Much of your assets are always protected from creditors. There are both state and federal laws which protect certain items you own from seizure. A good example would be retirement accounts such as pensions, IRAs, or 401Ks. These funds are ‘exempt’, which means that no creditor may take them. You cannot simply ‘give’ your non-protected…
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Bankruptcy Warning Signs
Sometimes a person in economic distress can head off bankruptcy by picking up on bankruptcy warning signs-some of which we list below. By changing spending habits, you may be able to pursue a non-bankruptcy option– with the help of sound legal advice and practical wisdom from an experienced bankruptcy lawyer. Bankruptcy Warning Sign #1: Tax…
Beware of Credit Repair Schemes
You see the advertisements in newspapers, on TV, and on the Internet. You hear them on the radio. You get fliers in the mail. You may even get calls from telemarketers offering credit repair services. They all make the same claims: “Credit problems? No problem!” “We can erase your bad credit-100% guaranteed.” “Create a new…
The 341 Hearing Date Is Bad For Me, Can I Get A New One?
After you’ve decided to get rid of your debts and file bankruptcy, the Court will set up your “341 Hearing” (a.k.a the “Meeting of Creditors”). You’ll get a notice telling you when and where your 341 hearing will be. Every once in a while, one of my clients will ask me to change their 341…
You Don’t Owe More Income Taxes When You File Bankruptcy
Someone sent me a 1099 for an old debt, but I’ve been through bankruptcy. Do I have to pay more taxes to the IRS?
How To File For Dallas Texas Bankruptcy (VIDEO)
While bankruptcy can offer many benefits to Texans who find themselves faced with seemingly insurmountable debt, it’s not at all as simple of a process to file for Dallas Texas bankruptcy as you might think. Seeking the protection of a bankruptcy proceeding can be a very complex matter and there are a number of things…
Dallas Texas 341 Hearing or “Meeting of Creditors” (VIDEO)
One of the parts of the process of filing for a Dallas Texas bankruptcy is something which is known as a 341 meeting. Named for the part of the US bankruptcy code which mandates that this meeting take place, this meeting is where the debtor’s identity will be verified and creditors will have an opportunity…
Dallas Texas Bankruptcy Basics (VIDEO)
There’s nothing worse than being deeply in debt; even small debts can cause a great deal of stress to consumers and struggling with a heavy load of debts can lead consumers to think that there is no way out of their situation. While it’s not anyone’s first choice, a Dallas Texas bankruptcy is one option…
Reaffirmation Agreements
1. What is a Reaffirmation Agreement? When you file a Chapter 7 bankruptcy, some or all of your debts are discharged and you are no longer legally responsible for paying them back. This gives you a “fresh start.” A reaffirmation agreement is where you agree to pay a debt even though you could have eliminated…