Frequently asked questions

No.  Bankruptcy can often be the first step to start the process of fixing your credit.  However, if your credit score is relatively high when you file bankruptcy, your score will decrease due to the filing.  Either way, it is certainly possible to build your credit score to around 700 if you take steps to create positive entries on your credit report, and avoid creating new derogatory accounts.

Yes.  The automatic stay prevents your creditor from keeping any funds from a bank account garnishment as long as you file bankruptcy within 10 days of the Notification to your bank.  If you have an exemption protecting the funds, you will get to keep the funds.

You do not need to feel guilty about utilizing the bankruptcy code to get a fresh start if you incurred the debts with an honest intention of repaying them.  You need to consider that you have a right to tend to necessities for you and your dependents.  The sooner you get your finances under control, the sooner you can start planning for your success.

Yes.  After a complete analysis of your tax debt, an experienced bankruptcy attorney can tell you what is dischargeable.  A plan of reorganization can help you handle the tax debt that is not dischargeable.

No. The Bankruptcy Code provides for a Federal scheme of exemptions, and allows states to set out their own as well.  In Texas, you can pick from either scheme.  Exemptions are laws that protect certain assets from creditors.  Both schemes of exemptions are very generous in different ways.  For this reason, the vast majority of Chapter 7 cases are what we call “no asset cases”, meaning the Chapter 7 Trustee does not take any of your assets to pay creditors with.

In a Chapter 7 bankruptcy, the fees must be paid prior to the filing of the bankruptcy.  However, in a Chapter 13 bankruptcy, most of the fees can be paid through the plan.

The court takes multiple factors into consideration, such as 1) What secured and priority claims you have that must be paid, 2) what is your projected disposable income to pay your unsecured creditors with, 3) What assets you own that would have been liquidated in a Chapter 7 case.

Yes.  If you file a Chapter 13 within 10 days of the repossession, or prior to the sale of the vehicle, your lender must give it back if it is necessary for your reorganization. However, you must have full coverage insurance on the vehicle and possess a valid drivers’ license.

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Quos pharetra occaecat earum torquent nascetur metus lorem aliqua adipisci. Phasellus rerum excepturi non mollis laborum metus sit at expedita nonummy! Do earum sit! Aptent, odio! Quos nobis iusto Officiis cursus! Molestias eros? Unde massa purus!