The new bankruptcy laws affect all bankruptcies filed, but recent studies show that approximately 80% of past filers would still qualify to file under the new bankruptcy laws and would be eligible to eliminate substantially the same debts as before. The major changes include the addition of an income-based means test, and credit counseling, and […]
When Will My Creditors Stop Bothering Me?
The moment your case is filed with the bankruptcy court, you receive an “automatic stay,” a court order that prevents your creditors from taking any further collection activity against you without prior court permission. The “automatic stay” stops almost all actions that a creditor may have initiated against you before filing for bankruptcy relief, including […]
How Long Will A Bankruptcy Stay On My Credit Report?
A record of your bankruptcy filing may remain on your credit report for up to 10 years depending on the credit reporting bureau. Fortunately, your credit report indicates which debts were discharged in your bankruptcy, and reports them as a zero balance and uncollectible by your creditors. A bankruptcy listing on your credit report does […]
How Do I Know If Bankruptcy Is The Right Choice For Me?
Nobody wants to file bankruptcy, but many people find themselves in a situation where it is the best (and often the only) option for them to get back on the right financial path. The first step in determining any financial plan is creating a realistic monthly budget. A monthly budget helps you identify your monthly […]
How Do I Know If Bankruptcy Is The Right Choice For Me?
Nobody wants to file bankruptcy, but many people find themselves in a situation where it is the best (and often the only) option for them to get back on the right financial path. The first step in determining any financial plan is creating a realistic monthly budget. A monthly budget helps you identify your monthly […]
Can I Keep My House and Car?
In most cases, you do not lose any of your possessions when you file bankruptcy, including your house or car. In fact, a Chapter 13 bankruptcy is designed to help save assets such as your house or car if you are facing foreclosure or repossession. As you did prior to filing bankruptcy, you continue to […]
Medical Bankruptcies
What is Medical Bankruptcy and How Does It Work? The Bankruptcy Code does not cover medical bankruptcy. Therefore, the federal government does not provide it as a particular kind of bankruptcy relief. Instead, medical bankruptcy is the phrase used to characterize bankruptcy brought on by medical debt. Astronomically expensive medical expenses burden many Americans as […]
Can I File Bankruptcy Without An Attorney?
You are not required to hire a bankruptcy lawyer to file your bankruptcy petition for you. You may file your case yourself in what is called “pro se” representation. Pro se representation can be dangerous, and some unfortunate pro se cases end with devastating results because of mistakes made trying to understand the complex bankruptcy […]
The Differences Between Chapter 7 and Chapter 13
Chapter 7 vs. Chapter 13: The biggest difference between Chapters 7 & 13 bankruptcies is the repayment of your debt. Chapter 13 bankruptcy involves a court-ordered repayment plan where a portion of your debt back is repaid to your creditors. In a Chapter 7 bankruptcy, there is no repayment plan and certain debts can simply […]
Texas Bankruptcy Courts
Although bankruptcy is federal law, the bankruptcy courts in each jurisdiction have local rules that must be followed. A local bankruptcy attorney will be familiar with the specific rules in your area. TEXAS BANKRUPTCY DISTRICTS Northern District of Texas Bankrutpcy Court Locations Amarillo Abilene Dallas Fort Worth Lubbock San Angelo Wichita Falls Eastern District of […]