Social security recipients do not have to count their social security income in bankruptcy. This income is not counted in the means test or the budget in bankruptcy. Deposits of these benefits are generally protected in bankruptcy if using the state exemptions. Social security benefits are not counted as “income” for purposes of the [...]
Does Debt Consolidation Work? Does Debt Settlement Work?Possible alternatives to bankruptcyWith more people being laid off, having wages cut, and hours lowered, families are finding they can no longer keep up with their current debt level. Because people fear the consequences of bankruptcy, they often consider debt management. This is where you hire a company [...]
Should I Use a Debt Settlement Company Instead of Filing Bankruptcy?Updated May 2020Debt settlement may be a viable option if a person has a very small number of creditors and/or has exempt property that cannot be protected in bankruptcy. Generally, if you are current on the account, many times the creditor will not settle with [...]
Disabled and elderly homeowners (65 and older) may have more options for repayment of property taxes. Easier payment plans or even tax deferral may be available in some circumstances. This help is not automatic and you should contact the tax appraisal office and follow their procedures. What Assistance Can I Get for Delinquent Property [...]
There are a couple of non-bankruptcy options for tax debt. Placing the Taxes in Non-Collectible Status This is where you request that the IRS place the account in non-collectible status because you simply cannot afford to pay your taxes and live under the IRS standards (which are pretty frugal). So, if you have no [...]
Is Keeping Your Tax Refund After Filing Bankruptcy Possible? It depends. To be eligible to receive a discharge, a debtor must have filed the last four years of tax returns if returns are required. Your attorney is required to provide a copy of the copies of the last tax return filed to the trustee. [...]
You may be able to file bankruptcy in Texas as long as you have lived here for the majority of 180 days immediately before the petition was filed. If you have lived only in Texas for 91 days, you may be eligible. You may not be eligible, however, to use the Texas state exemptions. [...]
If you qualify for a Chapter 7 bankruptcy, you may be able to totally wipe out unsecured debt, such as credit cards, personal loans, and medical bills. No one wants to file bankruptcy, but sometimes filing bankruptcy is the best way to calm the troubled waters and establish financial stability. Even if you do [...]
Bankruptcy cannot wipe out child support, certain back taxes, criminal fines, and most student loans. Bankruptcy cannot do away with the payment of most secured debt unless the debtor is willing to pay for the property, although you may be able to catch up over time, lower the monthly payment, reduce the interest rate, [...]
Mortgage companies often make billing errors. You have rights. Learn about what the federal law requires your mortgage company to provide and how to correct errors.