BankruptcyQuestionsNationalBankruptcyForum

If you are overwhelmed with debt filing for bankruptcy may provide some relief. Bankruptcy can allow a debtor to restructure his debt and regain financial health. Typically, there are two types of bankruptcy available to a debtor, Chapter 7 and Chapter 13. The requirements and benefits offered by the two types of bankruptcy differ greatly. [...]

In cases where a homeowner is drastically underwater, the Bankruptcy Code gives chapter 13 debtors the ability to forcibly modify a second mortgage and thereby reduce their housing costs. As the real estate crisis continues to linger, many consumer advocates have been vocal in supporting proposed legislation that would extend bankruptcy’s mortgage modification power to [...]

Letter 1058 Precedes an IRS Levy The IRS seizes or levies property from taxpayers who owe back taxes. It is through the levy process that the IRS garnishes wages, seizes a car or attaches other items of property. Many taxpayers are frightened by notice of an IRS lien, however, tax liens only serve to put the world [...]

As a Dallas bankruptcy lawyer, I help people resolve their debts and protect their assets through bankruptcy every day. When it comes to asset protection, there are two ways your personal property could be protected in bankruptcy. Federal bankruptcy exemptions offer basic asset protection for anyone in the United States filing for bankruptcy, while state [...]

Bankruptcy Relief Hasn’t Always Been Available Bankruptcy is a process under federal law whereby individuals as well as businesses can shed unmanageable debt and start over. Under the right circumstances, filing for bankruptcy can provide tremendous relief, however, for much of history, the concept of discharging debt was quite foreign. Historically, individuals who could not [...]