Texas is one of the few states in the country that generally don't allow the garnishment of wages for collection of consumer debts. But there are major exceptions where garnishments CAN occur, including: child support and alimony federal taxes student loans if your employer is out of state a judgment against you was entered in another … [Read more...]
Stop a Vehicle Repossession with Chapter 7 or13
September 25, 2017 by Leave a Comment
One of the most powerful tools of bankruptcy—the "automatic stay"—can stop your car or truck from being repossessed by its creditor. The automatic stay is the law that automatically goes into effect the moment your bankruptcy case is filed to stay—or stop —all collection activity against you or your property. Filing a Chapter 7 or Chapter 13 case … [Read more...]
Stop a Home Foreclosure with Chapter 7 or 13
August 16, 2017 by Leave a Comment
The bankruptcy power called the "automatic stay"immediately stops a home foreclosurethe moment your bankruptcy is filed. What happens after that depends on whether you file a Chapter 7 or Chapter 13 case, and on what you want to accomplish. Buy Some Time with Chapter 7 A Chapter 7 "straight bankruptcy" cancels an immediately pending foreclosure … [Read more...]
A More Complicated Chapter 13 Case
July 18, 2017 by Leave a Comment
In the absolutely simplest Chapter 13 case you pay a monthly amount each month based on what you can afford and it's divided prorata among your unsecured debts. So, say, you pay $300 for 36 months, and all of your debts are paid 20% of what you owe, and at the end of the case all the remaining debts are discharged—written off. But Chapter 13 … [Read more...]
The Big Differences between Chapters 7 and 13
May 18, 2017 by Leave a Comment
The two main consumer/small business bankruptcy options are quite different. Each one has its advantages and disadvantages. So, for many people Chapter 7 is much better, for others Chapter 13 would be. And for others it's a closer call. Even if you have your mind set on one or the other, it's important to discuss both alternatives with your … [Read more...]
What is “Conversion” from Chapter 13 to Chapter 7?
June 19, 2013 by Leave a Comment
Following up on my last blog, “conversion” means switching from one chapter of bankruptcy to another before the case is completed. In the last blog I discussed converting from Chapter 7 to 13; now about converting from Chapter 13 to 7, that is, from the “adjustment of debts” payment plan to a “straight bankruptcy.” The reasons to convert from … [Read more...]
What is “Conversion” from Chapter 7 to Chapter 13?
May 24, 2013 by Leave a Comment
“Conversion” is switching from one bankruptcy chapter to another before the bankruptcy case is completed. Focusing here on “converting” from Chapter 7 to 13, why would you want to make this switch between these very different options? You would do so essentially, either voluntarily and involuntarily. Either because 1) changed circumstances make … [Read more...]
What-Is-Required-In-A-Bankruptcy-341-Meeting
February 13, 2012 by Leave a Comment
In a consumer bankruptcy filing, whether a Chapter 7 or a Chapter 13, one of the first things that happens is a creditors meeting. Often referred to as the 341 meeting, this is when you and the bankruptcy trustee meet with your creditors. Generally, the 341 meeting occurs three to six weeks after your initial filing. The meeting is usually … [Read more...]
How-You-Can-Benefit-From-A-Chapter-13-Bankruptcy-Filing/
November 3, 2011 by Leave a Comment
If you live in or around Rockwall, Texas, and you are struggling to make ends meet, a Chapter 13 bankruptcy filing can get you the fresh financial start you need. Not only will a bankruptcy filing put an immediate end to the harassing phone calls, letters and other efforts by creditors and bill collectors, but it can give you the time you need to … [Read more...]
Consumer-Vs-Commercial-Bankruptcy
October 4, 2011 by Leave a Comment
If you own or operate a business, and you are struggling to pay your bills, you may be considering a personal or business bankruptcy petition. You may be uncertain of the options available to you, and whether your interests will best be served by a consumer or commercial bankruptcy. This blog post identifies the different options in personal and … [Read more...]
