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...]
Stop a Home Foreclosure with Chapter 7 or 13
August 16, 2017 by Leave a Comment
The bankruptcy power called the "automatic stay"immediately stops a home foreclosurethe moment your bankruptcy is filed. What happens after that depends on whether you file a Chapter 7 or Chapter 13 case, and on what you want to accomplish. Buy Some Time with Chapter 7 A Chapter 7 "straight bankruptcy" cancels an immediately pending foreclosure … [Read more...]
A More Complicated Chapter 13 Case
July 18, 2017 by Leave a Comment
In the absolutely simplest Chapter 13 case you pay a monthly amount each month based on what you can afford and it's divided prorata among your unsecured debts. So, say, you pay $300 for 36 months, and all of your debts are paid 20% of what you owe, and at the end of the case all the remaining debts are discharged—written off. But Chapter 13 … [Read more...]
A More Complicated Chapter 7 Case
June 14, 2017 by Leave a Comment
In the simplest version of a Chapter 7 case: you easily pass the "means test" based on your income all your assets are protected by "exemptions" you either have no debts with collateral or else are current on these debts, and all your debts get discharged (legally written off). But what if your case isn't so straightforward? If Your … [Read more...]
The Big Differences between Chapters 7 and 13
May 18, 2017 by Leave a Comment
The two main consumer/small business bankruptcy options are quite different. Each one has its advantages and disadvantages. So, for many people Chapter 7 is much better, for others Chapter 13 would be. And for others it's a closer call. Even if you have your mind set on one or the other, it's important to discuss both alternatives with your … [Read more...]
