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 […]
Texas Bankruptcy Attorney: WHAT IS TRCC?
Texas Bankruptcy Attorney: TRCC is an acronym for Trustee’s Recommendation Concerning Claims. TRCC is the point in a Chapter 13 case when the trustee reviews the claims filed by creditors, decides if objections to claims should be filed, and determines if the confirmed plan is sufficient to pay all allowed claims. To understand TRCC it […]
THE BANKRUPTCY ESTATE
When a debtor files bankruptcy, an estate is created. The estate includes all of the person’s legal and equitable interests in property at the commencement of the case, and may also include any property the debtor becomes entitled to during the 180 day period following the filing of the bankruptcy case. However, debtors can exempt […]
What exactly is Chapter 13 Bankruptcy?
As Dallas Bankruptcy Attorneys many individuals ask us, what exactly is Chapter 13 Bankruptcy? Chapter 13 is really a proceeding within the Federal Bankruptcy laws where a person turns his debts, in concert with a plan for repaying them, over to the Bankruptcy Court. The debtor (you) will make regular installment payments to a person […]
What Happens If A Bankruptcy Case Is Filed During a Texas Divorce?
If a party files for bankruptcy after a divorce case has been started in Texas and before the Texas divorce is finalized, the divorce case will be put on hold until the bankruptcy court says it is ok to proceed. The bankruptcy court will have to lift the stay that is in place (say it […]