Blog Category: Filing bankruptcy

The parent company of Longaberger, the American manufacturer, and distributor of handcrafted wooden baskets and other lifestyle products filed a voluntary petition for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Northern District of Texas this week. The beloved company which is a subsidiary of CVSL and JRJR networks suspended operation nearly  … Read more

Countless individuals wonder if creditors can take your social security in bankruptcy. Social security, after all, is a necessary lifeline for numerous Americans, especially the elderly. What happens to your social security money depends on a few factors, but is generally protected by Federal Law from being intercepted and paid to your creditors during the  … Read more

Debt problems can cause many a sleepless night. So why then is there so much fear surrounding bankruptcy? Unwarranted fear of bankruptcy causing worse problems is, in many situations, misplaced and unhelpful. At worst, the fear of bankruptcy can prevent hardworking, dedicated people from getting the debt help that they desperately need. Today we’ll debunk  … Read more

What property will become part of your bankruptcy estate is governed by 11 U.S. Code § 541, commonly referred to as Section 541 of the Bankruptcy Code. When you file for Chapter 7 or Chapter 13 bankruptcy, you’ll disclose all property you own, both real and personal, in the Schedule A/B. This is one of  … Read more

Before filing for bankruptcy, debtors are required to complete a mandatory, credit counseling course. The credit counseling course must be a non-profit and officially approved by the US Bankruptcy Court. If you file your bankruptcy petition without proof of completion, your bankruptcy case will be dismissed. The credit counseling course, however, need not be feared,  … Read more

Can I Refile? Filing for bankruptcy protection is a complex process with many forms and schedules that have to be filled out with 100% accuracy and honesty. Most bankruptcy petitions are filed as a last resort to stave off debt and collection actions and so time is usually of the essence as well. If your  … Read more

Seadrill, a deep-water drilling contractor that provides offshore drilling services to the oil and gas industry, announced that the company plans to file for Chapter 11 bankruptcy protection by mid-September of 2017, in order to implement a restructuring plan. In a statement by Seadrill’s CEO Anton Dibowitz, the company’s “primary objective at the moment is  … Read more

Exemptions allow you to retain certain assets after bankruptcy. Texas is one the states in the U.S. that offers a choice of exemptions when filing for bankruptcy. Texas bankruptcy exemptions may be used or you can opt to utilize Federal Bankruptcy Exemptions instead. The two sets of exemptions cannot be mixed however; you must choose  … Read more

While bankruptcy doesn’t initially seem like the topic that would involve “tips, just like any other section of the law, there are certain pitfalls that could have unintended consequences. Today we’ll look at how you can avoid these by following a few pointers when deciding to declare bankruptcy. Let’s review these Houston Texas Bankruptcy Tips:  … Read more

By filing bankruptcy, a discharge of debts is the overall goal in most cases. A discharge of debts in bankruptcy varies within the different chapters of 7, 11, and 13, but the end result is the release of personal liability for certain types of debts. A bankruptcy discharge is a permanent order eliminating the debt  … Read more