Debtors who are having their bank accounts or wages garnished may be able to stop garnishment by filing bankruptcy. Whether the garnishment can be stopped depends on the reason for the garnishment. Garnishments due to collection of judgments, collection of student loan debt, tax liability, and arrears due to domestic support obligations can all be […]
Interesting 2010 Bankruptcy Statistics
Here are some interesting 2010 bankruptcy statistics: 1) In 2010, American families owed a total of $866 billion in consumer debt, 2) In 2010, $1.3 trillion of U.S. consumer debt was delinquent, with $986 billion being seriously delinquent – 90 days late or more, 3) Personal bankruptcies have increased 100% over the last five years, […]
Is The Economy Recovering?
According to the American Bankruptcy Institute, consumer bankruptcy filings were down 13% in November from October. Credit card use by consumers is also at an all-time low compared to recent years, but spending is up, which signifies that consumers are finally able to start saving money. I’d like to hear everyone’s opinions on whether you think the […]
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 […]
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 […]