In Texas, the marital community enjoys the protection of the filing spouse’s chapter 7 bankruptcy discharge
Author Archives: msices
Beware of Loan Modification!
Many of my clients and homeowners around the country are reporting a lack of success with their attempt to obtain loan modification. Beware of Mortgage Servicing Firms that are telling their clients that they have to be three months late before they can even apply. After they apply, these homeowners are then given ...
Timeline of Events in a Chapter 7 Bankruptcy
Bankruptcy Timeline: You set an initial appointment with your bankruptcy attorney and make arrangements to be in the office at the appointed place and time to discuss whether a chapter 7 is the right solution for you. Either at the initial consultation or later, you will retain your new chapter 7 lawyer and pay the ...
5 Truths About Debt Consolidation Programs
1. They are not designed to get you out of debt 2. The not-for-profit ones are no better than the for profit ones 3. Most people don't get out of debt using a debt consolidation plan 4. Bankruptcy, even Ch 13, is often better than a debt consolidation plan 5. The debt consolidation industry ...
Is an “Online” Bankruptcy Right for You?
Bankruptcy is intended to help a person in financial crisis get a fresh start, but the laws and regulations you need to comply with are very complex and vary from person to person, and state to state. An online service can help someone prepare a petition, but it cannot serve as an advocate ...
When is Bankruptcy the Way Out?
Accountants generate a report called a "cash flow statement." It is a fancy way of deciding whether you are spending more than you are making; in other words, if you are "in the hole." "In the hole" is not a technical term, but I like to refer to it when talking with people about ...
Can I Discharge Student Loans in Bankruptcy?
The short answer is no. But ... in some rare cases, student loans can be discharged if the debtor can show "undue hardship." The standard for "undue hardship" requires a three-part showing: (1) that you cannot maintain, based on current income and expenses, a "minimal" standard of living for herself and her dependents if forced to ...
Is Chapter 7 or Chapter 13 Bankruptcy Better?
Is Chapter 7 or Chapter 13 Bankruptcy Better?
Predatory Credit Card Lenders – The Inside Story
The inside story on how B of A conducts it's business to maximize profit, without any concern for it's customers. This goes further than the often maligned practice of increasing interest rates to 30% for individuals who are late or struggling to pay, and it is important to listen to the voices of those who ...
If I file for Chapter 13 Bankruptcy, How much will I have to pay my creditors each month?
If you are swamped with debt, you can discharge all of your credit card and unsecured debt in a Chapter 7 immediately, keeping exempt assets such as a house or car, and other household items. However, if you earn more than the median income in Texas (for your household size), then the new ...