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...]
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...]
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...]
The Reasons Why You Want to Hire a Bankruptcy Lawyer
November 2, 2023 by
Why It’s Not a Good Idea to Handle Your Own Filing You’re struggling to meet your financial obligations, either because you lost your job, you’ve been sick or injured, or you’ve gone through a divorce. You may not own a lot of property and your financial circumstances may seem simple. Should you consider handling a bankruptcy filing on your own? … [Read more...]
Are Lottery Winnings Part of a Bankruptcy Estate?
October 8, 2023 by
Can You Keep Money that You Win if You Have Filed for Bankruptcy Protection? If you’ve filed for bankruptcy protection under Chapter 7 and you hit it big in the Lotto, winning the Powerball or Mega-Millions, chances are good your financial troubles will be behind you. But what if you bought a lottery ticket and won a smaller, but significant, cash … [Read more...]
Converting a Chapter 13 Bankruptcy to a Chapter 7
September 8, 2023 by
Choosing Liquidation of Debt over Reorganization You've been experiencing financial difficulties and concluded that a personal bankruptcy filing is the best way forward. You wanted to keep all your assets, if possible, so you initially opted to file for reorganization of your debts under Chapter 13. It has become clear, though, that your financial … [Read more...]
