people to seek protection through a bankruptcy proceeding is a personal injury. If you've been hurt, you may be unable to work, and unable to meet your financial requirements, leaving you with no other choice but to seek bankruptcy protection. With a Chapter 7 filing, you can permanently discharge some … [Read more...]
Exceptions to the “Automatic Stay”
November 15, 2017 by Leave a Comment
The "Automatic Stay" The "automatic stay" is one of the most powerful tools of bankruptcy. It's the law that automatically goes into effect right when your bankruptcy case is filed, and stays—or stops —all collection activity against you and your property. Although the "automatic stay" protects you against just about anything a creditor can do … [Read more...]
Stop Wage Garnishment in Texas with Bankruptcy
October 18, 2017 by Leave a Comment
Texas is one of the few states in the country that generally don't allow the garnishment of wages for collection of consumer debts. But there are major exceptions where garnishments CAN occur, including: child support and alimony federal taxes student loans if your employer is out of state a judgment against you was entered in another … [Read more...]
Stop a Vehicle Repossession with Chapter 7 or13
September 25, 2017 by Leave a Comment
One of the most powerful tools of bankruptcy—the "automatic stay"—can stop your car or truck from being repossessed by its creditor. The automatic stay is the law that automatically goes into effect the moment your bankruptcy case is filed to stay—or stop —all collection activity against you or your property. Filing a Chapter 7 or Chapter 13 case … [Read more...]
