Daniel Herrin, Author at Herrin Law
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Author: Daniel Herrin

For most people, considering filing bankruptcy is extremely stressful. You are dealing with creditors calling you, lawsuits being filed against you and your credit score tanking. In addition to that, there is the stigma associated with bankruptcy. Filing bankruptcy for many people feels like they are a complete failure, it’s like they are giving up. This is why I see so many of my clients struggle for years with their finances. They think filing bankruptcy...

You should be talking directly to your attorney about any actions you want to take prior to filing bankruptcy. The court looks closely at any recent transaction and in particular, pays close attention to transactions done within 90 days of filing your bankruptcy. If the Court sees you preferring one creditor over the other prior to your filing, that may create issues in your bankruptcy due to preferential treatment. For instance, if you have credit cards...

In Texas, your primary residence is protected under the homestead exemption. Unlike other states, Texas provides an unlimited homestead exemption. This means if you have $300,000 in equity in your home, it is protected from your creditors and the bankruptcy trustee. However, there are some unique exceptions you must be aware of. The first rule that could impact your homestead exemption is known as the 1215 day rule. This means, if you purchased your home within the...

Exemptions are simply a legal term used to determine if you can protect your property from the bankruptcy process. When you file a bankruptcy, you are required to turnover any NON-EXEMPT property. The good news is that in Texas, most of your property will be exempt. In over 95% of the cases I file, my clients are able to exempt 100% of their property.  Texas is known as an opt-in state, which means you can choose the...

If you are going to have to file bankruptcy, then Texas is the state you want to live in. Texas has the best exemptions in the United States. In addition, Texas allows you to choose between state or federal exemptions. Exemptions are the legal mechanism that allow you to protect your assets. The Texas Homestead exemption is the best in the country. It allows you to protect an almost unlimited amount. It does have an acres limitation...

Most people have a preconceived notion that an estate plan is expensive. This is partly due to some attorneys who choose to use exoctic and complicated estate plans. The more complicated, the more they can charge. For 95% of the people out there, a simple estate plan is all that is needed.  A simple estate plan consists of four core documents: Your WillFinancial Power of AttorneyMedical Power of AttorneyPhysicians Directive (Also known as a Living Will). If you qualify...

The most important choice for you to make is picking the right estate planning lawyer. The good news is that it’s pretty easy to find a good lawyer. Almost every single estate lawyer provides a free consultation of some sort. This is your chance to get a feel for the lawyer and law firm. Always interview a minimum of two lawyers and if you have the time, you should talk to at least three.  These consultations are...

1. Without an estate plan, you are costing your family money and adding more stress.   When you don’t have your estate documents in order, the state gets to determine what happens. This creates confusion and also leads to more time spent on dealing with a loved ones estate. In addition, the attorney costs and court costs are usually more expensive when you don’t have an estate plan. It also can lead to more fighting within your...

https://youtu.be/jWYv8wc_Smk The most important choice for you to make is picking the right lawyer. The difference between a good lawyer and a bad lawyer could be the difference between you completing a bankruptcy and getting a fresh start or your bankruptcy failing and you ending up in a worse situation. The good news is that it’s pretty easy to find a good lawyer. Almost every single bankruptcy lawyer provides a free consultation of some sort. This is...

https://youtu.be/lV615pEa7js Chapter 7  First, let’s start with a Chapter 7 Bankruptcy, which is also known as the liquidation chapter. In a Chapter 7 bankruptcy, you want to get rid of your debt in the fastest way possible. A chapter 7 allows you to discharge your unsecured debt in as little as 100 days. In addition, if you have secured debt that you don’t want anymore (vehicle, home), you can walk away from it and get rid of...