The bankruptcy trustee is given the power to set aside or “avoid” certain transfers of the debtor’s assets out of the estate that unfairly place assets beyond the reach of creditors. Such a transfer of the debtor’s assets to a third party, with the intent to prevent creditors from reaching the assets to satisfy their…
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Bankruptcy Basics
Bankruptcy in the United States seeks to benefit both debtors and creditors by seeing that debtors get relief from debts they can’t pay, and that creditors get paid from whatever assets the debtor does not need to live going forward. Bankruptcy is governed by the federal law found in Title 11 of the United States…
Bankruptcy: An Overview
Bankruptcy law provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors. This supervised division also allows the interests of all creditors to be treated with some measure of equality. Certain bankruptcy proceedings allow…
What Happens to My Car if I File Bankruptcy?
There are several issues to consider in answering this question. The most important issue is the value of your car. In most cases, you can protect your car using the allowable bankruptcy code exemptions. An exemption allows you to file for bankruptcy relief and protect some of your property. The bankruptcy courts understand you need…
New Bankruptcy Law
You’ll probably need a lawyer… The Bankruptcy Abuse Prevention & Consumer Protection Act of 2005, in effect since Oct. 17, 2005, requires debtors to pass more stringent guidelines to determine whether they can have their debts liquidated through Chapter 7 or whether they must enter a repayment plan through Chapter 13. Below is a description…
Debt Negotiation Gone Wild
I’ve been following the sad tale of Debt Relief USA, a debt settlement company here in Dallas. Their big pitch was that you should not file bankruptcy. But, that’s exactly what they did. Seems they took in $4.5 million of people’s money and were supposed to use it to “settle” their debts. Instead, they used…
Debt Settlement Plan- Will This Work?
I was meeting today with a new potential client who came in for a free consultation after seeing my bankruptcy website. He’d receive a pitch from one of the 70-thousand “debt settlement” companies out there. This company had clearly put some thought into their strategy. They take $5,000 up front as their “fee.” Then, you…
Can I File for Bankruptcy for Free ?
There are three main costs in filing bankruptcy: the attorney fees; the court costs; and the credit counseling classes. If you handle the whole case yourself, you can save the attorney fees. The bankruptcy court calls this a “pro se” filing. In the Dallas area, bankruptcy attorney fees range from around $1700 on the low…
Types of Dallas Texas Bankruptcy (VIDEO)
There are several types of bankruptcy. This video was produced by the US Trustee’s office to describe each of the types and the key differences between them. Even though being overwhelmed by debt isn’t a situation which anyone would wish to be in, there are options available to Texas residents which can help them to…
Dallas Texas Bankruptcy Discharge (VIDEO)
There are times when some of us find ourselves in situations where there just doesn’t seem to be any way out. Debt is one of these and especially with times being more than a little tough, there are a lot of people who have ended up falling behind on their mortgages, car payments and other…
Dallas Texas Bankruptcy: Do I Need a Lawyer? (VIDEO)
Even though it is legally permissible for individual debtors to represent themselves before the court in a Chapter 7 bankruptcy, Dallas area residents generally choose to retain the services of an attorney during a Dallas Texas bankruptcy proceeding. Bankruptcy is not a simple legal proceeding and the complexity of the bankruptcy laws in the United…
Dallas Texas Bankruptcy Court Hearings (VIDEO)
Filing for a Dallas Texas bankruptcy is something no one looks forward to. However, when you’re faced with massive debt and can’t see any other way out of your situation, the protection provided by the US bankruptcy codes can help you to prevent a Dallas Texas foreclosure and save your home as well as other…