Posted on December 13, 2024 in Uncategorized

If you are facing a significant amount of debt, you may be wondering about some options to pay it down, even if you are not in an ideal financial situation. One of the things you can do is attempt to negotiate a settlement or repayment agreement with your debt collector. A realistic repayment plan that gives you a chance to repay your debt may be an option for you. It is worth discussing with an experienced debt relief attorney in Austin County, TX.

Confirm Whether You Owe the Debt

The first thing you should do when contacted by a debt collector is make sure that the debt is yours and that you owe the debt. Debt collectors are required by law to give you certain information about the debt in a document called a validation notice when they contact you for collections, including:

• A statement that the communication is actually from a debt collector

  Continue Reading ››

 Posted on December 05, 2024 in Bankruptcy

It can be disconcerting to find that your wages might be garnished — that before your hard-earned money even goes into your bank account, it is legally transferred to a creditor. But that is precisely what wage garnishment does, and it is a fully legal process.

The good news is that Texas provides a great deal of protection for debtors from wage garnishment. Indeed, wage garnishment is not permitted in most cases under Texas law, but there are exceptions. That is why it is important to consult with an experienced wage garnishment attorney in Texas.

What is Wage Garnishment?

Wage garnishment is a legal process whereby a creditor can obtain a court order requiring your employer to garnish your wages, or withhold a certain amount and transfer it to a creditor until the debt is fully paid. There are limits to the amount that creditors can garnish from your paycheck. At the federal level, the Consumer Credit Protection Act (CCPA) limits the amount that can be garnished from wages. Texas law also limits wage garnishment.

Continue Reading ››

 Posted on November 28, 2024 in Bankruptcy

If you find yourself behind on your vehicle payments, you may be understandably concerned about your car getting repossessed. After all, in Texas, a car is often a necessity. When a car is repossessed, the lender takes possession of it. A Texas repossession defense attorney can help you if you are concerned about the possibility of losing your car, or are already facing repossession.

How Does Repossession Work in Texas?

In Texas, a lender has the right to repossess your car if you have defaulted on the loan you took on it. The law in the state is strict: a lender can typically repossess your car as soon as you default on the loan, from the moment you are late on a payment. There are a few things to know about Texas repossession law: 

Continue Reading ››

 Posted on November 22, 2024 in Chapter 11 Bankruptcy

Small business owners or individuals undergoing financial difficulties may be wondering whether Chapter 11 bankruptcy is a good option to get their finances in order. Chapter 11 is most commonly used by corporations and partnerships seeking to reorganize their debt. However, individuals can also file for Chapter 11 bankruptcy. An experienced Texas bankruptcy attorney can advise individuals and small businesses on the appropriateness of seeking Chapter 11 bankruptcy protection.

What Is Chapter 11 Bankruptcy?

Called the "reorganization bankruptcy," a Chapter 11 bankruptcy allows individuals and business owners to restructure their debt and make a plan to pay back creditors. Debtors under Chapter 11 file a "reorganization plan" outlining how they intend to pay back creditors. During the course of the bankruptcy proceedings, debtors remain in possession of their assets. Chapter 11 is a complex process that involves large amounts of debt and can sometimes take a long time to resolve.

Continue Reading ››

 Posted on November 18, 2024 in Bankruptcy

If you are filing for bankruptcy protection, bankruptcy law requires that you complete credit counseling within six months prior to filing bankruptcy. In order to proceed with the bankruptcy process you will have to submit a certificate of completion of credit counseling to the court, regardless of whether you plan to file for Chapter 7 or Chapter 13 protection. 

Credit counseling is required to ensure that there are not better options to filing for bankruptcy, since other debt-management alternatives are available, and also to help prevent situations that necessitate bankruptcy in the future. Done correctly, credit counseling is one of the benefits of applying for bankruptcy protection. Speak to an experienced Houston, TX bankruptcy attorney to understand the details of the credit counseling process.

Continue Reading ››

 Posted on November 05, 2024 in Bankruptcy

Of all the aspects of the bankruptcy process, one that will have a significant role in the bankruptcy is the bankruptcy trustee. But if you are facing bankruptcy you are likely unfamiliar with the role of the bankruptcy trustee in a bankruptcy, which varies depending on whether you are filing for Chapter 7 or Chapter 13 bankruptcy. While your attorney can advise you on the trustee’s role in your case, it can be helpful to have a general idea of what the title "Bankruptcy Trustee" actually means. 

What is a Bankruptcy Trustee’s Role?

