Latest on the Bankruptcy Blog

The 2007 tax law enacted by the IRS that prohibits treating short sale debt forgiveness as taxable income is set to expire, according to a foreclosure lawyer. This same law was set to expire at this time last year, but Congress enacted legislation to extend the program for 2013. This time around, no such legislation  … Read more

Many people are aware of the various benefits that filing Chapter 13 Dallas bankruptcy can have for your financial future. The ability to make income-based repayments over a period of time and then have the remainder of your debts discharged is an attractive one for many people who face massive debts but do not want  … Read more

An automobile manufacturer that had made waves with its promising electric sports car has declared Chapter 11 bankruptcy. The company had high hopes for its electric sports car, but the car failed all performance tests recently and has been a huge financial flop. The automobile company’s creditors include the U.S. Department of Energy, which stands  … Read more

This week in bankruptcy news: After eliminating near $1.4 billion in debt in Chapter 9, Alabama County is looking forward to an improved financial year; meanwhile, Detroit’s bankruptcy proceedings are heading down a path that could prove positive for bond holders. Read the full stories below: Biggest Bankruptcy Before Detroit, Alabama County Stages Comeback Detroit  … Read more

Selling your home via short sale is still an attractive option for some homeowners facing underwater mortgages and looking for a way out. A recent study showed that the average short sale results in $60,000 in debt forgiveness; for the struggling homeowner, that forgiven debt can be a godsend. There are more than a few  … Read more

If you have considered filing Chapter 13 Texas bankruptcy, you may wish to familiarize yourself further with the “best effort” requirement. What this requirement means is that your repayment plan under Chapter 13 must represent your “best effort” to make payments to as many unsecured creditors as you can in the order they are established  … Read more

In a Chapter 7 Texas bankruptcy, as you may or may not know, a bankruptcy trustee is appointed to oversee the case. This trustee is in charge of impartially collecting all your assets, selling off those which are not secured, and distributing the resulting money to your creditors in the appropriate manner. The bankruptcy trustee  … Read more

There are a number of reasons why you might decide to convert your Chapter 13 Dallas bankruptcy into a Chapter 7 plan. In some cases this decision is made for you by the bankruptcy court in a forced conversion, but there are also circumstances which can result in a conversion becoming the desirable option for  … Read more

If you are facing a mounting pile of debt, you have probably heard the siren song of a debt negotiation company and been tempted to answer the call. These companies usually advertise settling your debt for pennies on the dollar, getting your debt forgiven, and other claims that sound too good to be true. While  … Read more

Designer Furniture Warehouse, the regionally recognized furniture retailer, has declared Chapter 11 bankruptcy and will be closing all but one of its eleven stores, according to a bankruptcy attorney close to the case. DFW had, at the time of filing, assets listed in the $1 million range and debts at nearly ten times that amount.  … Read more