Spendthrift trusts may be helpful for individuals who file for bankruptcy in Texas but who later receive an inheritance shortly after filing for bankruptcy. In many cases, it is likely that assets from an inheritance received within 180 days of filing for bankruptcy will be used to pay off … [Read more...]
Tax Withholding: How it Relates to Bankruptcy
Tax withholding is the amount of funds withheld from paychecks, pensions, bonuses and other forms of income in order to pay an individual’s annual federal income tax. Ensuring enough tax is withheld is crucial to managing household finances properly and, in the end, preventing the need for … [Read more...]
Bankruptcy Petition Form Requirements
The bankruptcy petition form, also called the voluntary petition, is one of the first of a long series of documents and paperwork that must be filled out in order to apply for Chapter 7 or Chapter 13 bankruptcy. The bankruptcy petition form reveals the basic information required to start the … [Read more...]
Proving Innocence When a Creditor Presumes Credit Fraud
Unfortunately, credit fraud may be presumed under certain circumstances. For instance, if you purchase luxury items of $500 or more on a credit card less than 90 days before filing for bankruptcy or take a cash advance of $750 or more, less than 70 days before filing, it is presumed to be … [Read more...]
Debt Obtained By Fraud
Debts by fraud are not dischargeable when filing for bankruptcy; those who accumulate debt they have no intention of paying back will still be responsible for it after bankruptcy. Using credit cards irresponsibly and accumulating luxury debt right before you file for bankruptcy is a red flag, … [Read more...]
Brunner Test Overview
The Brunner test is a way to determine if certain types of debt can be discharged based on hardship. Bankruptcy does not eliminate all types of debt such as student loans, so tests like these may be used to determine if the debt can be discharged. A Look at the Brunner Test To determine if you … [Read more...]
How Plano Graduates Can Get Out of Student Debt
Learning how to get out of student loan debts may prove helpful to some who are heavily financially burdened. Although it may sometimes be totally eliminated, it is generally difficult to erase. Options for Dealing with Burdensome Student Loan Debt If you’re struggling to make payments, one … [Read more...]
Using Bankruptcy to Delay Foreclosure
Filing for bankruptcy is a serious decision. Although it can discharge some debts and stop harassment from creditors, it stays on a credit report for up to 10 years, damaging filers' credit. However, what happens when a homeowner is behind on mortgage payments and does not want to lose his or her … [Read more...]
Texas Bankruptcy Exemptions
You should be aware of the bankruptcy exemptions in your state if you are filing. When you file for bankruptcy, your assets may be sold in order to pay off creditors for the amount of debt you owe. Each state has different laws as to the types and amounts of assets that can be excluded from sale, … [Read more...]
Top Bankruptcy Myths That Should Bite The Dust – Once And For All
There is no doubt that declaring bankruptcy is an emotionally difficult step. As a bankruptcy attorney, I have witnessed numerous times how good, hard-working people can fall on hard times and be swamped by unmanageable debts. Sometimes, filing for bankruptcy is the only option of getting back on … [Read more...]
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