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March 2015 Archives

If I file for bankruptcy in Texas, will I lose all of my assets?

Filing for bankruptcy is not a decision that many people in Texas take lightly -- nor should they. Although bankruptcy can be an effective debt relief tool, it is important to consider exactly what it will mean for you and your future before you choose to file.

Collection agency pursuit of unverified debt

As Texas residents may know, debtors who suffered through the recent financial crisis may be seeing the prospect of increased opportunity in the job market. This relief may be coupled with the burden debtors face due to debt collection activities. In New York, the attorney general's office is investigating such companies.

Actions to avoid before filing bankruptcy

When a person in Texas files for bankruptcy protection, a trustee is assigned by the court. In addition to assessing assets the debtor has on hand that can be sold to pay off creditors, the trustee is also responsible for determining whether valuable assets were recently transferred, whether the debtor might get an inheritance or legal settlement in the near future and the timing of cash advances.

Study shows arbitration is not good for consumers

The Consumer Financial Protection Bureau recently completed a study that may be of particular interest to Texas credit card holders. The research examined the impact of arbitration agreements for financial customers and found that they do, in fact, prevent lawsuits. However, in most cases that are resolved in arbitration, they are decided in favor of the corporation and not the customer.

When bankruptcy can be the correct choice

The last time a major change was made to bankruptcy laws was in 2005, when new regulations were passed that made it more difficult for people to file. Due to the stigmata that tends to be associated with filing for bankruptcy, it was considered by many to be a good move. However, while individuals in Texas and elsewhere may feel branded for filing, businesses use it regularly and are lauded for doing so.

Texas bankruptcy and federal tax debt

People considering filing bankruptcy in Texas should be aware that only certain types of bankruptcy allow for tax debt relief. In addition, only certain kinds of federal tax debt are eligible for relief. Understanding how various types of bankruptcy work is important to understanding what tax options may be available. Chapter 7 bankruptcy may be a viable option, but Chapter 13 may be one's only recourse.

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