Blog Posts in May, 2011
Posted on May 30, 2011 By Majed
Whether or not you will be able to file for Chapter 7 depends on where you fall on the means test. The means test compares how much money a debtor has brought in over the past six months to the median ...
Continue reading "I Have a Job - Can I File Chapter 7?" »
Posted on May 27, 2011 By Majed
There are many debtor exemptions available in Texas that are not available in other states. Below is a list of some of the most common and beneficial: Wages – With the exception of domestic support ...
Continue reading "Texas Bankruptcy Exemptions" »
Posted on May 25, 2011 By Majed
Yes. Filing for a Chapter 13 repayment plan may be a good option for an individual who has steady income but has reached a temporary setback and is no longer able to pay his adjustable rate mortgage, ...
Continue reading "Can Filing Chapter 13 Help me with my Adjustable Rate Mortgage?" »
Posted on May 23, 2011 By Majed
The purpose of filing Chapter 7 is to discharge debts owed to creditors. However, in some cases a debtor may want to reaffirm, or choose to again take on legal liability, a debt in a secured interest ...
Continue reading "Debt Reaffirmation" »
Posted on May 20, 2011 By Majed
Yes. Many major banks do run credit and background check, however many do not. Now, even major banks are offering a variety of programs to allow “second chances” for individuals with not-so-perfect ...
Continue reading "Will I Be Able to Get a Checking Account after Bankruptcy?" »
Posted on May 18, 2011 By Majed
No. Individuals who file for bankruptcy are protected against discrimination, similar to racial, class or gender discrimination. An individual who has filed for bankruptcy has the same opportunity to ...
Continue reading "Can Bankruptcy Keep me Out of College?" »
Posted on May 16, 2011 By Majed
One of the biggest misconceptions about bankrtupcy is that it follows you via your credit history forever. This is absolutely not the case. Conversely, bankruptcy keeps creditors from reporting ...
Continue reading "Why File Bankruptcy if I Have Bad Credit Anyway" »
Posted on May 13, 2011 By Majed
Here in the Dallas-Fort Worth metropolitan area bankruptcy petitions are filed in the United States District Court for the Northern District of Texas. As of May 2011, the filing fees are $299 for ...
Continue reading "Bankruptcy Filing Fees" »
Posted on May 11, 2011 By Majed
It is a widely known fact that bankruptcy does not discharge all debt. Tax liens and domestic support obligations are well known. However, in some rare cases income tax debt may be discharged in a ...
Continue reading "Sometimes, Tax Debt Can be Discharged" »
Posted on May 9, 2011 By Majed
Absolutely not. Whether you are the obligor or obligee, bankruptcy will not affect the amount or frequency of child support payments. There are certain creditors who are exempt from the automatic stay ...
Continue reading "Will Bankruptcy Affect my Child Support Obligation?" »
Posted on May 6, 2011 By Majed
Secured debt, such as a mortgage or automobile loan, is treated differently in bankruptcy than unsecured debt, such as a credit card. If you intend on keeping an item in a bankruptcy that has a lien ...
Continue reading "Can I Discharge Secured Debt in a Bankruptcy?" »
Posted on May 4, 2011 By Majed
Unlike Chapter 7, Chapter 13 is not liquidation. It is a reorganization of debt that allows a debtor to make payments to their creditors over a period of time, typically three to five years. Many ...
Continue reading "How Chapter 13 Can Save Your Home" »
Posted on May 2, 2011 By Majed
No. A pending bankruptcy case will not keep your divorce from becoming final. However, there are pros and cons for filing for bankruptcy before or after divorce. For example, filing for bankruptcy ...
Continue reading "Will a Pending Bankruptcy Case keep my Divorce from being Finalized?" »