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...
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Bankruptcy
Signs that let Texas residents know its time for bankruptcy
On Behalf of Pelley Law Office LLP | Feb 24, 2015 | Bankruptcy
If collection calls are coming each day and there is no money to pay those past due bills, it may be time to file for bankruptcy. Senior citizens and those who are unemployed may not have the resources necessary to pay their debts because they have little or no income...
A brief comparison of Chapter 7 and Chapter 13 bankruptcy
On Behalf of Pelley Law Office LLP | Feb 3, 2015 | Bankruptcy
For some Texas residents, bankruptcy protection may be the only answer for debt relief. However, the question of which type of bankruptcy to file can be difficult due to the differences between them. Deciding on which type of bankruptcy to file can depend on a number...
Vehicular exemptions during Texas bankruptcy
On Behalf of Pelley Law Office LLP | Dec 19, 2014 | Bankruptcy
Many people may have questions about what kinds of property they can keep when declaring bankruptcy in Texas. Depending on what type of bankruptcy someone files, certain assets may be exempt from collection activity.For example, vehicles that are still being financed...
Discharge and reaffirmation in Chapter 7 bankruptcy filings
On Behalf of Pelley Law Office LLP | Sep 23, 2014 | Bankruptcy
Texas residents who are in debt might benefit from learning about the different benefits of filing Chapter 7 bankruptcy. This option is often referred to as the liquidation chapter of the U.S. Bankruptcy Code. Chapter 7 bankruptcy allows debtors to discharge the debts...
What are the differences between Chapters 7 and 13?
On Behalf of Pelley Law Office LLP | Aug 28, 2014 | Bankruptcy
If you are a Texas resident facing financial circumstances that have you contemplating the benefits of bankruptcy protection, it is always a good idea to be sure you know what your options are before you flip the switch.There are distinct differences between the...
What are the standard steps in filing bankruptcy in Texas?
On Behalf of Pelley Law Office LLP | Jul 29, 2014 | Bankruptcy
While terms associated with bankruptcy tend to remain static it does not mean every bankruptcy filing is the same. Each case is different and the elements of each need to be assessed carefully to come to a proper decision about whether bankruptcy is the right route to...
Benefits of filing for bankruptcy in Texas
On Behalf of Pelley Law Office LLP | Jul 10, 2014 | Bankruptcy
Finances are difficult for many individuals and families to monitor and control. Things have to be replaced, bills have to be paid, and then one still may have the desire to buy personal items. While these expenses are a part of life, they can be a challenge for...
Chronic NSF notices among OMG signs of financial trouble
On Behalf of Pelley Law Office LLP | Jun 24, 2014 | Bankruptcy
No one looks to get into a financial situation they can't get out of. Perhaps that's why a lot of people in such circumstances often turn a blind eye to the signs that trouble looms. In the words of one credit counseling professional, it is a display of the "ostrich...
Supreme Court rules inherited IRAs are exposed in bankruptcy
On Behalf of Pelley Law Office LLP | Jun 16, 2014 | Bankruptcy
Retirement is something we build for ourselves. Gone for the most part are the days when a person became vested in a company pension plan. As such, the funds that are put into individual retirement accounts or an employer-sponsored plan like a 401(k) or 403(b) are...