Bankruptcy is Available Immediately, with Only Some Limited Conditions Bankruptcy is federal law, so there is no waiting period to file bankruptcy after moving from one state to another. However, even though bankruptcy is federal law it incorporate state laws in many ways. Probably the biggest practical way state laws matter in bankruptcy … [Read more...]
The Simplest Chapter 13 Case
November 19, 2015 by
What Does a Simple Chapter 13 Case Look Like? Under Chapter 13, you and your attorney propose a payment plan based on your ability to pay. Through this plan you usually pay back only part of your debts, and sometimes only a small part of what you owe to at least some of your creditors, and possibly even nothing. Your plan states how much you … [Read more...]
How Chapter 7 Actually Works When Surrendering Your Home
November 5, 2015 by
Including Your House Debts in Bankruptcy Both Chapter 7 “straight bankruptcy” and Chapter 13 “adjustment of debts” can help you keep your house. Be sure you talk to an attorney to understand how they can do so. Believe it or not, under some circumstances you can significantly reduce your monthly payments, and even reduce the debt against your … [Read more...]
How Chapter 7 Actually Works When Keeping Your Home
October 20, 2015 by
If Current on All of Your Home Obligations A Chapter 7 “straight bankruptcy” is generally designed for more straightforward debt situations, including involving debts on your home. If you are current on all obligations secured by your home, and you intend to keep the home and keep up on your mortgage payments, your home and your mortgage will very … [Read more...]
How Chapter 7 Actually Works When Reaffirming a Vehicle Loan
October 6, 2015 by
“Straight Bankruptcy” and Secured Debts A secured debt is one in which in which you have in effect made two agreements with your creditor: 1) you agreed to pay the amount you owe, and 2) you agreed to surrender the collateral if you don’t pay. So with a secured debt, if you don’t keep up on your payments, the creditor has the right to repossess … [Read more...]
The Simplest Chapter 7 Case
September 30, 2015 by
The Majority of Bankruptcies are Chapter 7s In the U.S. overall, generally about twice as many Chapter 7 “straight bankruptcy” cases are filed than Chapter 13 “adjustment of debts” ones. In 2014, for example, about 619,000 bankruptcies filed were Chapter 7s and about 310,000 were Chapter 13s, an almost exactly two-to-one ratio in favor of Chapter … [Read more...]
Debts from a Criminal Conviction Can’t Be Written Off through Bankruptcy, But it Can Still Help
July 14, 2015 by
How it can help? By clearing the financial deck to let you focus on criminal defense costs and on your most important expenses and debts. Criminal fines, fees and restitution can’t be discharged (written-off) in any kind of bankruptcy case. But if you’re confronting a serious criminal charge or have already been convicted, bankruptcy can still … [Read more...]
Can Student Loans Be Written Off through Bankruptcy?
July 1, 2015 by
Unfortunately, it’s very difficult to write off a student loan in either a Chapter 7 or Chapter 13 bankruptcy case. Why? Because you have to prove “undue hardship.” Bankruptcy law excludes student loans from discharge (legal write-off) “unless excepting such debt from discharge. . . would impose an undue hardship on the debtor and the debtor’s … [Read more...]
Dealing with Property Taxes through Bankruptcy
June 10, 2015 by
Bankruptcy can help with your property taxes by 1) writing off your other debts 2) giving you more time to pay while protecting your home. Since Texas has no state income tax, homeowners here pay relatively high property taxes. It is the largest source of funding for all your local governmental services. If you fall behind on property taxes, … [Read more...]
Can Income Taxes Be Discharged-Written Off-Or Not?
June 3, 2015 by
Some income taxes can be discharged in bankruptcy. Some can’t. It depends mostly, but not completely, on the how old the tax is. To discharge an income tax debt, that particular tax must meet all of four main conditions. So to some extent it’s easy—you’re just checking off these conditions to see that they are all met. But on another level, it’s … [Read more...]
