These two very similar sounding terms have very different meanings. The term joint debtor describes the second person listed on a bankruptcy petition when a married couple files bankruptcy. The first person listed on a bankruptcy petition is the debtor. There is no rule in the Bankruptcy Code that states either the husband or wife […]
BEFORE GETTING MARRIED YOU MAY WANT TO CONSULT A BANKRUPTCY ATTORNEY
Marriage can offer many financial benefits, including tax advantages, two incomes, and someone to share expenses. Unfortunately, getting married can cost you a great deal if you need to file bankruptcy. Getting married can make a person ineligible for Chapter 7 bankruptcy and increase their payments in Chapter 13 bankruptcy. I’m going to use an […]
CHAPTER 7 BANKRUPTCY: NEGOTIATING A BETTER DEAL ON YOUR SECURED DEBT
The purpose of filing Chapter 7 bankruptcy is to discharge debt. However, discharging debt doesn’t remove liens on secured property, so although your liability for repaying a debt may be discharged, if you don’t continue making payments to secured creditors, they will likely enforce their lien through foreclosure or repossession. Debtors who wish to keep […]
CHAPTER 7 BANKRUPTCY: RESCINDING REAFFIRMATION AGREEMENT
You filed Chapter 7 bankruptcy but you want to keep your house, so you reaffirmed the mortgage payment. This means that your mortgage debt will not be discharged in the bankruptcy and you will be liable for the debt. But it also means that you will get to continue living in your house. Unfortunately, after […]
Dallas Bankruptcy 101: Chapter 7 vs. Chapter 13
An individual filing for bankruptcy in the Dallas area has two types of bankruptcy available to them. First, Chapter 7 bankruptcy allows the filer to discharge many types of debt, often with no repayment to creditors. Second, Chapter 13 bankruptcy allows the filer to reorganize their debt through an affordable payment plan which lasts three […]