bankruptcy blog

Also known as, regular bankruptcy, straight bankruptcy or liquidation bankruptcy, Chapter 7 is bankruptcy in the most basic form. Chapter 7 allows you to discharge or cancel certain debt, with no repayment plans. Debts that can typically be discharged include medical, auto, rent, utilities and some credit card debt. You must give up any of  … Read more

Before an individual can file for bankruptcy, they are now required to complete credit counseling. The purpose of this is to weigh your options of dealing with your debt, including repayment plans and bankruptcy. Since the credit counseling industry was mainly the idea of lenders, and those lenders still provide financial support for credit counseling  … Read more

Houston bankruptcy lawyers often meet with consumers who let debt pile up along with late fees, interest, and damaged credit, exacerbating their overall debt problems. When asked why they let their debt problem continue so long before meeting with a bankruptcy attorney to seek debt relief, many answer that they were worried because they were  … Read more

The first week of December 2018 saw the governing body for Gymnastics in the US filing a voluntary petition for Chapter 11 bankruptcy. The abrupt bankruptcy filing is, in the words of its new Board of Directors, to help deal with the litigation aimed at the organization due to the actions of former team doctor  … Read more

Yes, you can legally file for bankruptcy on your own, you can usually find the forms online and in do it yourself workbooks that you find at the bookstore. You can even legally represent yourself in bankruptcy court. But just because you can, doesn’t necessarily mean you should. Spending Time Away From Work In most  … Read more

Some misconception is that shady people rack up a bunch of bills and they want the courts to bail them out. The real purpose of bankruptcy is to give honest people who have fallen on a hard time, a chance to have their debts reduced and get a fresh start. Reasons to File Bankruptcy It’s  … Read more

The bankruptcy system is set up to give you time to reorganize your debts or liquidate your assets depending on the type of bankruptcy you choose. As soon as you file the proper paperwork with the court, creditors are prohibited from contacting you regarding your debt. Any attempts to contact you must be through the  … Read more

On November 5th David’s Bridal filed Chapter 11 bankruptcy. The nation’s largest wedding retailer entered into a pre-packaged agreement with the majority of the lenders, note holders and equity holders. The company hopes to finish the bankruptcy restructuring by early January. Business will continue as usual during the court-supervised process. Customers Can Continue Shopping Scott  … Read more

What are the leading causes of personal insolvencies? The answer is as diverse as the individuals that live in our country. Insolvency occurs when an individual or business is unable to pay back their debts or meet financial obligations with lenders when debts become due. Keep in mind that there is a distinct difference between  … Read more

Houston Bankruptcy attorneys are often asked what happens to mortgage liens in Chapter 7 bankruptcy. What happens to your mortgage in a bankruptcy relates to three key areas surrounding mortgage liens: equity in the home versus mortgage debt, past due payments, and ability to complete future payments. Mortgage Liens Explained A Mortgage lien is an  … Read more