In Texas, the bankruptcy trustee is appointed by the U.S. Trustee’s Office. The bankruptcy trustee is employed by the U.S. Department of Justice and works for the bankruptcy court. Their main role in the bankruptcy proceeding is to facilitate the bankruptcy process. The trustee acts as the go-between for you as the debtor and the bankruptcy court. Although trustees have a lot of powers, the court must authorize any action they take. 

Continue Reading ››

 Posted on October 28, 2024 in Bankruptcy

One of the final stages of a Chapter 13 bankruptcy is the confirmation hearing. At the confirmation hearing, the court will review your repayment plan to ensure that it meets the legal requirements. Your creditors will have the right to object at this hearing if they feel that their interests are not being adequately protected. If any of your creditors object, you will need to either negotiate with your creditor to resolve the issue out of court, or fight to convince a judge that your proposed repayment plan should be accepted. If you suspect that one of your creditors will object at your confirmation hearing, it is especially important to have a skilled Houston, TX bankruptcy lawyer representing you.

Involve a Bankruptcy Lawyer Immediately

If you had been planning to represent yourself throughout your bankruptcy proceedings, this plan may no longer be feasible. Objections at the confirmation hearing can create serious legal barriers to completing the bankruptcy process, at least in a way that is ultimately beneficial to you. Your creditor is almost certainly represented by counsel, and you should be too. An attorney should handle all communications with your creditors going forward, as he or she is in a better position to negotiate or address legal threats.

Continue Reading ››

 Posted on October 23, 2024 in Bankruptcy

Deciding to file for bankruptcy is never easy. You may have been taught to view bankruptcy as a type of financial failure, but in reality, it can be a very big positive. People find themselves in extreme debt for a lot of different reasons that have nothing to do with financial irresponsibility. You may have had an excellent job when you took out a loan only for the company you worked for to close without warning, or had a serious accident that left you unable to work and caused you to miss credit card payments. Declaring bankruptcy can work as a sort of "reset button" on your financial life. You can get out of debt quickly and begin rebuilding your credit right away. An experienced Conroe, TX bankruptcy attorney can help you decide whether it is time for you to start considering bankruptcy.

Your Creditors Are Constantly Trying to Reach You 

You are getting calls, letters, and emails almost daily - or multiple times each day - and you are tired of dodging these attempts at communication. You dare not answer the phone for unknown numbers because it is probably a creditor and you know you cannot make a payment today. Filing for bankruptcy stops most collection efforts immediately. As soon as your creditors hear that you have filed, they must stop attempting to get you to make a payment.

Continue Reading ››

 Posted on October 15, 2024 in Bankruptcy

Making the decision to declare bankruptcy is never easy. It can be an upsetting experience, even if it is clearly the wisest course of action. Most people choose Chapter 7 bankruptcy, which does involve liquidating your assets. Liquidation refers to the process of selling off your assets to pay back as much of your debt as possible before the rest of it is cleared away. While the idea of liquidation might be intimidating, the reality is rarely as bad as people expect it to be. An experienced Galveston, TX bankruptcy attorney can talk you through what liquidation will be like for you.

Inventorying Your Assets is the First Step in Liquidation 

The first thing your attorney will help you do is inventory your assets if you did not already do this while qualifying for Chapter 7 bankruptcy. This means taking an accounting of everything you own and what it is worth. Even if an asset is probably going to be exempt from the liquidation process, your lawyer will still want to know about it. Most people who qualify for Chapter 7 bankruptcy have very few valuable assets, so this process is often quick and easy. You do not need to inventory every single item you own, but should report anything of value.

Continue Reading ››

 Posted on October 10, 2024 in Bankruptcy

It is normal for people to struggle financially after getting divorced. It is easier to maintain a household when there are two adults to share financial and childcare responsibilities. Child support and alimony can consume a significant portion of your income. Your financial situation might also have changed after you got divorced, causing you to fall behind on child support and alimony payments. You may also have taken on debt while establishing a new household and replacing things like furniture you lost in the divorce. While child support arrearage cannot be cleared during bankruptcy, past-due spousal support sometimes can. A Brazoria, TX bankruptcy attorney can help you understand how bankruptcy might affect your family law obligations.

Spousal Support Debt is Sometimes Cleared in Bankruptcy

If you are behind on alimony payments, this debt may be dischargeable during bankruptcy in certain circumstances. Alimony is intended for situations where the former spouses are not on equal economic footing and one spouse was earning enough to support the family. If you are filing for bankruptcy, you are probably no longer in a better financial position than your spouse and cannot keep paying support.

Continue Reading ››