Chapter 7 bankruptcy can help liquidate many of your assets, but not everyone qualifies. There are pros and cons of filing that should be considered by those who are considering declaring bankruptcy. The following are some of the pros of filing Chapter 7 bankruptcy: the process takes a few months; credit can be rebuilt; it… Read More
How Bankruptcy Stops Creditors – The Automatic Stay
If you get behind in paying your bills, harassment from creditors can be very tough to deal with. Creditors will keep sending you more threatening letters. They may begin to file legal papers in attempt to get a judgment. They will call you repeatedly. They may repossess your automobile or your house. Creditors may even… Read More
Consequences of Hiding an Inheritance in Bankruptcy
Hiding inheritance in bankruptcy – or hiding any asset for that matter – is one of the bad decisions people may make when they are going through the bankruptcy process. Always follow Texas bankruptcy laws, and come to Plano bankruptcy attorneys with any questions that may arise to ensure compliance. Because bankruptcy may utilize non-exempt… Read More
Spendthrift Trusts: Protecting Inheritance During Bankruptcy
Spendthrift trusts may be helpful for individuals who file for bankruptcy in Texas but who later receive an inheritance shortly after filing for bankruptcy. In many cases, it is likely that assets from an inheritance received within 180 days of filing for bankruptcy will be used to pay off creditors, or will in some way… Read More
How Plano Graduates Can Get Out of Student Debt
Learning how to get out of student loan debts may prove helpful to some who are heavily financially burdened. Although it may sometimes be totally eliminated, it is generally difficult to erase. Options for Dealing with Burdensome Student Loan Debt If you’re struggling to make payments, one option is to apply for a payment plan… Read More
Determining Eligibility for Chapter 7 Bankruptcy
Not everyone meets eligibility requirements for Chapter 7 bankruptcy. Through the means test, potential filers can determine if they qualify to file. This is a test that is used to determine if you may be able to meet some level of your obligations through another type of bankruptcy called Chapter 13 or if you truly… Read More
Avoiding Car Repossession in Chapter 7 Bankruptcy
When looking into the option of filing a Chapter 7 bankruptcy, one of the primary concerns for many is how to avoid car repossession. Most people realize the need to retain their vehicle and continue making payments on it. While you could surrender your vehicle if you choose, doing so may wind up causing you… Read More
5 Reasons to File Chapter 7 Bankruptcy
There are numerous potential reasons to file Chapter 7 bankruptcy, and usually there are several combined factors that lead someone to make that decision. Nobody wishes for financial hardships; but unfortunately, hard times and difficult circumstances force many Americans to seek solutions such as this. Possible Reasons to File Chapter 7 Bankruptcy Why do people… Read More
Barriers to Discharging Debt in Chapter 7 Bankruptcy
A Richardson Chapter 7 bankruptcy attorney discusses some of the most common barriers to filing for Chapter 7 bankruptcy and discharging debts. The process does not always go smoothly. Sometimes, a party involved in the process will challenge the filing or cause delays in the process for various reasons. Creditors can sometimes challenge a discharge… Read More
Discharging Student Loans Through Chapter 7 Bankruptcy
A Richardson Chapter 7 bankruptcy attorney can help you with the bankruptcy process, which can discharge many debts, but generally not student loans. Unfortunately, student loans can leave a person with debt totaling tens or even hundreds of thousands of dollars. Paying off this amount of debt can be close to impossible, especially if you… Read More