There's no way around it—starting your own business takes courage and can be fraught with financial peril. If you've encountered financial difficulties that are making it difficult to keep moving forward, but you're still confident that the business can succeed, a bankruptcy filing can give you the relief you need to get things headed in the right … [Read more...]
Avoiding Potential Problems in a Bankruptcy Proceeding
April 27, 2018 by Leave a Comment
The U.S. bankruptcy laws were enacted to give debtors a second chance, to allow you to put financial problems behind you and start over again. Under Chapter 7, you have the right to permanently discharge certain debts in exchange for the sale of non-exempt assets. It's important to understand, though, that those rights are not absolute. If you've … [Read more...]
Using Bankruptcy to Avoid Repossession of Your Car
April 18, 2018 by Leave a Comment
If you've fallen behind on your car payments, you may have received notices or even threats of repossession from the lender. You may live in constant fear that your car will be gone when you come out of your house or leave work. There's a way to eliminate the stress and anxiety that come with fears of losing your car—with a personal bankruptcy … [Read more...]
Exceptions to the “Automatic Stay”
November 15, 2017 by Leave a Comment
The "Automatic Stay" The "automatic stay" is one of the most powerful tools of bankruptcy. It's the law that automatically goes into effect right when your bankruptcy case is filed, and stays—or stops —all collection activity against you and your property. Although the "automatic stay" protects you against just about anything a creditor can do … [Read more...]
Stop Wage Garnishment in Texas with Bankruptcy
October 18, 2017 by Leave a Comment
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 7 Case
June 14, 2017 by Leave a Comment
In the simplest version of a Chapter 7 case: you easily pass the "means test" based on your income all your assets are protected by "exemptions" you either have no debts with collateral or else are current on these debts, and all your debts get discharged (legally written off). But what if your case isn't so straightforward? If Your … [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...]
