Chapter 7 bankruptcy is a great way to eliminate debt. Debtors list their assets, protect their assets using the exemptions available to them in the state in which they live, and then receive a discharge. In Texas, we have very… Continue Reading
Debtors in Chapter 7 bankruptcy are typically in a hurry to complete their bankruptcy case and move on with their lives. For most debtors a bankruptcy case is essentially over once the discharge order is signed. However, in asset cases… Continue Reading
Chapter 13 bankruptcy is a tool for reorganizing debt. The basic idea is to provide a way for debtors to repay some or all of their debt in a way they can afford. Debtors file a Chapter 13 plan that states… Continue Reading
Before filing an adversary proceeding to strip a lien, it is important to understand the limitations on lien stripping and how it affects other aspects of the case. First, stripping the lien does not make the debt disappear. The debt… Continue Reading
If you own a home then you probably have a mortgage. That mortgage is secured by your home which means that if you don’t pay your mortgage payment the lender can foreclose on the property. A lien is the mechanism… Continue Reading