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August 2016 Archives

Determining bankruptcy estate assets in Texas

A bankruptcy court in Massachusetts has held that an attorney who accepted $10,000 in legal fees must turn it over to a Chapter 7 bankruptcy trustee. The judge in the case found that the money was earned prior to the bankruptcy being filed by the attorney, which means it was part of the bankruptcy estate. The attorney billed his client $291, $8,924, and $2,070 at various times after asking for Chapter 7 protection from creditors.

Fee-only Chapter 13 may be allowed in some circumstances

Texans who are considering filing for Chapter 13 bankruptcy might be interested in a case that was decided in Kansas earlier. In the case, a bankruptcy court ruled that an elderly, retired couple could file for a fee-only Chapter 13 bankruptcy through which they would pay their attorney's fees, bankruptcy costs and a small monthly amount to their creditors.

How property is handled after a bankruptcy filing

Texas residents may be interested in a Louisiana ruling that may impact their ability to collect an auto accident settlement after declaring bankruptcy. The judge in Louisiana ruled that a settlement stemming from an auto accident claim three years after a Chapter 13 plan had been confirmed was part of the bankruptcy estate. As such, the man was not entitled to collect the money until his creditors had been paid.

How trustees handle payments that are returned by creditors

When Texans file for Chapter 13 bankruptcy, they will enter into repayment plans that will last from between 3 and 5 years. If a person does not successfully complete the repayment plan, the bankruptcy court may either convert the bankruptcy to a Chapter 7 case or dismiss it completely. A person who does complete the plan will receive a discharge of any leftover unsecured debts at the plan's conclusion.

Negotiating with credit card companies

Texas residents who rely on their credit cards to make ends meet after an unexpected setback like a layoff or illness sometimes find themselves in deep financial trouble. Revolving debt can be a convenient and straightforward solution to short-term financing needs, but making even minimum monthly payments can be a challenge when balances soar and income streams dry up. Credit card companies are generally aggressive when they are owed considerable sums of money, but they may be prepared to negotiate when their alternatives are writing a debt off or pursuing legal actions that offer no guarantees.

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