Chapter 7 bankruptcy is sometimes referred to as a “liquidation” bankruptcy case. However, in practice there is very little liquidation of property. Most Texas bankruptcy debtors find that they don’t lose any of their property in Chapter 7 bankruptcy. When a person files bankruptcy they have to list all of their property and what they […]
The Bankruptcy Code Provides Extra Help to Disabled Veterans
In 2005, The Bankruptcy Code was revised, making it more difficult and sometimes impossible for many debtors to obtain relief under Chapter 7 of The Bankruptcy Code. Disabled veterans were excepted from some of the new eligibility requirements that affected most debtors. If you are a disabled veteran who became disabled while serving your country, […]
WAITING TO FILE CHAPTER 13 BANKRUPTCY COULD COST YOU!
Most of the time, when a client comes into my office to talk about filing bankruptcy, they have urgency to file. We can usually point to a single event that has caused them to seek out legal advice. Perhaps they received notice of a foreclosure sale, their car has been repossessed, or creditors are hounding […]
WHAT DEBTS CANNOT BE DISCHARGED IN BANKRUPTCY?
There are three common types of debts that cannot be discharged in bankruptcy. The first type of nondischargable debt is income tax liability. The general rule is that if you incurred income tax liability within the last three tax years, the debt will not be discharged in bankruptcy. The second type of nondischargeable debt is […]
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 […]