When a debtor decides to file for Chapter 13 bankruptcy there is process they must follow. Below we break down the Chapter 13 bankruptcy process into seven simple to understand steps. Step 1: First discuss with your bankruptcy attorney all of your bankruptcy options, including Chapter 7 bankruptcy. Although Chapter 13 bankruptcy is a viable form [...]
Tip #1 - Make sure your business and personal finances are separate before you file bankruptcy. Take an effort to keep track of your business expenses and income while simultaneously keeping your private finances in order before you bankruptcy filing. Tip #2 - Work with an accountant if necessary to calculate what your monthly income [...]
Many debtors behind on both their mortgage and property taxes wonder if bankruptcy can be used to stop a property tax sale of their home. Bankruptcy Can be Used to Stop a Property Tax Sale Fortunately for debtors facing a property tax sale of their home, bankruptcy can be used to stop the sale if [...]
Bankruptcy and Child Support Payments Unfortunately for single parents, child support payments received in the six month period prior to filing bankruptcy will be counted as income for the purposes of the means test . If inclusion of that child support puts your income above the median income for the state of Texas, you may [...]
When it comes to bankruptcy there is a lot of misinformation floating around. Many debtors considering bankruptcy often listen to the half-truths and outright myths about bankruptcy instead of getting the truth from qualified sources. Let's take a look two of the most common myths out there about bankruptcy and get to the bottom of [...]
Bankruptcy is a legal and often wise decision for debtors who are overwhelmed by their debts and need relief. While some critics of bankruptcy contend that bankruptcy is a "cop out" the bankruptcy system continues to help individuals and businesses discharge debt and get a fresh new start financially. Before filing bankruptcy, debtors must avoid transferring [...]
Bankruptcy offers an opportunity at a fresh financial start of even the most indebted individuals. But how does a debtor ensure that their financial affairs remain in the "black" after a bankruptcy? Here are a few tips: Create A Budget - Whether you filed a Chapter 7 bankruptcy or a Chapter 13 bankruptcy, creating and [...]
Depending on the type of bankruptcy you file, you can expect your bankruptcy discharge to happen at a certain time after you file for bankruptcy. For anyone filing bankruptcy, a bankruptcy discharge is a great event that happens during the bankruptcy process. A bankruptcy discharge releases the person filing for bankruptcy from any debt [...]
Bankruptcy and the debtors who seek bankruptcy protection have often been the unfortunate victims of unfair labels and generalizations. One of the unfair and inaccurate labels given to debtors who file bankruptcy is "irresponsible." Many people see bankruptcy as a cop out or an easy road away from trouble and view those who use bankruptcy [...]
In 2005 the bankruptcy code was changed to make it difficult for above median income earners to file Chapter 7 bankruptcy and discharge their debts. In Texas, the median income for a 2 person family is $30,502. If a debtor with a 2 person family earns more than $30,502 they may be forced to file [...]