bankruptcy blog

When you have tried other options to catch up on your debt, and you are still struggling, you may want to consider filing bankruptcy. Personal bankruptcy is a court protected plan to help those in financial stress to satisfy their creditors as much as possible. As soon as you file the bankruptcy paperwork, a court  … Read more

An automatic stay in a United States bankruptcy case stops all actions by your creditors trying to collect on a debt once your bankruptcy petition has been filed. An automatic stay allows you some relief from the constant phone calls and worrying if your car will be repossessed or you and your family will be  … Read more

Exemptions in bankruptcy are a set of laws that determine what assets you are allowed to keep after filing for bankruptcy. Even though bankruptcy is governed by federal law with specific exemptions, you can “opt out” of federal exemptions and choose exemptions for the state you live in. Some states offer generous exemptions. You will  … Read more

Protecting your retirement accounts in difficult financial times can be hard to do. You may find yourself behind in your mortgage and worry you will lose your home unless you liquidate your retirement account and catch up on our debt. The problem with this is now you have set yourself up for financial hardship in  … Read more

When you are considering filing Chapter 7 bankruptcy, you will have to prove your eligibility by taking a means test. The figures are based on the median income for your household in your state and after certain allowed expenses are deducted. Disabled veterans are excluded from having to take the means test if the debt  … Read more

“Overbiffing” is when a debt collector overstates the debtor’s balance. The reason it is called overbiffing is that the debt collectors overstate the debtor’s “balance in full.”People were told they owed thousands of dollars more than they actually did, sometimes the consumer didn’t even owe the debt. According to the Federal Trade Commission, “Overbiffing is  … Read more

Chapter 13 bankruptcy is for reorganizing your debt without losing any of your property. A payment plan will be worked out to repay any past debt while continuing to pay your current bills. When you file Chapter 13 bankruptcy, the court will hold a confirmation hearing. The hearing is where the court decides to confirm  … Read more

A proof of claim is a document filed in the United States bankruptcy court. The document is to register a claim against the assets of the debtors. The claim will list the amount owed as of the date of the bankruptcy and if relevant, any priority status. All creditors that wish to get paid must  … Read more

The meeting of the creditors, also called the 341 meeting since it is the chapter in the bankruptcy code, is a mandatory meeting required of all debtors that file bankruptcy. Typically, the meeting is scheduled approximately 30 days after you submit your paperwork. The meeting is informal, taking about 10 minutes and there is no  … Read more

For some people, gambling starts as entertainment and quickly becomes an addiction. Always certain the next spin or hand will be the next big jackpot. Besides casinos, other opportunities to gamble include lottery tickets, dog or horse racing, online gambling and informal sports betting. Even though we don’t have any casinos in Texas, they are  … Read more