Knowing When to Seek Protection in Bankruptcy Most of us struggle financially at some point in our lives. Maybe we've taken on a big mortgage, only to get caught in cutbacks at work. Maybe we've been hurt or contracted an illness, incurring substantial medical bills or limiting our ability to work and meet our financial obligations. In many … [Read more...]
Common Mistakes People Make When Taking the Means Test
October 24, 2024 by
Errors That Can Jeopardize Your Rights to Protection Under the Bankruptcy Laws When you've concluded that the best way to tackle your financial problems is by filing for protection under U.S. bankruptcy law, one of your first decisions involves the type of bankruptcy petition to file. If you seek protection under Chapter 7, you'll be able to … [Read more...]
Strategies for Keeping Assets When Filing for Bankruptcy
September 25, 2024 by
What to Do If You Can't Protect All Your Property Using Texas Exemptions Most states don't offer the generous property exemptions available under Texas law, so people filing under Chapter 7 risk the potential loss of substantial assets. In Texas, though, a person may discharge debts and still keep most, if not all, of their property. But what … [Read more...]
The Most Common Reasons People Seek Protection in Bankruptcy
September 20, 2024 by
The Factors that Lead to Most Bankruptcy Filings Have you lost your job or taken a cut in pay? Have you suffered an injury or illness that's caused you to incur substantial, unreimbursed medical debt? Did you take out an adjustable rate mortgage on your home and now find that you can't make the monthly payments? You're not alone—the same thing has … [Read more...]
The Potential Impact of a Bankruptcy Filing on Your Credit Score
August 20, 2024 by
Why Filing for Bankruptcy Protection Won't Necessarily Ruin Your Credit You may have lost your job or incurred substantial medical bills that are not covered by insurance. You've been reluctant to consider bankruptcy, as you're afraid it will permanently ruin your credit. How does a bankruptcy get reported to a credit agency? What are the short- … [Read more...]
What You Can Expect at a Meeting of Creditors
July 25, 2024 by
Preparing for the Section 341 Meeting | What You'll Need to Bring As a part of the bankruptcy process—whether you're seeking to permanently discharge debts through Chapter 7 or restructure your debts in Chapter 13—you will be required to attend what is referred to as a 341(a) meeting of creditors. While your attendance is compulsory, you typically … [Read more...]
What Is a Bankruptcy Trustee?
June 24, 2024 by
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...]
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...]
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...]
