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 …
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 …
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 …
