{"id":1260,"date":"2013-09-27T17:02:06","date_gmt":"2013-09-27T17:02:06","guid":{"rendered":"https:\/\/www.busby-lee.com\/?page_id=1260"},"modified":"2023-04-25T07:20:26","modified_gmt":"2023-04-25T07:20:26","slug":"bankruptcy-litigation","status":"publish","type":"page","link":"https:\/\/www.busby-lee.com\/bankruptcy-litigation\/","title":{"rendered":"Bankruptcy Litigation Services in Houston TX"},"content":{"rendered":"
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Bankruptcy for the most part is transactional. If all of your paperwork is properly prepared, you will have to go to the court where suit is filed for a meeting of creditors also known as âsection 341 meetingâ within 45 days of the case filing. About 75% of the cases at our firm are considered transactional cases for which most of the time is spent in educating the client and reviewing the forms for errors. Approximately, 25% of the cases involve bankruptcy litigation which is related to claims litigation, a bankruptcy adversary, objections to debtorsâ claim of exemptions or motion for relief from the automatic stay. The law office of Busby & Associates primary practices out of the Houston Division of the Southern District of Texas bankruptcy courts.<\/p>\n
A proof of claim is what the creditor files to get paid in a bankruptcy. In a chapter 7 no asset case, most creditors do not file claims as there are no assets to be sold to pay off the claims. In a chapter 13, most secured and priority creditors will file claims. An unsecured creditor may or may not file a claim. Even if a creditor doesnât not file a claim for the secured or priority claims there is still discharge of the debt, though it may indicate that the creditor either has overlooked the bankruptcy or chosen not to participate. You can file a claim for the creditor if you would like to exercise your right to cure the payments that you are behind on. Priority creditors typically include tax debts and child support. Unsecured debt does not have a lien on your property and will be paid the least amount in a chapter 13 bankruptcy. Typically, the unsecured creditor is discharaged in a chapter 7 bankruptcy with no payment.<\/p>\n
Objections to secured proof of claims are typically made when the value is in dispute and you are attempting to cram personal property. If the claim is against the real property, then the objection is usually made because of an accounting issue on the arrears owed, property taxes paid, or homeowners insurance.<\/p>\n
Most objections made to priority claims are needed to be accounted for verifying the amount alleged to be owed. For example, the taxes owed and the years that are in question. Child support is typically accounted for through the Texas Attorney General. Spousal support is accounted through a law firm or the obligee, or an employer who is under a wage order.<\/p>\n
Most objections here are made when the debt owed has been assigned to a 3rd party creditor and the assignment is not attached to the claim. Also, if the claim is time barred under Texas law (it is over 4 years since the last payment or charge), then you can object to the claim and get it denied.<\/p>\n