Bankruptcy Blog Archives

Our homes are very important to us, and owning one is a dream-come-true. It’s the place we call our own, a sanctuary, and the place where we raise our kids. However, if you do not make the right choices when financing or buy more house than you can afford, they can become your worst nightmare. [...]

Why is my Chapter 13 payment so high? This is a very common question that people ask. They are trying so hard to get back on their feet and wonder why they are still having trouble making payments. The Chapter 13 trustee payments that are given to the Debtors at their signing appointment are the [...]

When you are in a Chapter 13, you must pay your unsecured creditors any amount of non-exempt property that you have. Under the bankruptcy code there are certain things that are considered necessary property to own. Anything above the necessary property is considered non-exempt property. In Texas, Debtors can use either Federal exemptions or state [...]

A Bankruptcy is not to be desired in life, but sometimes it is necessary. Two years ago you were making good money, married with two kids, had a house, two new cars and probably $20,000 to $50,000 in credit cards. You have never missed a payment on anything in your life. The credit cards are [...]

“I promise to stay current” are the words of many debtors when our office has just signed an “Agreed Order to Cure Mortgage Post Petition Arrears in Plan.” Well, when these debtors say these words I hope they understand that a red flag has been placed on their mortgage account to have an auditor micromanage [...]

When a Debtor enters into a Chapter 13 bankruptcy, the trustee bases their plan payment on the income they are receiving at the time of confirmation. However, things happen during the pendency of the bankruptcy, such as loss of job. When a Debtor loses a job, he needs to contact his attorney immediately to go [...]

I spoke with a gentleman today whose car had been paid off in his bankruptcy. He is now entitled to receive the title to his vehicle even though the case has yet to be discharged. Upon full payment of the secured confirmed value of the vehicle the creditor must release the title. I sent a [...]

I want to give credit to the Chapter 13 Trustee staff attorney and the people who work for him. I had a debtor that was in desperate need of getting her tax refund to her. If you know how the process works, the refund goes to the trustee for review before the Debtor sees it. [...]

Adequate protection of vehicle means that, as long as there is a lien holder on the vehicle, the full coverage insurance is required. Many debtors have carried only liability insurance on their vehicles that are financed, so when they file Chapter 13 bankruptcy the creditor will insist on adequate protection. Many debtors don’t realize that [...]

The most difficult part of Chapter 13 to explain to debtors is the Unsecured Creditor Pool, or UCP. If a debtor had disposable income of $950, and $650 is required to pay priority and secured claims in full, then a UCP of $300 x 60= $ 18,000 is provided for in the plan. This is [...]