Austin Bankruptcy Blog

A bankruptcy discharge can definitely hurt your credit score, but nonetheless, without the burden of your past debts, you can find it much easier to regain your financial health. 1. Plan a Budget Budget planning is central to effective money management. On a spreadsheet or with the use of an on...

Declaring bankruptcy has significant effects on a public company, including severe consequences for its investors. This decision is often derived from cripple debt that the public company cannot pay back under the current terms of agreements. Hence, declaring bankruptcy is the only way for the c...

1. Any debt incurred after the bankruptcy filing date does not qualify as part of your discharge. Therefore, it is best to file when one is sure that they are reasonably sure that they won't be incurring any further unmanageable expenses while during and after the bankruptcy process. 2. Include ...

Payday loans, also commonly known as cash advances, check advances, or paycheck advances, may seem like an appealing option to those falling behind on their bills. However, when people start to rely heavily on payday loans, they can get stuck in a pattern and end up filing for bankruptcy. What i...

Constant calls, emails, or lawsuits from debt collectors may stress you out, putting you in a frenzy, but they are more common than you know. The Consumer Financial Protection Bureau states that over 70 million Americans have faced debt collectors at some point in their lives, while approximatel...

If you are a debtor who is out of options and is now thinking of going bankrupt, it might be the right way to go for you. However, if you are an investor, a personal creditor, either secured or unsecured, the situation for you will be very different if one of your debtors goes bankrupt. Th...

Photo by Daniela Holzer on Unsplash If you are struggling with a mountain of debt, a Chapter 7 bankruptcy allows you to resolve yourself of the burden and start your financial life on a fresh slate. However, there are a few pitfalls that one should take care to not fall into when filing fo...

—-Your Common #Bankruptcy Questions Quickly Answered—- 1. Will I lose my house in Chapter 7 Bankruptcy? In most cases, your house will most likely be exempted from being sold off in a Chapter 7 Bankruptcy case. 2. Can Bankruptcy take my social security? As per Federal Law, your social security ...

Bankruptcy fraud is a federal felony that can carry with it a number of severe penalties if the defendant is found guilty, ranging from heavy fines to years in prison. It can encompass a number of different offenses but the most common is of a bankruptcy filer deliberately hiding or lying ...

Texas is a state that offers among the most generous of bankruptcy exemptions. Here is a quick overview of which of your assets can be protected during a Chapter 7 bankruptcy case. Homestead Texas allows you to exempt an unlimited amount of equity from your homestead (primary residence). Meanin...

You may believe that finding an apartment in Texas after filing for bankruptcy is close to impossible, but we're here to help you achieve that dream. Landlords may be wary of the negative mark on your credit history, and everything will seem to go downhill from there. However, it is entirely pos...

Hospital and medical bills are mostly not under our control. Along with the emotional and physiological stress that comes when you or your loved one is in the hospital, dealing with the added pressure of overwhelming medical fees is not easy. This will why people often seek bankruptcy relief aft...

While filing for Chapter 7 or Chapter 13 bankruptcy can release you of debt and give you a fresh start, this is not true for all types of debt. You don't have to worry about consumer debt, like most medical and credit card bills, as these fall under the category of dischargeable bills. How...

The connection between coronavirus and bankruptcy is not a shock for any of us. The economy has been shakier than ever and there is no way everyone will be able to recover post-pandemic. Hence, it is quite obvious for people to think about going bankrupt as an option as the result of recent cha...

Colorado Couple Sees $200,000 in Student Loans Forgiven It is not often that you see student loans being discharged when a person files for bankruptcy. In fact, it so rarely happens that a lot of people have come to mistakenly believe that it is an unforgivable debt. This, of course, makes the ...

Chapter 7 Bankruptcy Required Document Checklist ✔ The average Chapter 7 bankruptcy petition is around 50 pages in length, so that means a lot of information is required on your side to complete the forms. Here is a checklist of essential documents usually required in a Chapter 7 Bankruptcy case...

Thinking of getting a discharge by filing for a Chapter 7 bankruptcy? The information here might be useful. 1. The Means Test To qualify for filing a Chapter 7 bankruptcy case, you have to first pass the Means Test. This test takes note of your debt, income, expenses, and other factors to determi...

When someone dies, the loss is heavy for family members, friends, and loved ones. Emotions are strong, and everything seems haphazard. However, what's worse is when, amidst the chaos, there are legal issues to deal with that arrive if a debtor died after declaring Chapter 7 or Chapter 13 bankrup...

Filing for bankruptcy in Texas can be tricky- you might feel scared of the consequences yet may not see yourself with a lot of options. You might have endless questions about the personal insolvency procedure after hearing and reading about lots of bankruptcy-related incidents shared by random p...

Being unable to manage one's debt is stressful enough; the last thing anyone would want is for them to get sued by their creditors. If you find yourself unlucky enough to be in this situation, don't panic! Take a deep breath and tackle the problem methodically. Here are 5 steps to take in case o...

For those struggling with debt, bankruptcy provides a means to get rid of the financial burden and start your life from a clean slate. Still, bankruptcy remains a little-understood concept by many people, preventing them from fully taking advantage of their legal rights or even attempting to sta...

During any time within the bankruptcy process, any of the parties involved may choose to file for an adversary proceeding. This article will seek to explain what an adversary proceeding is, how it works, and what are its main types. What is an Adversary Proceeding? An adversary proceeding is a t...

A timeshare is a property in which multiple parties hold ownership. Because of its unique nature as an asset, many may wish to know what happens to a timeshare in a bankruptcy case. This article will aim to provide you with that info as well as other important details related to the topic. Times...

A claim is a term used to describe the outstanding debt a person owes to a specific creditor. In bankruptcy, a creditor must file their claim first in order to receive payment. There are two types of claims that a creditor can file – secured and unsecured. The main difference between the two is t...

Many Americans see filing for Chapter 7 bankruptcy as a means to get rid of their high debt burden and restart their financial life on a fresh new slate. However, in order to be eligible for it, individuals have to first pass a bankruptcy means test. In simple terms, it is a formula to determine...