bankruptcy blog

Small businesses can sometimes accumulate a crippling amount of debt in the course of normal business operations, and a bankruptcy can assist a small business owner by restructuring your debt to continue operating, eliminate personal liability for business debts, and/or to liquidate the company’s assets. The type of bankruptcy you choose, will be based on  … Read more

Bankruptcies were reported to be up in both central Texas, as well as, state wide this month. While the numbers weren’t necessarily trend worthy, the increase in bankruptcy filings in Texas did spark attention. Among the most common reasons cited for filing for bankruptcy were medical debt and losses tied to oil and gas investments.  … Read more

While there are many options available to individuals whose situation changes during the course of a Chapter 13 bankruptcy, if you fail to make the court-ordered payments on time, your Chapter 13 bankruptcy gets dismissed. When your Chapter 13 Houston bankruptcy gets dismissed, it may actually be in your best interest if you can’t afford  … Read more

When considering bankruptcy, you may encounter unique and creative ways to protect your assets and prevent declaring bankruptcy. Sometimes these methods work and in other cases they delay the need to declare bankruptcy. Cash-out refinancing preventing bankruptcy is one strategy. It is a one of these methods that could give you access to seemingly cheap  … Read more

Insolvency is a term that can be used to describe having more debts than assets or not being able to pay debts when they are due. Insolvency takes on a slightly different meaning when discussing taxes. When a person has had a debt canceled and still has more debts versus assets, they are considered insolvent  … Read more

When filing for Chapter 13 Bankruptcy, you may be able to reduce the principle balance of a debt to the value of the property it is secured by. This reduction in debt is known as a “cramdown” and can be a valuable instrument in bankruptcy that can save your automobile, investment real estate, and other  … Read more

For those not able to pass the Chapter 7 means test, Chapter 13 is the next best option and is effective in repaying creditors and discharging unsecured debt. There are some entities that are not eligible for Chapter 13 bankruptcy however, and we’ll cover those here today. Businesses can’t file for Chapter 13 bankruptcy and  … 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

Peter Pinto, the Chief Executive Officer of the debt collection agency, Oxford Collection Agency, received a 48 month prison sentence in New York this week for his role in a $12 million dollar fraud case. Pinto was sentenced after pleading guilty to the fraud and money laundering charges last year following his supervised release. Debt  … Read more

Some individuals are able to successfully file for Chapter 7 bankruptcy without an attorney. The primary reasons for individuals choosing not to be represented by a bankruptcy attorney when filing for Chapter 7 are the inability to afford attorney fees. Others simply feel they don’t need an attorney to file Chapter 7 bankruptcy. A local  … Read more