Bankruptcy Blog

New Years Day for most of us is a good day, but for people that have fallen behind on their mortgage their home is going to be sold on the court house steps starting at 10 o’clock. In Texas the mortgage company can only Foreclose on your home the first Tuesday of the month. […]

The filing of a bankruptcy is usually used to discharge unsecured debts. Unsecured debts in most cases are credit cards and medical bills. Cars that have been reposed, homes that have been foreclosed on, Apartments that you move out early.
With these types of unsecured debts they are dischargeable.
Some of the store credit cards are […]

Taking a debt education course before the filing of a bankruptcy is required by law. This doesn’t mean you have to pay A company money to try and settle or make payments to and let them pay your creditors. In most cases the course that takes is an on line course 1 to 2 […]

Within this last week, I have had three debtors that are filing for Chapter 7 bankruptcy let a house go back to a mortgage company. It happened this year and they are filing their Chapter 7 case before the end of the year to avoid any repercussions with the IRS as it relates to […]

Many people are under the impression that if they come in and file an individual Chapter 7 bankruptcy and they are married, they don’t have to include the spouse’s income. In the state of Texas, the law is stated as community property, meaning what is yours is his and what is his is […]

A Chapter 13 Bankruptcy is a plan that can force creditors to work with you. If your home is up for a foreclosure sale, Filing the bankruptcy will force the mortgage company to allow up to five years to pay back the arrears. IT will not lower the interest rate on the loan. If you […]

If you can do this never co-sign anything for any one. Once you put your name to this anything good or bad will go on your credit also. Car dealers will always say they need to have a co-signer and in a year they can refinance the car in their own name. “Not” — in […]

Many debtors attempt to resolve their problems by taking money from their 401k. They then decide that they can’t take care of their business as they thought and end up at a bankruptcy attorney’s office. Most of the time it seems that the debtor is current on their mortgage and car payments, but […]

Many people may not need to worry about what effects of selling a house could have when they file for a Chapter 7 bankruptcy, but recently I had a Chapter 7 Debtor who did sell her house within the last 6 months. We had to include the proceeds she received in her pocket to […]

Filing a Bankruptcy is a negative thing to do, But people filing a bankruptcy already have bad credit. After filing a Chapter 7 bankruptcy you are now able to start rebuilding your credit the next day. Within several months will receive credit card offers and new car sale offers. The offers will be at higher […]