Saving Your Home When Facing Bankruptcy
Stay put while you start fresh A bankruptcy can be stressful enough without worrying about uprooting your family. When you file for a Chapter 7 bankruptcy, the majority of your assets—including your house—may be sold by the bankruptcy trustee in order to pay your creditors. However, there are a few circumstances in which you may […]
After bankruptcy, rebuilding credit is important
The decision to file for bankruptcy is a big one, and those who understand the implications of a filing do not take it lightly. Probably the biggest reason to be cautious about filing for bankruptcy is the impact a filing has on one’s credit. While a bankruptcy filing may not have an immediate drastically negative […]
U.S. Supreme Court weighs in on bankruptcy exemption question
If you’re a Texas resident who is besieged by high debt levels brought on by factors beyond your control, you are undoubtedly pursuing debt relief. In doing so, you have perhaps considered filing for bankruptcy, wondering while thinking about the process whether certain of your assets will be shielded from creditors. The short answer to […]
Bankruptcy alternatives for hard-pressed consumers
As we have previously noted for our readers throughout Texas, consumer bankruptcy can owe to one or many interrelated factors, with every case being unique. In recent years, those factors have been on firm display across the country, with tough economic times highlighting the stiff challenges that many individuals and families nationally are facing across […]
Big bank, bad actor: sanctions for improper collection attempts
When a bankruptcy court discharges a debt, the creditor is supposed to stop trying to collect it from the debtor. This is not rocket science. In Texas and across the nation, it is an utterly basic part of the bankruptcy process that should be well known to creditors. In a recent case, however, one of […]
Football coach gets clear of many debts through bankruptcy
The NFL football season kicked off last night and the second weekend of college ball is coming right up. In Texas especially, football is a game that has rightly been called America’s passion. From the famous Friday Night Lights to college and pro stadiums, the passion is palpable. It’s easy to forget, however, amid all […]
Bankruptcy exemptions in Texas exist for you to use them
Owning a business can be one of the most rewarding experiences. Although owning a business comes with a lot of benefit, it also comes with a big financial risk. Owners often put their “all” into the company they own, and this often includes equity from their home. Debt can quickly become overwhelming, but thankfully there […]
Deja vu all over again: filing bankruptcy more than once
“Deja vu all over again” is one of the paradoxical expressions associated with the baseball legend Yogi Berra. The statement could be applicable in almost any context where someone is going through something they have been through before. How would apply, however, in the context of a bankruptcy filing? In the wake of the Great […]
Debt and divorce, part 1: is a joint bankruptcy filing possible?
Divorce and bankruptcy often go hand in hand. After all, financial problems can contribute greatly to breaking the emotional bonds that underlie a marriage. And in a sense, divorce and bankruptcy offer the same thing: a fresh start. With divorce, this takes the form of recast relationships. With bankruptcy, it takes the form of debt […]
Debt and divorce, part 2: mortgage debt and bankruptcy
Let’s pick up the thread we began exploring last week regarding the effect of a divorce proceeding on liability for joint debts. A divorce settlement may assign one party to the settlement to pay certain debts that the couple had. But what does really mean in practical terms? After all, mortgage companies and other creditors […]