When a Debtor Files Chapter 13 Bankruptcy When a debtor files Chapter 13 bankruptcy , they need to figure out how much they will pay every month for the next five years if they want to keep their home. But figuring out that bottom-line figure requires the bankruptcy debtor to factor in more than the [...]
More Texans are standing up to the loan shark interest rates of the state's payday lenders. According to a survey commissioned by the AARP, more than three-fourths of Texans oppose payday lenders charging up to 500% APR interest and almost two-thirds support the licensing and regulation of payday lenders (64%). The opposition has apparent gained [...]
In a recent bankruptcy filing where a debtor's homestead exemption was successfully challenged, the debtor filed a Motion For Stay Pending Appeal. What this means is that the debtor wanted to stop the creditors from repossessing his property while he appealed the decision to strike down the homestead exemption. But, for a debtor to win [...]
In the recent Chapter 7 bankruptcy of a Texas debtor, the bankruptcy court ruled that debt owed to a partnership would be nondischargeable because the debtor willfully neglected their fiduciary duty. Early on in his tenure as president of B & W, Harwood (the debtor) began withdrawing funds from FNFS for his personal use, including [...]
Chapter 11 Bankruptcy for Individuals In most cases, debtors who do not qualify for Chapter 7 bankruptcy file Chapter 13 bankruptcy . However, when a debtor owns lots of property but has little or no income, he/she may want to file Chapter 11 bankruptcy. Let's take a look at some of the benefits of Chapter [...]
Texas is still lagging far behind many states in regulating payday loan operations. Many consumer advocates want tougher rules and clearer disclosures so that fewer low-income families find themselves struggling to repay payday loans which often come with interest of up to 400 percent. The payday loan industry argues that they are offering a valuable [...]
Debtors who earn more than the median income for their state will need to take the means test to determine their eligibility for Chapter 7 bankruptcy . Below are some important deductions above-median income debtors may want to consider when thinking about bankruptcy. Debtors considering bankruptcy should think about whether or not their taxes can [...]
Just in case you weren't confused enough about all the ways to monitor and possibly improve your credit score after bankruptcy, a report by the Consumer Financial Protection Bureau (CFPB) has revealed that the FICO score you see probably isn't the same one lenders use. According to the CFPB, FICO scores offered to consumers [...]
Things You Shouldn't Do To Avoid Bankruptcy Debtors often go to great lengths to avoid bankruptcy. Unfortunately many of these drastic measures not only fail to help the debtor avoid bankruptcy; but may worsen their financial situation. Let's take a look at a few of the drastic actions debtors should avoid: Ignoring the debt problem [...]
If you're like most people, then you're probably using your debit card for many everyday transactions such as shopping for groceries, paying a restaurant bill and putting gas in your car. But many more merchants are beginning to practice placing a "hold" on bank accounts so that they can insure that they can get their [...]