Community property rules have positives and negatives, but if you live in Texas you have to abide by them.

When the subject of marriage and bankruptcy comes up, the next thing often mentioned is community property.  Depending upon where you live, this may or may not mean anything to you, but Texas is one of nine states that adheres to the community property rules.    An article on the associated …

Category: Bankruptcy , Property Exemptions , bankruptcy law

Tags: Community Property Divorce Marriage Texas

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… senior citizens are being targeted by a company claiming that they can help them pay less in property taxes.  Many senior citizen homeowners have received very official looking papers in the mail with a Fort Worth P.O. Box asking that they send $55 for help reducing their property taxes.

The article said:

“When Gilberto Perez received an official-looking letter regarding his property taxes, he suspected a scam. The 75-year-old retired military veteran knew that he had already …

Category: Fort Worth Attorney , Lawsuits , Property Exemptions

Tags: Better Business Bureau Fort Worth Texas Fort Worth Star-Telegram Property tax

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… myths about bankruptcy is that debtors who file bankruptcy will lose all of their personal property.  For the umpteenth time, this myth is simply not true.  A matter of fact, most debtors who file Chapter 7 bankruptcy do not lose any of their property.  Every state, plus the federal bankruptcy code provides a generous amount of exemptions for debtors to use during bankruptcy.  Exemptions protect the debtor’s property from seizure during the bankruptcy process.  For example, …

Tags: Bankruptcy Exemptions Property

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Many debtors behind on both their mortgage and property taxes wonder if bankruptcy can be used to stop a property tax sale of their home.  Fortunately for debtors facing a property tax sale of their home, bankruptcy can be used to stop the sale if they move quickly. Here’s what you need to do:

Before filing for bankruptcy, find out if there is a property tax lien on your home. In the state of Texas, ad valorem taxes are given the …

Tags: Bankruptcy Lien Property Taxes

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Holding rental property when filing bankruptcy can impact your “means test” and your post-bankruptcy fresh start depending on the circumstances surrounding that property.  Let’s take a look at a few scenarios:

If you have a rental property with a paying tenant, the rent received will be counted towards your income.  This fact alone could cause you to “fail” the means test which would …

Tags: Chapter 13 Bankruptcy Chapter 7 Bankruptcy Filing Bankruptcy foreclosure Landlord Rental Property

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The state of Texas is a “community property” state which means that property in which both spouses own shares and property acquired during the marriage is considered “community property.” Community property only exists within marriage. What does this mean for a spouse considering bankruptcy?

Married couples where one or both spouses are considering bankruptcy must carefully weigh whether they should file jointly, …

Tags: Bankruptcy Community Property Law Marriage Texas

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… sinking under the waves of financial overburden, and both state and federal law provide for property exemptions.  In other words, the law sets out a list of items that you can keep even after the bankruptcy process ends.

Texas allows consumers to choose to use either the federal exemption guidelines or the Texas exemptions.  The federal exemptions allow you to keep:

Your home up to $20,200

Life insurance payments for individuals you depend upon for support

Life insurance …

Category: Chapter 7 Bankruptcy , Dallas Bankruptcy Laws , Fort Worth Bankruptcy Laws , Property Exemptions , bankruptcy law

… One of the most common blunders we see debtors make pre- bankruptcy is transferring real estate property before filing.  Most commonly, debtors transfer property to relatives in an effort to protect their assets; but sometimes non-debtor relatives transfer property to a relative who eventually files for bankruptcy.  Usually it is a parent who decides to transfer ownership of a home to his/her child while still paying all of the bills associated with the house, including the mortgage, …

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… bankruptcy court allowed the debtor to take a Means Test expense deduction for debt payments on a property he intended to surrender during bankruptcy.

The details of the bankruptcy case:

“The above-median income debtor filed for Chapter 7 relief in August 2006. He stated an intention to surrender his home, which was secured by two mort­gages with a combined monthly payment of approximately $4,000. Despite his stated intention, the debtor included the mortgage payments as deductions …

Category: Dallas Lawyer , Debt and Tax Relief , Fort Worth Bankruptcy

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Consumers still covered with high unemployment stats can protect property

The latest Gross Domestic Product report indicates that the recession will end this spring, and at the latest by the end of the year.  Some analysts are evening predicting some growth in the last quarter of this year.  The not-so-silver lining though is that job growth will still continue to lag behind.  Many corporate executives are still receiving substantial compensation are …

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… under any circumstance; but especially if the vehicle is repossessed while your personal property is still in it.

The first thing car owners need to know is that creditors do not have the right to keep or sell your personal property that is found in a repossessed vehicle. They must also take reasonable care to prevent someone else from taking your personal items left in a repossessed vehicle. That said here’s the reality car owners are facing.

Reality Check #1 – Although the …

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… in the Star-Telegram, the rise in foreclosures has slowed Tarrant County’s net taxable property values putting many cities on a tight budget.

The article said:

“Tarrant County’s net taxable property values increased the smallest amount in 15 years, creating fear among many local government officials as they prepare their budgets for next year.

The data released Monday shows a 2 percent increase in the net taxable value, compared with year-after-year increases ranging from …

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