The Wright Firm, LLP Bankruptcy

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TEXAS BANKRUPTCY LAWYER: DOWNWARD TREND IN FORECLOSURES ?

TEXAS BANKRUPTCY LAWYER: DOWNWARD TREND IN FORECLOSURES NOT NECESSARILY A SIGN OF ECONOMIC RECOVERY I recently read an article in the San Antonio Business Journal by Tricia Lynn Silva regarding the downward trend in foreclosures.  Her article says in part:   “As of Nov. 30 2011, a total of 10,124 foreclosure notices had been filed [...]

MORTGAGE DEBT: STRATEGIC DEFAULT VERSUS BANKRUPTCY

A strategic default is a property owner’s decision to stop making payments to a mortgage lender and to allow property to be foreclosed.  Whether a strategic default is a good idea depends on the property owner’s specific situation and the state in which the property is located.  Each state has its own set of rules [...]

NORTH TEXAS BANKRUPTCY: TEMPORARY WAIVER OF CREDIT COUNSELING REQUIREMENT

Before a debtor can file bankruptcy they must complete a prebankruptcy credit counseling course.  This course must have been completed within the 180-day period prior to the filing of the bankruptcy petition.  Failure to comply with the credit counseling requirement can result in an order striking the petition, which results in no bankruptcy case being [...]

BANKRUPTCY: VICARIOUS LIABILITY DOES NOT APPLY TO § 523(a)(9

As a bankruptcy attorney I have focused my practice on a specific type of legal practice.  I don’t know much about drafting a will, litigating a lawsuit, or defending a criminal action, but I know a lot about consumer bankruptcy.  Similarly, in my experience I have found that attorneys practicing other types of law know [...]

BANKRUPTCY: EXEMPTION FROM THE CREDIT COUNSELING REQUIREMENT

Debtors wishing to file bankruptcy are required to successfully complete a credit counseling course during the 180 days prior to filing bankruptcy.  However, debtors that can show that they are incapacitated due to mental or physical disability may be exempt from this requirement.  Under Sec. 109(h)(4) of the Bankruptcy Code, a debtor may be excused [...]

Texas Bankruptcy Attorney: WHAT IS TRCC?

Texas Bankruptcy Attorney: TRCC is an acronym for Trustee’s Recommendation Concerning Claims.  TRCC is the point in a Chapter 13 case when the trustee reviews the claims filed by creditors, decides if objections to claims should be filed, and determines if the confirmed plan is sufficient to pay all allowed claims.  To understand TRCC it [...]

DALLAS CHAPTER 7 BANKRUPTCY: WHEN IS A DEBT REAFFIRMED?

A reaffirmation agreement is an agreement between a debtor and a creditor in a Chapter 7 bankruptcy case which allows a specific secured debt to survive the bankruptcy discharge.  The reason a debtor may want to enter into this type of agreement is because they wish to keep collateral that is securing the debt.  In [...]

AUTOMATIC STAY APPLIES TO DALLAS BANKRUPTCY ATTORNEYS TOO

When I meet with a client, usually one of the first topics they want to discuss is how much is bankruptcy going to cost them and how are they going to pay their attorney’s fees.  Understandably this is a concern, because if money wasn’t tight they wouldn’t be seeking the help of a bankruptcy attorney.  [...]

TEXAS BANKRUPTCY ATTORNEY: BANKRUPTCY MYTHS

TEXAS BANKRUPTCY ATTORNEY: BANKRUPTCY MYTHS:  There is a lot of content on the internet about bankruptcy.  From my regular internet searches on the subject, I estimate that ten percent of bankruptcy content is posted by bankruptcy attorneys who usually know what they are talking about.  The rest of the information on the internet is confusing, [...]

Dallas Bankruptcy Lawyer: FORECLOSURE POSTPONED? GET IT IN WRITING!

Dallas Bankruptcy Lawyer: FORECLOSURE POSTPONED?  GET IT IN WRITING! Foreclosures are on the rise, and so are loan modifications.  Politicians, banks, and debt relief agencies praise the process of modifying loans as a way to help homeowners save their homes.  Lately I have noticed another disturbing trend.  Homeowners in danger of foreclosure are waiting to [...]

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