A strategic default is a property owner’s decision to stop making payments to a mortgage lender and to allow property to be foreclosed. Whether a strategic default is a good idea depends on the property owner’s specific situation and the state in which the property is located. Each state has its own set of rules […]
NORTH TEXAS BANKRUPTCY: TEMPORARY WAIVER OF CREDIT COUNSELING REQUIREMENT
Before a debtor can file bankruptcy they must complete a prebankruptcy credit counseling course. This course must have been completed within the 180-day period prior to the filing of the bankruptcy petition. Failure to comply with the credit counseling requirement can result in an order striking the petition, which results in no bankruptcy case being […]
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 […]
Sources Say Borders prepares to File For Chapter 11
The Wallstreet Journal is reporting that Borders Group Inc. could file for Chapter 11 bankruptcy-protection as early as Monday or Tuesday. Many of us know Borders because we shop for books in their stores. The Wallstreet Journal further reports that, if Borders does file, filing for Chapter 11 will no doubt be followed by widespread […]