Chapter 13 is an extraordinary legal tool for protecting you from the aggressive civil law collection methods of your ex-spouse and support enforcement agency, allowing you to catch up while under this protection. Child and Spousal Support (Alimony) Collections Texas state law allows ex-spouses and support enforcement agencies to be extremely … [Read more...]
Chapter 13 Can Handle Federal Income Tax Debts
November 18, 2014 by
Although a "straight" Chapter 7 bankruptcy case can allow you to write off some income taxes, if you owe a lot of recent tax or multiple years of taxes, Chapter 13 is often the best option. Chapter 13 vs. Chapter 7 Bankruptcy with Income Taxes Chapter 13 bankruptcy is a court-approved payment program that usually takes three to five years to … [Read more...]
Special “Means Test” Challenges and Opportunities: Filing Quickly If Your Income Is Increasing
October 21, 2014 by
You must pass the means test to qualify for Chapter 7 “straight bankruptcy.” Otherwise you would likely end up in the much more time-consuming and expensive Chapter 13 “adjustment of debts.” Chapter 13 is great if you need its benefits, but not if you are forced into it and would prefer the much simpler fresh financial start of Chapter 7. Our … [Read more...]
Special Means Test Challenges and Opportunities: Dealing with a Recent One-Time Bump in Income
October 7, 2014 by
Our last two blog posts have been about the all-important means test, so please look back at them for helpful background information. (Click on “BLOG” above — just below the top banner picture — and you’ll see our recent blog posts in reverse chronological order down the page.) A Summary of the Means Test The means test was designed to prevent … [Read more...]
You May Not Need to Take the “Means Test” If You Are a Business Debtor
September 23, 2014 by
The means test is the gateway for qualifying to get a fresh financial start through a Chapter 7 “straight bankruptcy” case. This test is based first on your income and then, if your income is not low enough, also on your allowed expenses, all based on a very complicated set of rules. Being able to avoid all this and be allowed to file a Chapter 7 … [Read more...]
Why Every Day Can Make a Difference in Passing the “Means Test”
September 9, 2014 by
Purpose of the Means Test This test is intended to determine if you have the “means” to pay a meaningful amount of money to your creditors over a reasonable time period. As such, you have to pass the means test before you are allowed to go through a Chapter 7 “straight bankruptcy,” which generally lasts less than four months, or instead are … [Read more...]
Saving Your Home: Stretch out Catching Up on Your Mortgage & Property Tax Arrears through Chapter 13
August 26, 2014 by
The most favorable and flexible terms that you will get for curing your back mortgage and property tax payments is through Chapter 13 bankruptcy. Catching Up Without Bankruptcy If you fall behind in your mortgage payments and don’t have money set aside or a rich relative to help you catch up, you will have very few options for saving your home. … [Read more...]
Property Tax Debt—Another Good Reason to Get Bankruptcy Advice before Selling Your Home
August 7, 2014 by
Falling behind on property taxes is serious, but not necessarily reason to rush off and sell your home. This continues a series of blogs about why you should get advice from a bankruptcy attorney before selling your home while under financial pressure, this one particularly on getting behind on property taxes. Property Tax—the Superior Lien … [Read more...]
Three More Good Reasons to Get Bankruptcy Advice Before Selling Your Home
July 24, 2014 by
Get advice if 1) you can’t afford your house payments, 2) it has an income tax lien, or 3) your mortgage modification was rejected. The last blog gave three reasons why you should get advice from a bankruptcy attorney before selling your home. Here are three more. They will help you make better decisions about your home, and could save you lots … [Read more...]
Get Bankruptcy Advice BEFORE Selling Your Home
July 9, 2014 by
If you’re hurting financially, getting advice from a bankruptcy attorney before you sell your home could save you lots of money. Here’s how: Get Rid of Judgment Liens, Instead of Paying Them If you have been sued by a creditor, or by anybody, and you didn’t resolve and pay the obligation, most likely a judgment was entered against you. . You … [Read more...]
