Bankruptcy Blog

When you file a bankruptcy yes you could lose some assets. Depending on which state that you live you can use either state exemptions or federal exemptions. The exemptions are the allow-able things you can have and file a Chapter 7 Bankruptcy and those things are protected. You can always go into a Chapter 13 [...]

The filing of a Bankruptcy is a big decision. The thoughts of even filing a bankruptcy is never just there. The reason the thought of filing a bankruptcy is there is something has changed in you life or income. The words like Repossession or Foreclosure become every day words you are using. The [...]

For one reason or another your income has changed to were you can no longer make the the payments on the debt you have. Credit cards are not very understanding, meaning after a few slow payments or non-payment the interest rate jumps to the max, even on the cards you did not miss a payment. [...]

The answer is yes, if you can legally incur debt then you can use a bankruptcy to deal with it. The chapter 7 Bankruptcy is use to deal with unsecured debts, You have to qualify to do this. Meaning not making too much money or having assets that can not be protected. The chapter 13 [...]

If you file a bankruptcy, yes you could lose an asset. Assets are cars, Houses, Boats, lake lots, Stocks, guns, and other similar things. There are Federal exemptions and state exemptions that you use to protect your assets when filing the bankruptcy. In some state they will allow you to use either state [...]

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 [...]

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 [...]

No one wants to file bankruptcy. They are afraid after filing they will lose their car and house or never be able to buy a car or house again. Some people think that even with a chapter 7 bankruptcy you have to still pay some of the credit cards back. Some people think because you [...]

I recently had one debtor that was terrified about losing her house when she filed for her Chapter 7 bankruptcy. I explained to her that when she files for a Chapter 7 bankruptcy, her house is fully protected, whether we use the state exemptions or the federal exemptions. The difference between the two [...]

A Chapter 13 Bankruptcy is usually filed by people that have fallen behind on their house or car, They make to much money to qualify for a chapter 7, or have assets that are an issue.
Once you fall so far behind on the house the mortgage company will try and work something out with you [...]