The Impact of Chapter 7 and Chapter 13 on Your Property Rights You’re struggling to meet your financial obligations because you’ve been laid off, you’re going through a divorce, or you’ve incurred substantial medical expenses not covered by insurance. You know filing for bankruptcy can help you get a fresh start, but the last thing you want or … [Read more...]
The No-Asset Chapter 7 Bankruptcy
Keeping All Your Property in a Bankruptcy Filing When you file for protection under Chapter 7 of the bankruptcy laws, you have the opportunity to permanently discharge many debts in exchange for the transfer of some of your property to the bankruptcy trustee. Some debts, such as child support, cannot be discharged by law, and others, including … [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...]
Can You Address Mortgage or Property Tax Arrearages in a Bankruptcy Filing?
Restructuring Mortgage and Property Tax Debt in Chapter 13 Though medical expenses are cited as the most common cause of personal bankruptcy filings, it's common for individuals seeking protection in Chapter 7 or 13 to be behind in mortgage payments or property tax obligations. As a general rule, Chapter 7 won't allow you to permanently discharge … [Read more...]
It’s a Bad Idea to Handle Your Own Bankruptcy
Good Reasons Not to Represent Yourself in a Bankruptcy Proceeding It's understandable—you're struggling to make ends meet and have concluded that filing for bankruptcy is your best option. You really don't have the money for anything but the essentials, and you certainly don't want to spend the money for a lawyer. You may think, "Hey, my … [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...]