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: REDEEMING SECURED PROPERTY
One of the benefits of filing Chapter 13 bankruptcy is that you can sometimes cram down secured debt on vehicles. This means that you can force a creditor to accept repayment of a loan by paying the value of the vehicle rather than the entire claim. Chapter 7 bankruptcy has a similar tool available to […]
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 […]
Dallas Bankruptcy Attorney: FORECLOSURES ON THE DECLINE IN TEXAS
Dallas Bankruptcy Attorney: FORECLOSURES ON THE DECLINE IN TEXAS. In the month of July, a total of 10,571 foreclosure postings were filed in the state of Texas. This figure represents a 10 percent decline compared to the number of filings recorded in July 2010. Nationwide the decline in the number of postings is even greater, […]