Vehicles come up in bankruptcy cases in a lot of different ways. First, filing bankruptcy puts a stay into effect that prevents repossession of a vehicle when the debtor is behind on her payments. The stay continues in effect until… Continue Reading
Once a debtor files bankruptcy they have to be very careful about disposing of their property. Upon filing a bankruptcy petition, all property owned by the filer becomes part of a bankruptcy estate. Debtors can exempt property from the estate… Continue Reading
When an individual files bankruptcy everything they own becomes part of a bankruptcy estate. However, debtors can use the exemptions available to them in the state in which they live in order to exempt specific property from the estate. Doing… Continue Reading
Bankruptcy stops debt collection. The automatic stay prevents collection of debt from borrowers. Once a bankruptcy case is filed, all collection of debt must go through the bankruptcy court. In Chapter 7 cases this means that the creditor will only… Continue Reading
Texas is a recourse state. This means that mortgage lenders can seek a mortgage deficiency judgment against a borrower when the proceeds of a foreclosure sale do not pay off the entire balance of a mortgage. However, Texas has some… Continue Reading