chapter 13 Archives - Herrin Law
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chapter 13

When you file bankruptcy, you are required to disclose all of your assets. This includes any inheritance you may receive (even if you have not received it). The most important fact regarding an inheritance is when the person passed away.  If you receive the inheritance before filing, then you should discuss with your attorney on whether to proceed with filing. In most situations, the inheritance will be non-exempt, which  means you won’t be able to...

The idea of bankruptcy is scary. There is a negative stigma associated with it and most people do everything in their power to avoid having to consider it. However, a lot of the fears associated with bankruptcy are unfounded and simply put, are not true. 1. My Credit Will Be Ruined Forever A lot of people believe that they will never recover from filing bankruptcy. They believe that their credit will forever be tarnished. However, the facts...

Outside of Bankruptcy, Creditors have a lot of power. If they file a lawsuit and obtain a judgment, they can severely impact your life and your finances.  The first thing a judgment creditor can do is garnish your bank account. In some situations, depending on where your employer is located, they also may be able to garnish your wages. The Texas Constitution prohibits wage garnishment but if your employer operates in another state that allows...

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...

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...

The IRS is scary. They can do more than any other creditor in terms of collections.  They can put liens on your property, including your homestead.  They can garnish your bank account.  They can sell your stuff.  They can close your business and liquidate it. And if you try to call the IRS, you could be on hold for 1 to 2 hours and if you are lucky enough to speak to a representative, they may tell...

If you are in a chapter 13 bankruptcy, then your tax refund is likely the only chance you have at trying to get ahead.  However, the Chapter 13 Trustee will almost always attempt to take your tax refund while in a chapter 13. If you want to keep your tax refund, there are several things that may help. The Trustee’s default position depends on your jurisdiction.  In Dallas and Fort Worth, the Trustee will allow you to keep...

Introduction Under Chapter 13 bankruptcy, individuals with regular income are granted the opportunity to develop a repayment plan in order to satisfy all or part of the debts for which Creditors hold claims. A Chapter 13 repayment plan will allow a Debtor to make installments to Creditors over a period of three to five years to satisfy their debts. Some debts under this plan must be paid in full, while others may be paid only in...