Austin Bankruptcy Blog

Chapter 7 bankruptcy is a fast and low-cost solution for those with more debt than they can manage on their current income. Also known as liquidation bankruptcy, a Chapter 7 filing may require that you sell off property that you cannot exempt. After using any sale proceeds to repay your creditors...

Bankruptcy is often the last resort for those plagued by financial woes. Although people often think of Chapter 7 bankruptcy as the best or only option for individuals overwhelmed by debt, Chapter 13 bankruptcy is also a viable option. While it may take longer to secure a discharge and requires a...

Despite our best efforts, financial hardship can strike at a moment's notice. No matter how much savings we have, a sudden medical emergency, job loss, divorce or another emergency can leave you with nothing in the back and bills that are waiting to be paid. If something like this has happened to...

Having a working motor vehicle is not a luxury. It is a basic necessity for many people in Texas. Especially if you live outside of town, you need reliable transportation to provide for your family, work a job and take care of basic needs. Many drivers invest a significant portion of their monthl...

When you fall behind in one area financially, it can have a ripple effect on many other parts of your life. For example, a hospital with a big unpaid medical debt could file a claim for a lien against your home. A credit card company could garnish your wages, leaving you unable to pay your mortga...

There are numerous noteworthy distinctions between a Chapter 7 bankruptcy and a Chapter 13 bankruptcy. There are different income limitations and rules about what happens to your property and financial accounts. One of the most significant differences between these two popular forms of bankruptcy...

When you fall behind on an account, the creditor or lender will likely start calling you, probably more often than you would like. They may send you strongly-worded letters and advise that they will take legal action. It's easy to ignore those letters until a process server shows up at your front...

Filing for bankruptcy is scary. There is no denying that it can feel overwhelming and incredibly stressful, especially if you are not aware of the insolvency procedure and think that you are at risk of losing your entire life's savings and belongings. Over the years, a lot of bankruptcy myths ha...

It is required for anyone wanting to file for bankruptcy that they take prebankruptcy credit counseling and predischarge debtor courses. Both courses are taken at different times in the process. Credit counseling, the first course, must be taken before filing for bankruptcy, whereas the debtor e...

Bankruptcy can be a dreary experience. Should you want to rise from the ashes on top, we advise you to do a once over of what is not supposed to be done when filing for bankruptcy. Everybody wants to sneak in unscathed giving false records or hiding assets that would otherwise not aid them in th...

For those struggling with mounting debts who want to retain their assets, Chapter 13 bankruptcy can serve as a viable means for them to do. In Chapter 13, your debt repayment plans are rescheduled based on the court's assessment of what you can afford for the duration of the bankruptcy – which i...

Many people believe that filing for bankruptcy worsens their financial position. However, this is not entirely true. While it is true that bankruptcy affects a person's finances for some future years, in many cases, filing is the next best option. Here's why: Suspension of debt collection Once yo...

Most people do not realize that they are under threat until they hit bankruptcy. Suddenly, they have no money, piling debts, and threatening calls to tend to. Here are bankruptcy warning signs to look out for: Missing Payments This is the number one sign that you should look out for. If you are ...

Bankruptcy Doesn't Mean Losing Any of Your Property When most people imagine bankruptcy, they think of one having to part ways with some or all of their assets to pay back creditors. It is because of this misunderstanding that many shy from taking advantage of bankruptcy when they are finding i...

Meta Title: Bankruptcy May Actually Help Your Credit Score Meta Description: Wondering how filing for bankruptcy could help your credit score? You'd be surprised! Keywords: Filing for bankruptcy, credit score Bankruptcy May Actually Help Your Credit Score Bankruptcy laws were formed to help reli...

Filing for bankruptcy can be an arduous process. It is complicated in its technicality and can be confusing in certain places. It would help if you had assistance, whether or not you are recording under Chapters 7 or 13. Official US court sites give the official documentation for filing, which a...

There has been long a perpetuating myth that student loan debt in America cannot be wiped out by declaring bankruptcy. The truth is quite the opposite. A court can grant you a discharge provided you can prove it is causing you ‘undue hardship'. Courts will use different tests to evaluate whether...

It is not necessary that you only get sued for a loan that you remember. There can be a case where you get a legal notice for a long-forgotten debt, which is still left unattended. For such scenarios, you should know what to do if someone sues you. Hence, we have gathered everything that you c...

In a bankruptcy case, you are required by the court to reveal all information that is deemed necessary. This includes all your debts, assets, income, expenses, etc. In addition, you will be required to attend a 341 meeting, where your creditors will ask you further questions (HYPERLINK: 341 Meet...

Chapter 7 and Chapter 13 are two common bankruptcy programs available to individuals to discharge their debts. If you ever got confused between the two, here is a quick what, when, and why to help you learn their differences. What is Chapter 7 Bankruptcy? Chapter 7 bankruptcy is a liquidation ba...

Bankruptcy is one of the most challenging options that one can only choose if the situation does not allow any other possible way. While there can be various kinds of bankruptcies, when we talk about this year, the first thing that comes to mind is business bankruptcies in 2020. The reason...

When someone considers the option of going bankrupt, they are definitely in the most difficult situation and they cannot pay off their debts. However, when it comes to student loans, we have often heard that it cannot be discharged through this process. Well, it is high time that we start underst...

Whether you have a bank loan, a credit card loan, or even an unpaid medical bill, living with excessive debt can be risky. While we all have taken some debt at a given moment, it is necessary to keep track of everything that you owe. If not, you might find yourself in a difficult situation where...

In March of this year, in response to the impending economic downturn, the US government passed the CARES Act. Beyond the massive $2 trillion dollar stimulus package, the Act has allowed for a number of different changes to existing laws to make it easier for both businesses and individuals impa...

Despite the economic uncertainty brought by the pandemic this year, paradoxically, the number of bankruptcy filings in the country hit a new 14-year record low this November. According to data released by the legal giant, Epiq, new bankruptcy filings across all chapters for the month was 34,440,...