When you file for bankruptcy, you do so expecting that the process will yield the discharge of certain debts and a fresh financial start. Some may find that some of their debts are not being recognized as discharged following bankruptcy. This type of debt is sometimes known as “zombie debt” because the discharged (or dead)… Read More

Rebuilding credit after bankruptcy doesn’t have to wait seven or ten years until the bankruptcy is no longer on a credit history (seven years for Chapter 13, ten years for Chapter 7). Bankruptcy petitioners may begin improving credit scores shortly after the bankruptcy process is complete. Moving on from Bankruptcy Even when bankruptcy occurs because… Read More

If you’re facing bankruptcy in Texas, a trustee will be part of the process. It’s important to understand the role of the bankruptcy trustee and how this person can affect the outcome of your case. What is a bankruptcy trustee? A bankruptcy trustee is an individual who is responsible for handling the bankruptcy filer’s estate…. Read More

When you’re burdened by excessive debt, it can seem like the whole world is about to crash down on you. In addition to your credit card bills, you may also have back mortgage payments and utility bills that, if left unmet, can put your safety and well-being in the balance. When facing this precarious situation,… Read More

Tax withholding is the amount of funds withheld from paychecks, pensions, bonuses and other forms of income in order to pay an individual’s annual federal income tax. Ensuring enough tax is withheld is crucial to managing household finances properly and, in the end, preventing the need for bankruptcy. When an individual fails to withhold enough… Read More

The bankruptcy petition form, also called the voluntary petition, is one of the first of a long series of documents and paperwork that must be filled out in order to apply for Chapter 7 or Chapter 13 bankruptcy. The bankruptcy petition form reveals the basic information required to start the bankruptcy process, including:  debtor’s name,… Read More

Unfortunately, credit fraud may be presumed under certain circumstances. For instance, if you purchase luxury items of $500 or more on a credit card less than 90 days before filing for bankruptcy or take a cash advance of $750 or more, less than 70 days before filing, it is presumed to be non-dischargeable. However, other… Read More

Debts by fraud are not dischargeable when filing for bankruptcy; those who accumulate debt they have no intention of paying back will still be responsible for it after bankruptcy. Using credit cards irresponsibly and accumulating luxury debt right before you file for bankruptcy is a red flag, especially if purchasing luxury items like designer clothes… Read More

The Brunner test is a way to determine if certain types of debt can be discharged based on hardship. Bankruptcy does not eliminate all types of debt such as student loans, so tests like these may be used to determine if the debt can be discharged. A Look at the Brunner Test  To determine if… Read More