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.
When you’re ready to get out from under the crushing debt load and begin a new debt-free life, contact Dallas bankruptcy lawyer Rustin Polk by clicking here. Tell our [...]
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When you’re ready to get out from under the crushing debt load and begin a new debt-free life, contact Dallas bankruptcy lawyer Rustin Polk by clicking here. Tell our Appointments Coordinator, Cindy, that you are a website reader and she will set you up with a free, no obligation appointment to learn how we can [...]
This video explains the basics of bankruptcy. It was originally produced by the US Trustee’s office and is hosted on my Dallas Bankruptcy Attorney YouTube channel. I hope this video is useful!
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When you’re ready to get out from under the crushing debt load and begin a new debt-free life, contact Dallas bankruptcy lawyer [...]
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 assets to [...]
Dealing with creditors on your own
First, you must realistically determine how much TOTAL you can afford to pay per month toward your debt. To figure this, you must make a budget of what living expenses you incur so that you can figure what, if anything, is left over to apply to the debt.
Once you’ve determined [...]
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 lien or [...]
The automatic stay is one of the most important aspects of the bankruptcy law. Once a petition for bankruptcy is filed by a debtor, the automatic stay is immediately in place. This means all collection activity must stop, and a creditor may be punished for ANY collection activity that occurs, even if they did not [...]
A bankruptcy discharge releases the debtor from personal liability for certain specified types of debts. In other words, the debtor is no longer legally required to pay any debts that are discharged. The discharge is a permanent order prohibiting the creditors of the debtor from taking any form of collection action on discharged debts, including [...]
1. Bankruptcy relief is no longer available and/or practical.
This is absolutely false. The new bankruptcy laws have made the process more burdensome in some cases, and altered eligibility for certain people, but for most people, if they were eligible before, then they are likely eligible now for bankruptcy relief.
2. If I file bankruptcy I will [...]
Declaring bankruptcy can be a complicated legal process, but if you have an attorney, it may be relatively quick. But be warned: if you hide assets, or have committed fraud, or are trying to use bankruptcy in a wrongful way, it can be full of unpleasant surprises and frustrating delays. Things happen in the same [...]
Here are some things to consider.
1. Learn about it. For individuals, there are two main kinds of bankruptcy:
Chapter 7 — a bankruptcy where many, if not all, of your debts are cancelled outright in a short three- to six-month process.
Chapter 13 — a bankruptcy where you use your income to make payments on your debts [...]
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 Code. [...]
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 [...]
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 of [...]
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