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
November 21, 2019 by Leave a Comment
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
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...]
How Soon Can You Re-File for Bankruptcy in Texas?
October 18, 2019 by Leave a Comment
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?
October 11, 2019 by Leave a Comment
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?
September 18, 2019 by Leave a Comment
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
September 12, 2019 by Leave a Comment
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...]
Filing for Chapter 7 Protection When You Want to Keep Your Home
September 4, 2019 by Leave a Comment
Using a Personal Bankruptcy Proceeding to Keep Your House One of the most common factors leading to the decision to file for bankruptcy protection is the inability to stay current on mortgage obligations. If you're in over your head, a Chapter 7 bankruptcy proceeding can allow you to permanently discharge certain debts. That usually involves … [Read more...]
The Income Component of the Means Test in Chapter 7 Filings
August 31, 2019 by Leave a Comment
How the Bankruptcy Court Determines Your Eligibility Under the means test established by the 2005 revisions to the federal bankruptcy laws, the bankruptcy court will review potential Chapter 7 discharge petitions to determine whether the debtor has the means to repay creditors over a three-to-five-year period. Here's how the means test addresses … [Read more...]
