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2020

Blog Posts in 2020

  • What Happens to My Car Collection If I Declare Bankruptcy in Texas?

    In most states, if you declare Chapter 7 bankruptcy, or the “liquidation bankruptcy,” then all of your equity (the total market worth of your belongings) may be used to pay off your creditors. For car owners, that typically means any cars that they own will be evaluated for their equity and sold to pay off their debts. The key thing to remember here is that the number of cars you own isn’t the ...
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  • The Pros & Cons of Filing for Chapter 13 Bankruptcy

    Often called the “wage earner’s plan,” Chapter 13 provides filers with the opportunity to consolidate all of their debt into a single monthly payment, paid to a court-appointed trustee who disburses the payment to your creditors. Unlike Chapter 7 bankruptcy, you’re not required to sell your belongings in order to pay creditors; instead, you’ll work with your attorney to propose a repayment plan to ...
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  • Will I Have to Sell my Family Heirlooms to Pay Creditors?

    There are certain things in our lives that are beyond monetary value. They’re not “assets” or “belongings”—they’re part of our heritage, our memories, our family history. We don’t think about how much they’re worth, but how much they mean to us. But what happens to those things when you declare bankruptcy? Does the bank make exemptions based on sentimental value? Does the court make room for ...
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  • Will My Wages Be Garnished?

    Wage garnishment is a legal procedure by which a creditor (or anyone to whom you owe money) can have the court require your employer to hold onto a portion of your paycheck to pay off your debt. Wage garnishment draws your employer into your personal financial life, and it's both humiliating and financial hardship. If you're facing creditors for multiple debts, you could be facing wage ...
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  • What Property Do I Get to Keep If I Declare Bankruptcy in Fort Worth?

    It’s a common misconception that bankruptcy means all your assets get wiped out—sold and paid to creditors. However, that’s not the case; bankruptcy wouldn’t be much help to consumers if that were true! In Texas, there are certain assets you’re allowed to exempt from bankruptcy; you’re also allowed to choose between federal exemptions and Texas exemptions. If you’re married and filing jointly, ...
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