An automatic stay goes into effect upon the filing of a bankruptcy petition. This stay prevents creditors from attempting to collect any debt incurred before the date of the bankruptcy filing. Almost all types of collections activities are prevented by… Continue Reading
Most bankruptcy filers in Chapter 7 and Chapter 13 cases never have to make an appearance in bankruptcy court. In most cases debtors simply have to attend a meeting with a trustee, called a 341 meeting of creditors. These meetings… Continue Reading
Many people considering filing bankruptcy believe that after filing bankruptcy they cannot purchase or own property for a certain amount of time. This is absolutely not true. Debtors who file bankruptcy can protect the property they own using exemptions. Acquiring… Continue Reading
Most bankruptcy filers in Texas get to keep their home in car. In Chapter 7 bankruptcy cases debtors protect the equity they have in their secured property using exemptions. For example, if a debtor owns a vehicle worth $15,000 and… Continue Reading
In Chapter 7 bankruptcy cases, debtors can keep any property that can be exempted from the bankruptcy estate. Debtors file a list of assets with the court. Exemptions are applied to the assets, and any property that can be protected… Continue Reading