A preference payment is a payment that you made to the creditor shortly before you filed for bankruptcy. In case the amount you paid is more than the amount the creditors are entitled to receive after bankruptcy, the bankruptcy trustee can void the payment. This means the trustee can recover the money or property from … Read more
Bankruptcy Can Clear Tax Debt Can you file bankruptcy on IRS Tax Debt? You can file bankruptcy on IRS tax debt. When you file for bankruptcy, the IRS will stop collecting from you for some time. A court in the right circumstances may even wipe out tax debts that are old. The IRS has to … Read more
How Much Debt To File For Bankruptcy Only some people who are overwhelmed with repaying debt can file for bankruptcy. Your inability to repay debt is not always because your debt is huge, it could be because it is becoming harder to repay it for other reasons. But there is no minimum debt amount required … Read more
People often fear filing for bankruptcy because they fear losing everything. But the law lets you keep “exempt” property you need to live and work. You can use either state or federal bankruptcy exemptions in some states. Talk to an experienced bankruptcy lawyer to find out what exemptions you can use in your state. States … Read more
When you fail to repay your debt, a creditor can file a lawsuit and get a judgment against you. But you filing for bankruptcy can eliminate that judgment against you and wipe out that debt. Creditors seek judgments because a judgment creates a lien that allows them to seize property from debtors. Getting rid of … Read more
You don’t have to worry about repossession of your car or other property in Chapter 13 bankruptcy. You get to keep all your property, even cars because Chapter 13 is a reorganization of your debts. That means you will repay an amount of your debt within a certain period of time, and when that period … Read more
4 YEARS: Texas has a 4 year statute of limitations on debt collection. Creditors can be very aggressive on debtors when seeking repayments for large debts. Fortunately, there are laws that prevent creditors from abusing their debtors. In fact, there are tools that debtors can use to stop harassment from creditors. One example of laws … Read more
Creditors are likely to file a lawsuit if you have missed your payments or failed to repay your loan. The court is likely to issue a judgment which is an order that indicates you owe money to your creditors. With this judgment, creditors can begin collection actions such as garnishing your wages, seizing your bank … Read more
Missing a payment on your car loan can increase the chance of your lender repossessing your car. That normally happens when the lender notifies you about missed payment and you fail to respond or fail to pay. Lenders repossess vehicles so that they can sell them and use the proceeds to pay your loan down. … Read more
A small business that is sinking in debt can file for Chapter 7, Chapter 13, or Chapter 11 bankruptcy to get out of that situation. You’ll need a small business bankruptcy lawyer. You have two options, you can either file a personal bankruptcy or a business bankruptcy. Personal bankruptcy is the right choice if your … Read more