Preparing for bankruptcy

Which Bankruptcy Is Best?

11/03/11

Texas bankruptcy filings have shifted quite a bit over the last year. The number of Chapter 13 bankruptcy cases has increased, while the number of Chapter 7 cases has decreased. Although some of these differences could be attributable to tightening of the qualification standards for Chapter 7, many people are finding themselves financially able to [...]

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The “341 Hearing” – What Should I expect?

10/02/11

The creditors’ meeting, otherwise known as 341 meeting, is a procedural step in every Chapter 7 and Chapter 13 bankruptcy. In a typical 341 meeting, the debtor will be asked questions under oath by the bankruptcy trustee with respect to his or her financial affairs. Most debtors are apprehensive of the 341 meeting. While 341 [...]

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Getting The Most Out Of Your Bankruptcy Consultation

09/16/11

Bankruptcy is Not an Easy Decision Filing for bankruptcy is not an easy decision for anyone. The process itself is often scary enough and many people simply have no idea what a “free consultation” entails. With all of the paperwork and detailed requirements, it is easy to miss important information. Hiring a bankruptcy attorney is [...]

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Should I Convert My Chapter 13 to Chapter 7?

08/24/11

Most Chapter 13 cases are not successfully completed and discharged.  This means that there are many individuals who file for Chapter 13 and find themselves unable or unwilling to continue.  Can these filers convert to Chapter 7?  Should they? If you are eligible for Chapter 7 bankruptcy, section 1307(a) of the Bankruptcy Code permits you [...]

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Want a Successful Discharge? Things NOT to do Before a Bankruptcy

08/23/11

Things you shouldn’t do right before filing for bankruptcy If you’ve made the decision to file for bankruptcy, you’re making the choice to get back on track to financial stability. If you know you’re going to file soon, there are a few things you should remember not to do, as they will damage your bankruptcy [...]

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When Would I Convert from Chapter 7 to Chapter 13 Bankruptcy?

08/20/11

Although debtors are typically required to pay at least some of their unsecured debts in Chapter 13, and are required to complete a plan, it may sometimes be strategic to convert a Chapter 7 case to Chapter 13.  When would this be? If a creditor objects to your chapter 7 case, the court may dismiss [...]

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WARNING TO California and Florida Residents

08/14/11

If you live in California or Florida, your financial problems are probably more serious than if you lived in other states. The large number of residents in these states – combined with home values that skyrocketed and then collapsed – resulted in many people owing far more on their homes than their homes are worth. [...]

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The Bankruptcy Process

08/09/11

What steps need to be taken when you file for bankruptcy?  How will the thing pan out?  To avoid the fear of the unknown, here is a general run-down of the basic steps of filing for bankruptcy and receiving a discharge. Before you file your petition, you are required to complete the counseling requirement.  This [...]

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Befuddled by Student Loan Consolidation

08/03/11

It is a harsh reality of today’s post-collegiate environment – two-thirds of all students now graduate with burdensome debt that can follow for many years to come. Following a recent news story on CBS Evening News, a comment was made that a student CAN have their federal student loans discharged in a Chapter 7 bankruptcy [...]

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What is My “Current Monthly Income” and How Does it Affect My Filing of Bankruptcy?

07/27/11

Your Current Monthly Income Affects Eligibility for Chapter 7 Bankruptcy The term “current monthly income” (CMI) is an important concept in bankruptcy that courts use in several “bankruptcy tests”. For example, your “current monthly income” is important because it can effect whether you are eligible to file in a Chapter 7 bankruptcy, and in a [...]

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