There are three common types of debts that cannot be discharged in bankruptcy. The first type of nondischargable debt is income tax liability. The general rule is that if you incurred income tax liability within the last three tax years, the debt will not be discharged in bankruptcy. The second type of nondischargeable debt is […]
What exactly is Chapter 13 Bankruptcy?
As Dallas Bankruptcy Attorneys many individuals ask us, what exactly is Chapter 13 Bankruptcy? Chapter 13 is really a proceeding within the Federal Bankruptcy laws where a person turns his debts, in concert with a plan for repaying them, over to the Bankruptcy Court. The debtor (you) will make regular installment payments to a person […]
WHAT IS THE DIFFERENCE BETWEEN CHAPTER 7 AND CHAPTER 13 BANKRUPTCY?
Chapter 7 bankruptcy is commonly referred to as a “liquidation” bankruptcy, however very few cases involve liquidation of a debtor’s property. Chapter 7 bankruptcy cases are a good option for eligible debtors who have debts they wish to discharge and who are current on their payments to creditors holding a security interest in property the […]
Why File Chapter 13 Bankruptcy?
North Texas debtors file Chapter 13 Bankruptcy for many different reasons, but in general debtors are seeking two forms of relief in Chapter 13 Bankruptcy. The first form of relief offered by the bankruptcy code is the automatic stay. The automatic stay is sometimes described as a gate closing, locking out the creditors. Basically, the […]