bankruptcy blog

Anyone that is in debt usually reaches some level of frustration about being in this financial situation. It is unpleasant and not a problem that is easily solved. Some contemplate going bankrupt so they can get a fresh financial start. Others get to the point where they basically adopt the attitude that you can’t get  … Read more

When an individual gets to a point where they have to start thinking about bankruptcy, they often feel stunned. It is almost as if their dire financial situation has crept up on them. Then all of sudden it’s like reality sets in and there may be no way out of this financial mess but to  … Read more

Chances are once you decide to go bankrupt you may share this decision with others. Be prepared for some negative comments. Not everyone realizes that bankruptcy relief is there to help honest people in financial difficulty get a fresh start. Some will tell you that bankruptcy is just a way for dishonest people to offset  … Read more

A lot of people assume that individuals go bankrupt because they have spent frivolously and miss managed their money. This is usually not the case. Circumstances may have changed in the person’s life that led them to become financially unstable. It could have been that their money was well managed and they were doing fine,  … Read more

Exemptions are handled a little differently depending on whether you are in a chapter 7 or chapter 13 bankruptcy, and depending on your state of residence. Whether you choose Texas bankruptcy exemptions or exemptions under Federal law, no matter what State you live in. These exemptions allow you keep specific types and amounts of property  … Read more

With secured debt it means that you have given the creditor something that they can take if you do not pay your debt. With your house or if you have property then that in itself becomes the collateral. So if you defaulted on the payments they would have the right after following the proper legal  … Read more

You have to understand that the value for your property that you list in your bankruptcy is not as you perceive the value of them. It has to be the actual cost for it, if they were going to be replaced at this time. You may have to have supporting documentation that shows the trustee  … Read more

One of the conditions of your Houston bankruptcy will be that you take a debtor education course. It has to be done through an organization that the Government has approved of. In addition to this, you must also complete a credit counseling course that is also government approved. Differences Among States These rules can vary  … Read more

When you are ready to file for bankruptcy there will be a qualification process that you will need to go through for either the chapter 7 or chapter 13 bankruptcy offerings.In either case you are medical debts will be addressed. The type of debt that you have, are placed into different categories when you are  … Read more

Before you even know what chapter of bankruptcy you are going to qualify for you need to complete a Means Test. This is done on a Form22A-1. It basically details your current monthly income and expenses. It will determine if you meet the criteria for a Chapter 7 bankruptcy. Chapter 7 Considerations In a Chapter  … Read more