Can You Lose Your Job If You File? Will It Disqualify You from Future Employment? For many people facing unmanageable debt, there's a fear of filing for bankruptcy protection. That fear is based on concerns of job loss and negative impact on future employment opportunities. Can an employer terminate you for seeking protection under the bankruptcy … [Read more...]
Can You Address Mortgage or Property Tax Arrearages in a Bankruptcy Filing?
December 26, 2019 by Leave a Comment
Restructuring Mortgage and Property Tax Debt in Chapter 13 Though medical expenses are cited as the most common cause of personal bankruptcy filings, it's common for individuals seeking protection in Chapter 7 or 13 to be behind in mortgage payments or property tax obligations. As a general rule, Chapter 7 won't allow you to permanently discharge … [Read more...]
Knowing If You Qualify to File for Chapter 7
December 19, 2019 by Leave a Comment
Choosing the Appropriate Time Makes a Big Difference If you've never sought protection under U.S. bankruptcy laws, the first thing you need to understand is that there are two ways to get a fresh start: with a liquidation proceeding under Chapter 7 or a reorganization under Chapter 13. As a rule, you don't get much choice—you can always opt to … [Read more...]
How Will a Bankruptcy Filing Affect Your Ability to Make a Living?
December 12, 2019 by Leave a Comment
The Impact on Your Current Employment and Future Job Opportunities Even though the American bankruptcy laws were intended to offer a positive form of relief for persons experiencing financial challenges, there's often still a stigma attached to bankruptcy. Many people worry their employer will learn of the bankruptcy proceeding and let them go, or … [Read more...]
It’s a Bad Idea to Handle Your Own Bankruptcy
December 5, 2019 by Leave a Comment
Good Reasons Not to Represent Yourself in a Bankruptcy Proceeding It's understandable—you're struggling to make ends meet and have concluded that filing for bankruptcy is your best option. You really don't have the money for anything but the essentials, and you certainly don't want to spend the money for a lawyer. You may think, "Hey, my … [Read more...]
Personal Bankruptcy—The Basics
November 28, 2019 by Leave a Comment
An Overview of Your Options and Opportunities You're struggling every day to make ends meet. You get nervous when the mailman comes down the street or the telephone rings, afraid there will be another demand letter or belligerent creditor asking for payments you can't make. You've contemplated seeking protection in bankruptcy, but you don't know … [Read more...]
Bankruptcy—A Great Way to Get a Handle on Medical Bills
November 14, 2019 by Leave a Comment
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...]
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...]
