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United States Bankruptcy Code has opened a credit counseling wing to help debtors take up proper debt relief measures or a free debt consolidation service so that they can get rid of their debt. Many times a debtor don’t understand whether filing bankruptcy could be the right way to get his finance back on track. So, debt counseling helps them get on their feet. This session is conducted by a debt counselor appointed by counseling agency. They possess proper education, interpersonal skill ...

That’s crazy, especially because you live in Texas. The laws that protect property are called “exemption laws” or “exemptions”. Bankruptcy is supposed to give you a fresh start and the idea behind exemptions is that it’s pretty difficult to start over without things like clothing, a home and transportation. Generally, simply by living in Texas, you can protect an unlimited amount of equity in the home that you live in. You can also have up to $30,000 worth of personal belongings ($60,000 if you ...

Tags: bankruptcy attorney, exemptions, income

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‎ Bankruptcy Law

You will be relieved to know that only the people who have a reason to know that you filed for bankruptcy will know. Bankruptcy is a public record that can stay on your credit report for up to ten years from the date the bankruptcy is filed. There are computers at the federal courthouse where people can look up bankruptcies. In the Houston area, bankruptcies are also listed in a legal newspaper called the Daily Court Review that most people simply use for marketing purposes. The fact that you filed ...

Tags: credit-report, filing bankruptcy

Categories

‎ Bankruptcy Law

This just simply isn’t true.


Most people qualify for new credit cards within months after the successful completion of a bankruptcy. Depending on which bankruptcy you file, you likely cannot get another discharge of your debts for at least 8 years and banks know this.


Another thing to consider is what do we really need credit for? Our opinion is that one should only use credit for the purchase of a house or a car. Post-bankruptcy, the use of a credit ...

What law governs bankruptcy?

In general, Federal Law governs bankruptcy. