Filing Bankruptcy requires you to file a Petition with the US Bankruptcy Court in your city/county. This can be done electronically. The moment the petition is filed, you will receive a bankruptcy case number and will be afforded the protections of bankruptcy. However, BEFORE YOU CAN FILE YOU MUST COMPLETE A CREDIT COUNSELING COURSE. There …
Bankruptcy allows a person or business to deal with their debt. There are two main types of bankruptcies for consumers: Chapter 7 (known as a liquidation) and Chapter 13 (known as a reorganization). In addition there are other chapters for corporations, farms, and municipalities but those will not be covered in this blog. Chapter 7 …
Financial stress is the number one cause of stress in adults. Most people get so used to being stressed that they no longer recognize or know what living a life with minimal stress is like. Being stressed is their new normal. When someone is stressed financially, it impacts them 24/7. I describe it like a …
There are really 3 main laws that regulate debt collection. You have the Fair Debt Collection Practices Act (known as FDCPA), which is a federal law. You also have the Texas Debt Collections Act (known as TDCA or TDCPA), which is a Texas law. In addition there are Fair Credit Reporting laws that come into …
The reason debt collectors file lawsuits is because they work. Nothing scares a person more than getting served with a lawsuit. There is this fear that if they don’t do anything they could get into serious trouble. Some people falsely believe that they could go to jail or face criminal charges because of the lawsuit. …
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 …
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 …
3 Biggest Fears of Filing Bankruptcy (and what to actually do about them) Read More »
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 …
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. …
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 …
