Let’s clear the air about something, bankruptcy IS NOT a “gut wrenching” experience that destroys your life and leaves you awake at night. I’ve heard this ridiculous notion bandied about by the very people who have benefited from bankruptcy in their life.  They file bankruptcy, reap the benefits, then turn around and tell others not [...]

You should avoid making pre-filing bankruptcy mistakes such as using home equity loans or retirement accounts to pay off debts.

Here are some common pre-filing mistakes that folks considering bankruptcy sometimes make:
1.  Refusing to consider bankruptcy until it’s too late. This is a pretty easy one to figure out, but it’s also a surprisingly common mistake [...]

Despite bankruptcy’s bad rap in our culture, its benefits make it the best choice for many people needing a fresh financial start.

Bankruptcy often gets a bad rap in our culture, but the truth of the matter is that, for many people, it is the absolutely best option to escape the stress of insurmountable debt and [...]

Many Americans experiencing financial trouble don’t realize until the last minute that they should have filed bankruptcy months, if not years earlier.  Here are the signs that you may need to file bankruptcy:

You often write checks against your bank account when you know the money isn’t there.  [...]

According to a report released by the FBI, Anthony Randall Simmons a 44 year old debtor who filed for bankruptcy has been charged with bankruptcy fraud.  Federal authorities stated that Simmons filed bankruptcy and attempted to defraud the system by concealing assets that he should have disclosed. Specifically, Simmons allegedly failed to report $95,000 he [...]

Most debtors considering bankruptcy hope that they will qualify for Chapter 7 bankruptcy; but if they don’t they can become very disappointed. If you are unable to qualify for Chapter 7 bankruptcy, don’t despair. Although discharging all of your debt in Chapter 7 bankruptcy has it benefits, Chapter 13 bankruptcy also offers its own set [...]

Do you have a secured loan with a co-signer? When you file Chapter 13 bankruptcy there are a few ways that you can minimize or even eliminate future creditor actions against your non-filing co-signer. Here are your options:

You can return the property to the lender. For example, if you and [...]

When debtors consider filing bankruptcy, they need to make sure that they plan carefully and work with a qualified bankruptcy attorney to make sure they are doing everything within the law.
Here’s what you should do to prepare for your bankruptcy:

Gather all of your financial documents. That includes pay stubs, creditor [...]

In the Chapter 13 bankruptcy case of Cobb, Sean C. and Cathy S., the bankruptcy court agreed with a creditor that the debtor’s plan should not be approved.

The details of the bankruptcy case:
Early in September 2008, the debtor purchased a 2009 Chevrolet Malibu from a dealer. He took possession of the car on the same [...]

For debtors considering Chapter 7 bankruptcy, determining if their income level makes them eligible for Chapter 7 bankruptcy involves taking a “means test.”  Typically, debtors who earn above the median income level for their family size must file Chapter 13 bankruptcy.
The median income for Texas is:
One person: $38,545
Two people: $54,908
Three people: $57,053
Four people: [...]

When a debtor files bankruptcy, creditors are required to file a proof of claim if they want to have a chance at payment during the bankruptcy. If a debtor does not object to the proof of claim after it is filed, then the bankruptcy court will basically deem it “allowed.” But what does that mean?  [...]

Many debtors considering bankruptcy are afraid that they will miss out on opportunities due to discrimination against them.  It’s important that debtors understand that it is illegal to discriminate against anyone who has sought relief under the bankruptcy code.  A matter of fact, there is a specific section of the bankruptcy code that addresses the [...]