Trouble With Bankruptcy Alternatives Most people dread filing bankruptcy, that's why they try to exhaust all of their options before they make a trip to a bankruptcy attorney. Unfortunately for many debtors who try to avoid bankruptcy, bankruptcy alternatives are not beneficial for their circumstances. Why is that? Below we examine a few of the [...]
Filing Bankruptcy In Texas Texas bankruptcy laws are very beneficial for debtors having trouble paying their bills. If you're a resident of Texas and decide to file bankruptcy, below are some of the biggest benefits that Texas offers bankruptcy filers: Texas bankruptcy exemptions are generous and allow the bankruptcy filer to keep most of their [...]
Bankruptcy In A Community Property State Texas is one of ten community property states in the United States; all other states are what is known as common law or equitable distribution states. In Texas, property inside of a marriage is either jointly held or held separately which is an important distinction for the purposes of [...]
As more Americans face unemployment and are unable to pay their debts, the phrase, "judgment proof" is once again popping up in the lexicon of public discourse. But does being "judgment proof" really mean and is anyone really judgment proof? Well, in simple terms, to be judgment proof, is to be without assets or income [...]
When a debtor is trying to decide whether or not they should consider bankruptcy there are a few questions they should ask themselves. Have you filed bankruptcy before? If you are considering Chapter 7 bankruptcy , you are prohibited from filing for bankruptcy if you filed a Chapter 7 bankruptcy within the last 8 years. [...]
Many small business owners who file Chapter 11 bankruptcy find themselves inundated with credit card debt they accumulated in an attempt to start their business or to sustain their business during hard times. But for business owners who want to give entrepreneurship another try after they emerge from bankruptcy, approaching business credit cards and other [...]
A recent survey revealed that more than half of Americans are worried about not having enough money to pay their mortgage or rent. A third of respondents were "very concerned" about their ability to make housing payments, while a fifth were "somewhat concerned," adding up to 53 percent of respondents. This contrasts to the results [...]
Despite the thousands of Americans who file bankruptcy every year, myths about bankruptcy have persisted. Below are four more myths about bankruptcy that debtors should not believe: Myth #1 - If you file bankruptcy, creditors will take your valuable assets and all of your money. Truth - The truth is that bankruptcy offers very generous [...]
After the legislators passed the bankruptcy reform laws in 2005, it was required that debtors filing bankruptcy take a financial management course upon completion of their bankruptcy case. But is the mandatory financial management course really as effective as the architects of bankruptcy reform imagined? Well according to a study of 2,000 debtors who filed [...]
One of the saddest comments that bankruptcy detractors make about bankruptcy it that bankruptcy is a way of escaping financial responsibility. That's simply ridiculous. Bankruptcy is financial planning. When a debtor files bankruptcy, they are implementing part of a financial plan to ensure that they have income in the future. How important is bankruptcy for [...]