Lewisville Bankruptcy Attorney: There is a common misconception amongst debtors that once a debt has been charged off by a creditor the creditor can no longer attempt to collect the debt. Charged off debts are still collectible, and may be so for years after the debt was charged off. The IRS allows creditors to charge […]
LOAN MODIFICATIONS MAY BENEFIT HOMEOWNERS EVEN WHEN THEY ARE DENIED
The Making Home Affordable Modification Program has had a low success rate in helping homeowners modify their mortgages and save their homes. However, even homeowners unable to save their homes under this program have received some benefit for their participation in the program. First, while you are applying for a loan modification you will not […]
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 […]
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 […]
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 […]