bankruptcy blog

Exemptions or exempt property in a United States bankruptcy case is where a debtor is permitted to keep certain property from unsecured creditors such as personal belongings, your home, vehicle, tools needed to perform your job, or retirement plans. The amount of property a debtor may keep depends on the state in which they live.  … Read more

Bankruptcy is a tool used to help eliminate troublesome debt, however, what happens if you are on the creditor side it can be distressing. While many individuals do not ever believe this will happen to them, it happens quite often every day when individuals pay a large down payment to a general contractor for work  … Read more

After three long years, the nation’s most extensive radio network, iHeartMedia, has finally received the approval of Houston Texas Bankruptcy Judge Marvin Isgur to exit bankruptcy. The US-based radio station owner originally filed for Chapter 11 bankruptcy protection in order to decrease its $20 billion in debt. IHeartMedia Bankruptcy Financing For companies with a considerable  … Read more

During the process of a foreclosure, the mortgage lender can take possession of the property that the homeowner is in default. The procedure varies by state and can take anywhere from one to seven months to complete. Although a lender can legally start foreclosure proceedings with the first miss payment, that usually doesn’t happen. Foreclosure  … Read more

To qualify for bankruptcy relief, you must attend mandatory credit counseling. Unless you are in the military on active duty, have a disability that prevents you from participating or incapacitated in some way, you will have to complete the counseling within 180 days of filing for bankruptcy. Non-Profit Credit Counseling Agency The reason for the  … Read more

On October 31. 2019 Gastar Exploration filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court of the Southern District of Houston. Gastar entered into a pre-packaged restructuring support agreement with Term Lenders, Second Lien Note-holders, and other holders Existing Common Interests. In a statement released by Gastar Exploration Inc. on January 22,  … Read more

In the beginning, bankruptcy was a creditors remedy. It existed so the creditors could seize the property of a trader who was behind in payments and have him thrown in jail until his debts were paid. From the late 1600s to early 1800s these jails, modeled after the debtor’s prisons in London, were like workhouses.  … Read more

When a debtor becomes bankrupt, a trustee must be appointed to represent the interest of the creditors and the debtor. A trustee is required in all personal bankruptcy cases and sometimes in Chapter 11 business cases if impartial control of the estate is needed. The permanent trustee is assigned at the meeting of the creditors  … Read more

Filing for Texas bankruptcy protection can be a useful tool when facing seemingly insurmountable debt. When working with a Texas bankruptcy attorney, you can effectively stop foreclosures, repossessions, debt collection attempts, termination of your utilities, and even reinstate your Texas Driver’s license. While there are a few situations which can bar you from getting your  … Read more

Bankruptcy attorneys in Houston Texas are keenly interested in bankruptcies in the oil and gas sector. Debt levels and bankruptcy cases in one of Texas’s biggest industries tend to show indicators of the state’s economic health as a whole. While the previous quarter shows a significant decrease in oil and gas bankruptcies, will the trend  … Read more