A homestead exemption is a statute that protects a debtor’s home from being seized by creditors. Every state has a homestead exemption of some sort, but Texas has a very generous homestead exemption. It allows for an individual to protect their home during bankruptcy up to the maximum value of the property. There is no cap on the value of the homestead exemption in Texas. However, in order to be eligible to receive this protection, you must have lived in Texas for at least two years. Homestead exemptions only protect the debtor’s equity in their home. The home can still be foreclosed if a mortgage secured by the home isn’t paid.
Tag Archives: Dallas Bankruptcy Laws
DALLAS CHAPTER 13 BANKRUPTCY ATTORNEY: WHAT IS CONFIRMATION?
DALLAS CHAPTER 13 BANKRUPTCY ATTORNEY: Debtors in Chapter 13 bankruptcy file a repayment plan with the Court that states which creditors will be repaid and the terms of the repayment. The plan is reviewed by the Trustee and the creditors who may or may not file an objection to confirmation of the plan. Objections to confirmation ask the bankruptcy judge to not approve the Chapter 13 plan. Usually these objections are filed because the Trustee believes that the plan doesn’t meet the requirements of the Bankruptcy Code or the creditors don’t like their treatment in the plan. Objections to confirmation can be resolved by a hearing in front of a bankruptcy judge but usually they are resolved by agreement before the hearing. Once all of the objections to confirmation are resolved, assuming the plan meets the other requirements of confirmation, such as the debtor having paid all payments due under the plan at the time of confirmation, the bankruptcy judge will sign an order confirming the plan. Confirmation makes the plan an order of the court rather than just a proposal of reorganization of debts by the debtor. A confirmed plan changes the creditor’s rights and sets forth what the debtor must do in order to receive a discharge in the bankruptcy case.
Dallas Bankruptcy Attorney: BANKRUPTCY NOT LIMITED TO INDIVIDUALS AND BUSINESSES
We all know the economy is struggling right now. Unemployment is high and the stock market and real estate market are on the decline. But the economy doesn’t affect just individuals and businesses. City governments are struggling financially too.
Drowning in debt and unable to seek concessions from city employees, the struggling Rhode Island city of Central Falls filed for bankruptcy Monday. The city, north of Providence, has a population of 19,000 living in roughly a square mile.
It isn’t alone in seeking court protection. In March, Idaho’s Boise County filed for Chapter 9 protection after it was found in violation of a federal law and ordered to pay $6.2 million to a housing developer. Central Falls took the step after it was unsuccessful in asking police and firefighter retirees to give up 50% of their pension.
“In the end, we were left with no practical option,” said former State Supreme Court Judge Robert Flanders who has overseen the city’s finances. “We cut city services to the bone, we raised taxes to the maximum allowable, we negotiated with Council 94 and fire and police unions without success,” he explained. “We needed cooperation and monetary agreements from all sides to make this work,” Flanders said. “That didn’t happen, and so that’s why we’re all here today.”
Without the filing, it projected a deficit of $5.6 million by next June — based on $22 million in expenses and $16.4 million in projected revenue.
(Source: cnn.com)
INTRODUCTION TO YOUR DALLAS BANKRUPTCY LAWYER
I am a Dallas bankruptcy lawyer. I specialize in representing debtors in consumer bankruptcy cases. I like to think that my job is to help people with their financial problems, and in general I think my clients will tell you that their lives improve dramatically when our attorney-client relationship comes to an end. In many cases, after meeting a prospective client, I tell them not to file bankruptcy, or not to file bankruptcy yet. If I can point my clients to a solution that does not involve bankruptcy, I am happy to do so. My goal is to find the right solution to your financial problems.
Talking about financial problems is embarrassing and uncomfortable
It’s not for me, and I will try to make the process as easy for you as possible. I talk to people about their financial troubles every day. Nothing you say will shock me or make me think less of you. I don’t judge people. We all have problems in our lives, and we deal with them to the best of our ability. Please don’t get upset if I ask personal questions. I will have to ask you for a lot of information we have been taught by society to not talk about. It’s okay. I’m your lawyer!
Don’t be nervous
I’m just a regular person. I mow my own lawn, do my own dishes, and vacuum my own house. I sing (poorly) in the shower. I’m a huge Dallas Cowboys fan. I’m just like you. Some clients get nervous because they have never spoken to an attorney or been in a lawyer’s office. Don’t be nervous. When I was in law school, I learned how to present an argument in front of a judge. It was very scary. My professor told me that if I get nervous, to imagine them naked and I would feel better. Feel free to use this approach when meeting me. Just don’t tell me you are doing it.
I’m on your side
Lawyers are advocates for their clients. Some lawyers are an advocate because that’s their job. I’m an advocate for my clients because I feel passionate about helping people with their financial problems. Debt can be very stressful. Debt is a leading cause of divorce. Debt creates stress which can cause health problems. I want to help you better your quality of life by improving your financial future.
BAD CREDIT SCORES CAN PROLONG UNEMPLOYMENT
Many employers are now checking credit scores of applicants prior to making offers of employment. For many unemployed Americans, this practice is unfair. Consider people who have great credit and payment histories until they lose their jobs. But once their income stops they fall behind on their payments, causing negative marks on their credit report and a reduction in their credit score. This reduction in credit score keeps them from finding future employment which would allow them to pay their bills and improve their credit score. It’s a Catch-22. Unfortunately, these applicants are usually weeded out before making it to the interview process so they don’t get an opportunity to explain their poor credit score.
In some states politicians are taking steps to “prohibit the use of credit information in most employment decisions.” In Tennessee, a bill has been proposed to prohibit consideration of credit score in employment decisions, and Hawaii and Washington already have similar laws in place.
(Source: MSN.com)