What Are the Trustee's Responsibilities? Because the personal bankruptcy process can be confusing and intimidating, it's always in your best interests to start the process by hiring an experienced and knowledgeable lawyer. Your attorney will be your liaison with the bankruptcy court and with the bankruptcy trustee. What is the role of the trustee? … [Read more...]
Common Mistakes People Make When Filing for Bankruptcy Protection
May 29, 2024 by
Common Errors That Can Minimize the Benefits of a Bankruptcy Petition When you've lost your job or suffered a serious injury or illness that makes it difficult or impossible for you to work, you can quickly get in financial trouble. That's precisely why the American bankruptcy laws were enacted—to help people get a fresh financial start when the … [Read more...]
No-Asset Chapter 7 Bankruptcy in Texas
May 23, 2024 by
What Is It? How Does the Bankruptcy Process Differ When There Are No Assets? When you've determined that bankruptcy is your best path forward, you will have two potential options with respect to your personal debt. If you qualify for a Chapter 7 filing, you can petition the court to permanently discharge certain debts in exchange for the … [Read more...]
What Are the Common Steps in a Chapter 7 Bankruptcy Filing?
April 3, 2024 by
What Can You Expect When You Seek to Permanently Discharge Debts? When you’re struggling to meet your financial obligations and have concluded that bankruptcy is your best option for moving forward, you may be able to permanently eliminate certain debts, provided you qualify under the Chapter 7 “means test.” Assuming that you are eligible to … [Read more...]
How Does the Chapter 7 Means Test Work?
April 3, 2024 by
What Is the Process for Determining Whether You Qualify to Permanently Discharge Debts? Under the American bankruptcy laws, when you file a personal bankruptcy petition, you may be able to permanently discharge debts through Chapter 7 or you may be limited to restructuring your debt under Chapter 13. To be eligible to permanently rid yourself of … [Read more...]
What Debts Must You Continue to Pay While in Chapter 7?
April 3, 2024 by
What Obligations Will Not Be Affected by Your Bankruptcy Filing? One of the most significant benefits of a personal bankruptcy filing is the temporary relief it provides from both the obligation to pay certain debts and from the attempts of creditors to collect on those debts. It's important to understand, though, that filing a Chapter 7 … [Read more...]
Your Rights When a Creditor Violates the Automatic Stay
February 27, 2024 by
What Are the Consequences? How Do You Protect Your Rights? One of the key benefits of the American bankruptcy laws is what is legally referred to as the "automatic stay" This provision goes into effect immediately when you file a Chapter 7 or Chapter petition, and bans creditors from calling, writing or taking any other action, other than … [Read more...]
The Impact of Bankruptcy on Your Retirement Accounts
February 22, 2024 by
Will Qualified Retirement Plans Be a Part of Your Bankruptcy Estate? You've been struggling to meet your financial obligations, whether as a result of an unexpected injury or illness, the loss of your job, a divorce or other personal challenge. Over the years, you've worked hard to plan and prepare for your retirement, regularly making … [Read more...]
Is Bankruptcy the Right Choice for You?
January 8, 2024 by
What Factors Should Go into Your Decision? You’ve hit a bad patch. Maybe you’ve lost your job or you’ve incurred substantial medical bills not covered by insurance. You’ve never filed for bankruptcy protection, so you’re uncertain how to determine whether that will be in your best interests. Here are some of the key initial factors to … [Read more...]
Things You Don’t Want to Do before Filing for Bankruptcy
January 8, 2024 by
Common Mistakes People Make in Anticipation of Bankruptcy The American bankruptcy laws were put in place to help people get a fresh start. They’re not an easy way out, but require courage and commitment to improving your financial situation. They can provide the relief you need, but you need to be careful that you take the right steps to get the … [Read more...]
