Debtors who are having their bank accounts or wages garnished may be able to stop garnishment by filing bankruptcy. Whether the garnishment can be stopped depends on the reason for the garnishment. Garnishments due to collection of judgments, collection of student loan debt, tax liability, and arrears due to domestic support obligations can all be […]
HOW DOES BANKRUPTCY AFFECT MY CREDIT RATING?
I’m often asked about how filing bankruptcy will affect a person’s credit rating. By itself the act of filing bankruptcy has a negative impact on a credit rating. Filing bankruptcy will negatively impact your credit report for 7 years following filing Chapter 13 bankruptcy and for 10 years in a Chapter 7 bankruptcy case. But […]
NORTH TEXAS BANKRUPTCY: WHAT HAPPENS TO MY TAX REFUND?
Tax refunds are treated differently depending on whether you file Chapter 7 or Chapter 13 bankruptcy. In a Chapter 7 case, if a debtor files a tax return before filing bankruptcy but receives a refund after their bankruptcy case is filed, they may have to turn the refund over to the bankruptcy trustee so that […]
OBJECTION/MOTION TO DISMISS IN YOUR CHAPTER 13 BANKRUPTCY CASE?
Texas Bankruptcy: A couple times a month I get a phone call or email from a client in distress because they received a copy of an objection to confirmation or a motion to dismiss their bankruptcy case. I have mixed feelings about these types of phone calls and emails. I am slightly frustrated, because during […]
STUDENT LOANS -YOU MAY WANT TO PAY IN YOUR BANKRUPTCY CASE
Student loans are a peculiar sort of debt in the context of a Chapter 13 bankruptcy case. They are unsecured which entitles them to low priority for repayment in Chapter 13 plans, yet they are nondischargable, meaning the student loan debt survives the bankruptcy discharge. Because of these two traits, it is very important to […]