What Happens in Bankruptcy When You Have Collateralized Debt? When you're seeking protection in a personal bankruptcy filing, you'll often have debt that's unsecured, such as credit card arrearages or medical bills, but you may have secured debt as well, including a mortgage or car loan. If you qualify to permanently discharge your debts in a … [Read more...]
Common Mistakes People Make When Taking the Means Test
October 24, 2024 by
Errors That Can Jeopardize Your Rights to Protection Under the Bankruptcy Laws When you've concluded that the best way to tackle your financial problems is by filing for protection under U.S. bankruptcy law, one of your first decisions involves the type of bankruptcy petition to file. If you seek protection under Chapter 7, you'll be able to … [Read more...]
Strategies for Keeping Assets When Filing for Bankruptcy
September 25, 2024 by
What to Do If You Can't Protect All Your Property Using Texas Exemptions Most states don't offer the generous property exemptions available under Texas law, so people filing under Chapter 7 risk the potential loss of substantial assets. In Texas, though, a person may discharge debts and still keep most, if not all, of their property. But what … [Read more...]
The Most Common Reasons People Seek Protection in Bankruptcy
September 20, 2024 by
The Factors that Lead to Most Bankruptcy Filings Have you lost your job or taken a cut in pay? Have you suffered an injury or illness that's caused you to incur substantial, unreimbursed medical debt? Did you take out an adjustable rate mortgage on your home and now find that you can't make the monthly payments? You're not alone—the same thing has … [Read more...]
The Potential Impact of a Bankruptcy Filing on Your Credit Score
August 20, 2024 by
Why Filing for Bankruptcy Protection Won't Necessarily Ruin Your Credit You may have lost your job or incurred substantial medical bills that are not covered by insurance. You've been reluctant to consider bankruptcy, as you're afraid it will permanently ruin your credit. How does a bankruptcy get reported to a credit agency? What are the short- … [Read more...]
Using Bankruptcy to Get Rid of Medical Debt
August 16, 2024 by
Can You Permanently Discharge Medical Bills? When Is the Best Time to File for Bankruptcy Protection? You've suffered a serious injury or illness. As a result, you've racked up substantial medical bills, many of which are not covered by your health insurance. You might be unable to work because of your health issues, but you also may be unable to … [Read more...]
Should You Always File for Chapter 7 If You Qualify?
July 31, 2024 by
When Should You Opt for Chapter 13 Instead? When you're considering filing for personal bankruptcy protection, you have two basic options. You can permanently discharge debts through Chapter 7, or you can restructure your debts (make new payment arrangements) under Chapter 13. You must, however, qualify to file a Chapter 7 petition. You might … [Read more...]
What You Can Expect at a Meeting of Creditors
July 25, 2024 by
Preparing for the Section 341 Meeting | What You'll Need to Bring As a part of the bankruptcy process—whether you're seeking to permanently discharge debts through Chapter 7 or restructure your debts in Chapter 13—you will be required to attend what is referred to as a 341(a) meeting of creditors. While your attendance is compulsory, you typically … [Read more...]
Happy 4th of July 2024
July 4, 2024 by
To a joyful present and a well-remembered past. Best wishes for happy holidays and a magnificent new year. … [Read more...]
Can You File for Bankruptcy Protection Online?
June 28, 2024 by
Can You Complete Your Filing Without an Attorney? Is there anything you need to do in the 21st century that you can't do online? You can buy groceries, get a checkup from your doctor, and even find a spouse. What about filing for bankruptcy? Certainly, attorneys have the ability to file pleadings and other documents digitally. Can the bankruptcy … [Read more...]
