Blog Category: bankruptcy

You may have heard that filing for bankruptcy will liquidate all your income and assets. While it is true in some bankrutpcy filings that the court may be able to liquidate some income and assets, each case is as unique as the individual themselves. Generally, anything that has a value of $600 or less. This  … Read more

Wage garnishment is a legal procedure that allows for a portion of your earnings to be automatically deducted to pay a debt. In some states, creditors may garnish up to 25% of your disposable income.  Disposable income is gross income minus deductions required by law, such as taxes or retirement contributions. While having a portion of your  … Read more

1. Filing the Bankruptcy Petition: The bankruptcy petition is a legal document that presents to the court that you want to file for bankruptcy. The bankruptcy petition contains information about your income, expenses, assets and debts. 2: The Meeting of Creditors: This meeting provides you the opportunity to tell the court and your creditors about  … Read more

The cost of bankruptcy, like any other legal matter, depends on the complexity of your case and the time required by your attorney. Bankruptcy filing fees and the cost of the required credit counseling depend on where you live. The price of bankruptcy depends on the attorney’s hourly rate and the amount of time necessary  … Read more

The  first thing you need to do is learn about the options available to you. Bankruptcy is a serious matter. You should educate yourself as much as possible about the different types of bankruptcy. If you need help deciding which type of bankruptcy best fits your situation, you may want to talk to a Houston  … Read more

  The Bankruptcy Code allows you to discharge (eliminate) certain types of debt through a bankruptcy filing. Dischargeable debts are primarily unsecured debts (that is, debts that are not guaranteed by a specific asset, such as a car or home). In addition, some debts are not dischargeable. These include debts for alimony and child support,  … Read more

One of the biggest benefits of filing bankruptcy is the automatic stay that goes into effect as soon as the case is filed. This  means that those you owe a debt to, your creditors,  are not allowed to keep asking you for money. However,  there are some expenses to pay. There are two types of  … Read more

The bankruptcy process can be a complicated legal process, and one that requires some effort on your part. If you are considering filing for bankruptcy, you likely have many questions that you want answered. One of the most common areas for questions about bankruptcy is related to what you need in order to file. When  … Read more

One of the reasons people fail to consider bankruptcy as a viable option in their search for debt relief is that they simply do not understands the facts versus myths about bankruptcy. Perhaps the largest deterrent of people seeking help through bankruptcy is the notion that bankruptcy will ruin their credit. This is false information  … Read more

During our current economic crisis, retail and restaurants are going out of business in record numbers. For large complex businesses, Chapter 11 bankruptcy will oversee the procedures and reorganization of the company’s debt. These corporations seek the court’s protection while working out a plan to pay their debts and resume business.  When a company has  … Read more