State laws govern financial obligations within the state, medical bills, and leases for example. When a debtor seeks bankruptcy protection, federal law overrides state law. Federal law provides a uniform law on the subject of bankruptcies throughout the United States. While bankruptcy laws are usually under federal jurisdiction, some states give you the option to  … Read more

When completing your bankruptcy petition in perpetration to file bankruptcy in Texas, you must tackle a large amount of paperwork. Among the required paperwork are lists of financial information called schedules. Schedules give debtors a “template” if you will, to list all their debtors, property, income, and expenses for the US bankruptcy courts. Contained in  … Read more

The Bankruptcy Abuse and Prevention Act is a law that went into effect in 2005. Credit card companies strongly supported the new laws, while they didn’t get everything they wanted to be included in the law, they did get a lot of changes to the way people file bankruptcy. Means Test The means test is  … Read more

Farmers hold a special place in the heart of the US economy. However, this year has been especially tough on farmers. The Federal Reserve recently announced that farm bankruptcies in Minnesota and the Upper Mid-West are on the rise. Meanwhile, Chapter 12 bankruptcy protection cases in Texas dropped for farmers. Changes in Chapter 12 Bankruptcies  … Read more

No one is eager to file bankruptcy; the process has long-term implications for your financial life and ability to borrow money. Bankruptcy should be considered after all reasonable efforts to get control of your debt has been exhausted. A personal bankruptcy attorney can help you get back on your feet and get a fresh start.  … Read more

With the soaring cost of production compared to stagnant commodity prices, agricultural experts expect the number of Texas bankruptcy cases filed by farmers to rise in the coming years. Because farmers make up the backbone of America’s food dependency and security, the US Bankruptcy code outlines a special chapter of bankruptcy sole for insolvent farmers,  … Read more

As a requirement to filing bankruptcy, you must take a credit counseling course approved by the US Bankruptcy Courts. You must take this course within 180 days of filing for either Chapter 7 or Chapter 13 bankruptcy in Texas. While this course is relatively quick and painless, the provider of the credit counseling course must  … Read more

They say timing is everything and this couldn’t hold truer than when deciding to file for a Dallas bankruptcy. The majority of bankruptcy cases emerge after an individual has experienced a life-changing event such as a prolonged illness, loss of employment, after being sued, or after a divorce. While this seems like an appropriate time  … Read more

To the unknowing or uninitiated, declaring bankruptcy, either chapter 7 or Chapter 13, may seem like magically eliminating all your debt. This leads many to ask who pays for bankruptcy.   It’s true that bankruptcy will wipe out some or all debt, the debt solution comes with filing fees and administrative costs associated with it. Bankruptcy  … Read more

When filing bankruptcy the US Bankruptcy Trustee assigned to your bankruptcy case will examine your income versus expenses. During the course of a Chapter 13 bankruptcy, the court allows for expenses that are considered “reasonably necessary to live”. A number of expenses are allowed to be included in this list and excludes payments to unsecured  … Read more