Herrin Law | Blog
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Bankruptcy is a powerful tool that can really help a person get back on their feet. One of the main policies for bankruptcy relief is to give individuals and businesses a fresh start. It would not be much of a fresh start if you were not able to remove your debts. Most all of your debts can be removed through the bankruptcy process. Everything from credit cards, medical bills, loans, payday loans, lawsuits and even...

Foreclosure can happen to anyone. There were nearly 2 million foreclosures in the US in 2012.  The Dallas area ranked 11th among major cities in foreclosures during that same year. However, all is not lost, there are several tools that a homeowner has that can help stop a foreclosure but this blog is going to focus on Bankruptcy. When you file a bankruptcy under title 11 of the united states code, there is an automatic stay that goes...

One of the most common questions I get from clients is "how can I improve my credit after bankruptcy". In order to maximize your credit score after bankruptcy, you need to establish positive credit reporting. To establish positive credit report you need to MAKE YOUR PAYMENTS ON TIME, EVERY TIME. Do not be late on anything. If you have a vehicle or home, do everything you can to make those payments on time. If you did...

My Debt Was Forgiven, Now What? When a mortgage company or even credit card company cancels or forgives your debt, there could be serious IRS implications. In other words, you are not out of it. Typically, when a company forgives or cancels a debt, they will mail out a form 1099-C to the individual debtor. If you do nothing at this point, that debt will become part of your gross income and you will be required to...

A recent case out of Alaska (In Re: Thomas Mortensen) held that a transfer to a trust was a fraudulent conveyance. I disagree but the issues presented can help future debtors avoid some of the pitfalls made in this case. The debtor purchased a property in 2004. In 2005, the debtor transferred the property to an Alaskan Self-Settled Trust. The express purpose of the trust was "to maximize the protection of the trust estate or estates...