Discharging Tax Debts in Bankruptcy

The Limited Circumstances Where You Can Wipe Out Tax Arrearages in Bankruptcy In Chapter 7 bankruptcy proceedings, you can permanently eliminate certain debts in exchange for transferring property to the bankruptcy trustee, who sells those assets to satisfy creditors. Among debts generally considered not to be dischargeable in Chapter 7 are tax … [Read more...]

The Documents You’ll Need for a Chapter 7 Bankruptcy Filing

A Checklist to Help You Streamline the Process American bankruptcy laws were enacted to give debtors a second chance. With a Chapter 7 petition, you can permanently discharge some of your debts in exchange for transferring some property to the bankruptcy trustee, who will sell it to pay creditors. However, one requirement of the bankruptcy process … [Read more...]

Knowing If You Qualify to File for Chapter 7

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...]

Knowing When to File for Bankruptcy Protection

Choosing the Appropriate Time Makes a Big Difference The bankruptcy laws were enacted to give people an opportunity for a fresh start. It can happen to anyone—medical bills pile up, you lose your job or go through a divorce. A Chapter 7 or Chapter 13 petition can help get you on the right track. Unfortunately, we typically see that people wait too … [Read more...]

The Federal Bankruptcy Exemptions

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

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...]

How Soon Can You Re-File for Bankruptcy in Texas?

The Waiting Period for Chapter 7 and Chapter 13 You can go through a bankruptcy proceeding with the best of intentions, pay close attention to your finances and still have difficulty meeting your obligations. Often, it's a health problem that brings you to consider filing for bankruptcy. That's no surprise and no cause for shame—it's the single … [Read more...]

Losing Your IRA in a Bankruptcy Proceeding—Can It Happen?

Can You Lose Your IRA Investment in a Bankruptcy Proceeding? The Factors that Can Put Your Retirement Assets at Risk The 2005 revisions to the Bankruptcy Code specifically excluded individual retirement accounts (IRAs) from seizure by the bankruptcy court to satisfy creditors in a Chapter 7 liquidation proceeding. The exemption, however, is not … [Read more...]

Can Chapter 13 Help You Restructure Income Tax Debts?

Using the Bankruptcy Laws to Address Personal Tax Liabilities If you have fallen behind on your taxes, you may be under the impression that you cannot use the bankruptcy laws to help you get a handle on that debt. While it's generally true that most income tax arrearages cannot be discharged in a Chapter 7 liquidation proceeding, you may still be … [Read more...]

Filing Chapter 7 When You Don’t Want to Keep Your Home

Using a Liquidation Proceeding to Terminate Your Mortgage Obligation Often, when you decide that a personal bankruptcy filing is your best option for getting your finances under control and getting a new start, you still want to keep your home. But what if that's not really in your best interests? What if the costs of keeping your home will be too … [Read more...]

Call Rockwall bankruptcy lawyer Carrie Weir at 972-772-3083 or fill out the contact from below for a free, confidential consultation to discuss your options.

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Consumer Bankruptcy

Can I keep my car? Will bankruptcy stop a foreclosure? Will I ever be debt-free again? How will I ever pay these medical bills?

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Chapter 7 Bankruptcy

If you want to stop creditor harassment, eliminate repossession debt, stop garnishments and keep your house, and car, a Chapter 7 bankruptcy could help.

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Chapter 13 Bankruptcy

Are you in jeopardy of losing your house? Are you making good money but everyone is asking for payment right now? Do you want or need to stop collections?

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