If you do file a bankruptcy case, generally you don’t want the court to dismiss it out from under you! Generally, dismissals look bad on your record — if you file another case right after the dismissal, you might have to “beg” a bankruptcy judge to let you file again. Forth Worth bankruptcy attorney Reed […]
Category Archives: The Bankruptcy Code
What is all this talk about the “automatic stay,” and what does it do for me?
You can’t talk to a bankruptcy lawyer for very long before the phrase “automatic stay” pops out of his mouth. And that’s a very good thing, because the automatic stay is one of the most powerful concepts in the bankruptcy code, and one of the most important from the debtor’s point of view. But “automatic […]
Posted in The Bankruptcy Code
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What is the bankruptcy exemption for an automobile?
Many persons contemplating bankruptcy wonder about the effect of filing a bankruptcy case on the car (or cars) that they own. Starting April 1st, the federal bankruptcy exemption for equity in an automobile will be raised to $3400. (Until then, it is slightly less). Please remember that this exemption only applies to your equity interest […]
Also posted in Secured loans
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What is the minimum amount of debt required to file for bankruptcy?
A very common bankruptcy question concerns the minimum debt levels required to file a case. There aren’t any. The bankruptcy code has no formal cutoff points for filing a case under any chapter. Many folks are often confused about this because they have read about tough new requirements that Congress enacted in 2004 to try […]
Also posted in Chapter 13, Chapter 7
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What is a bankruptcy discharge, and what should I do with it?
Anyone enrolled in high school knows what the ultimate goal of those four years is — to graduate and earn a diploma, a key step toward the next goal in life. For those seeking bankruptcy protection, the goal of the case is typically a discharge of most of the debts that have been troubling them. […]
Posted in The Bankruptcy Code
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did the bad weather cost you your job?
Every year we say that March “comes in like a lion and goes out like a lamb.” But this year, February was the troublesome month, which came in with a Deep South snowstorm and went out with a Hawaiian tsunami. The extreme weather across the continent probably cost some Americans work, or at least the […]
Also posted in Bankruptcy News
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If I run away and join the circus, can I still file for bankruptcy?
Someone being hounded by debt collectors may well feel like running away, but if you actually have a job which requires the nomadic life of, say, a circus troupe, is it even possible to file a case with a bankruptcy court? In a nutshell, the answer is yes. The general rule for individuals is that […]
Posted in The Bankruptcy Code
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If I file for bankruptcy, will my wife find out?
Many clients come into my office with a version of the same worrisome thought on thier minds: “If I file for bankruptcy, will my wife (or husband) find out about it?” The answer depends on the client realizing that there are really several things going on here. First, married couples are not required to file […]
Posted in The Bankruptcy Code
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Can a bankruptcy trustee get your cash?
Of the many problems faced by consumer debtors, having bundles of cash lying around isn’t usually one of them. Everyone has some cash, however, and most of us have its close cousin, bank accounts, and other similar liquid assets. Bankruptcy trustees typically would love to get their hand on your cash and cash equivilents, because […]
Posted in The Bankruptcy Code
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Honesty, the best policy
It should go without saying that bankruptcy petitions are supposed to be filled out accurately, after all, they are submitted to the court under penalty of perjury. Beyond that, things simply go smoother if the truth is being told and the figures on the forms are accurate. Not to be overlooked is the requirement that […]
Posted in The Bankruptcy Code
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