Blog Posts in July, 2010
Posted on Jul 30, 2010 By Majed
Absolutely not. Once a debt has been discharged in a Chapter 7 or Chapter 13 bankruptcy the discharge is permanent. The creditor may, however, object to a discharge in a Chapter 7 bankruptcy within a ...
Continue reading "Can a Discharged Creditor Reaffirm a Debt?" »
Posted on Jul 28, 2010 By Majed
Filing for personal bankruptcy is one of the most serious decisions a debtor will have to make. It follows that a debtor should make sure that he/she is being represented by knowledgeable and ...
Continue reading "How do I Choose a Bankruptcy Attorney?" »
Posted on Jul 26, 2010 By Majed
Similar to filing for income taxes, spouses may choose whether or not to file for Chapter 7 or Chapter 13 jointly or individually. Whether or not one or both spouses file will depend on the goals of ...
Continue reading "Does My Spouse Also Have to File?" »
Posted on Jul 23, 2010 By Majed
One of the single biggest benefits of filing for bankruptcy is the automatic stay, which prevents creditors from pursuing any form of debt collection including legal proceedings and threatening phone ...
Continue reading "When the Creditors Won’t Stop Calling" »
Posted on Jul 21, 2010 By Majed
Chapter 12 bankruptcy is reorganization for family farmers and fisherman. Similar to a Chapter 13, a Chapter 12 allows those in these specific professions to work with creditors in order to set up a ...
Continue reading "Chapter 12 Bankruptcy" »
Posted on Jul 19, 2010 By Majed
A hardship discharge is a very limited exception that allows a Chapter 13 debtor to discharge creditor debt. This discharge is sometimes allowed when a debtor is unable to fulfill the agreed upon ...
Continue reading "Chapter 13 Hardship Discharge" »
Posted on Jul 16, 2010 By Majed
Yes, a Chapter 13 can be converted to a Chapter 7 once it has already been filed and vice versa. In many cases, the trustee will file a motion for conversion before the debtor does if it appears that ...
Continue reading "Can I Convert my Chapter 13 to a Chapter 7?" »
Posted on Jul 14, 2010 By Majed
One of the requirements of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act is that any debtor filing for Chapter 7 or Chapter 13 bankruptcy complete a credit counseling class. ...
Continue reading "Mandatory Credit Counseling Requirement" »
Posted on Jul 12, 2010 By Majed
Rebuilding credit is an important component of life after bankruptcy. The intent of bankruptcy is to allow consumers a fresh start while teaching them how to properly manage credit by requiring a ...
Continue reading "Credit Cards after Bankruptcy" »
Posted on Jul 9, 2010 By Majed
According to a recent report released by the Institute for Financial Literacy, the middle-class is filing for Chapter 7 and Chapter 13 at double the rates of years past. The Institute for Financial ...
Continue reading "Bankruptcy and the Middle-Class" »
Posted on Jul 7, 2010 By Majed
In Texas, qualifying homesteads are exempt from liquidation. Under the Texas Property Code a home that is used as a primary residence is exempt. The debtor must continue to pay the mortgage, however ...
Continue reading "How do I Keep my Home in Chapter 7?" »
Posted on Jul 5, 2010 By Majed
Bankruptcy is a federal procedure dictated by federal code. However, a state has authority to zone in on parts of federal law and make it more specific to that case. The state of Texas provides some ...
Continue reading "Texas Bankruptcy Exemptions" »
Posted on Jul 2, 2010 By Majed
Bankruptcy is a very private and personal decision that a debtor must make on his/her own. However, like many legal proceedings it is a matter of public record. When a debtor files for Chapter 7 or ...
Continue reading "Who Will Know about my Bankruptcy?" »