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Before you file for chapter 7 bankruptcy or chapter 13 bankruptcy you must consult a nonprofit credit counselling agency. The purpose for this counselling is to see whether there is a way to handle your debt load besides having to file bankruptcy but without adding to what you already owe. Credit counselling requirements In order to qualify for debt relief by way of bankruptcy, a debtor must receive counselling from an agency approved by th
For some debtors chapter 13 bankruptcy is a better option that chapter 7 bankruptcy and in some cases chapter 13 bankruptcy is the only option, as these debtors do not qualify for chapter 7 bankruptcy. Many debtors assume that chapter 7 bankruptcy is better than chapter 13 bankruptcy, however, that is not always the case. This blog will address situations that prove to make chapter 13 bankruptcy favorable to the debtor and a better option than
You got yourself into this mess. Shouldn’t you be the one to get yourself out it? In most cases being a “responsible” person is a good thing. But when it comes to bankruptcy, this approach can honestly cause you more trouble than you deserve. If this is how you’re feeling, you’re making your creditors VERY happy. You can avoid bankruptcy simply by working out a settlement Truth: Working with creditors is harder than you
Rising Houston Property Values Affect Bankruptcy Cases As many have heard, over 70% of homeowners in Harris County are facing higher tax bills because the value of their houses are rising. This affects bankruptcy cases because a higher value may mean the inability to use Federal exem
Missed Appointment   You took the first, courageous step toward a better financial life. Unfortunately, you missed your appointment. We wanted to let you know that we are still here to help. And we’re happy to reschedule our visit. We know your options when it comes to bankruptcy. But certainly there are other ways of dealing with debt. Perhaps you’re considering liquidating assets or borrowing from friends and fami
Most state bankruptcy exemptions are specific to a type of property at a specific value or amount and can only be used to protect that property at that amount. Some examples of such exemptions are: Equity in your personal residence Car or motorcycle Household goods (such as appliances, bedding, clothing, garden tools, furnishings) Tools that are needed for your business or professio
One big reason people hesitate to file bankruptcy is the fear of losing important assets. If you’re concerned about your house and cars, it’s time you know the truth. You will lose important assets like your house and your car if you file bankruptcy Truth: Bankruptcy can help you keep your house and your car. In fact, bankruptcy can stop foreclosure, prevent a bank from repossessing vehicles and even get your car back if it has bee
If you File your tax returns late you Will owe IRS interest later The IRS Chief Counsel sent out a memo in 2010 discussing how non-dischargeable taxes will be treated in bankruptcy case. Obviously, if a tax was not discharged in bankruptcy, any interest that accrues on those taxes would also survive th
NOT ALL LOAN MODIFICATIONS ARE GOOD We have been reviewing loan modifications for our clients over the past six years. The first round of loan modifications appeared to be good deals. We saw modifications that lowered interest rates, converted
Email Notices from the Bankruptcy Court Houston Texas If you are a debtor in bankruptcy, and live in the Houston region of Texas, all of your notices from the bankruptcy court come from the bankruptcy noticing center located at 2525 Network Place Herndon, VA 20171-3514.  You may an outstanding lawyer who is forwarding to you all claims and documents filed in your case.  On the other hand, you may not.  The bankruptcy noticing center
Are your financial problems still keeping you awake at night? Have you unplugged your phone to avoid harassing calls? Are you having thoughts that clearly indicate you are depressed? We know how you feel. Many of our clients felt like there was no way out of their situation…and that there never would be. Houston Bankruptcy Attorney There comes a point at which financial difficulties turn into more than that. But sometimes a
Unless you're a lawyer, you probably have no idea what Chapter 7 and Chapter 13 really mean. To many of our clients, legal terms can really be intimidating. We want to help you understand the difference so you can make the best decision for you and your family. Bankruptcy is bankruptcy It doesn’t matter what kind you file. Truth: There are two common types of consumer and small business bankruptcy. Each one takes a different ap
527 Disclosure Notice for Bankruptcy Note: This Notice and the Statement are required by legislation adopted by Congress in 2005, after intense lobbying by the credit industry. In our opinion they are designed to intimidate people who need debt relief under the Bankruptcy Code, and are based on the erroneous assumption that debtors are dishonest. So long as you are honest and meet the requirements set out under the law
Credit After Bankruptcy-- What Does a Discharge Mean We have provided some valuable information below about your discharge and what to do going forward.  What The Discharge means: The Discharge means that none of the creditors you listed on your bankruptcy petition can NEVER try to collect that debt against you ever again. If they ever try, they may be in violation of the Discharge Order.
New Houston Chapter 13 Bankruptcy Plan The Southern District of Texas has introduced a NEW Chapter 13 Plan with a unique Emergency Savings Fund built right into the payment plan. The New Houston Chapter 13 Bankruptcy Plan is revolutionary For the First Time Ever, a chapter 13 repayment plan not only allows, but encourages Debtors to save for emer
It is possible to get a car loan in chapter 13 bankruptcy Here are a few things you need to know You cannot get a car loan in chapter 13 bankruptcy without getting permission While you are in the chapter 13, you are not allowed to incur ANY debt without permission of the Court. When it comes to a car loan however, the Courts in the Southern Distinct of Texas (Houston and Galveston) have deferred permission to your Ch
Is a Payday Loan Threatening Jail? Threats to throw you in jail for not paying a payday or short term loan are illegal and violate the Fair Debt Collections Practices Act (FDCPA) and the
Tax Refunds and Disposable Income in Chapter 13 Bankruptcy   Disposable income refers to that part of your total income which is in excess of the income you require for reasonable and necessary expenses such as food, transportation and shelter. Form 22C which is submitted by the debtor as a part of the Chapter 13 bankruptcy petition states the disposable income which is used to pay your non-priority unsecured creditors.  Your t
Be careful of your first credit card after bankruptcy. We inform our clients that after their bankruptcy is done, they will get solicitations in the mail for new credit cards, car loans and furniture loans. But you need to be careful when you get your first credit card after bankruptcy. There are traps for the unwary. This very good
MOBILE HOME REPOSSESSION AND CHAPTER 13 BANKRUPTCY There are two types of loan; the first type is a personal property loan when you rent a lot. The second type is a mortgage tied into the land a home is built on this is when you own the lot. With the two types of loan options, mobile home repossession can follow these steps once you can’t pay loan that is behind and thus go into default. Such mortgage loan will need pre-foreclo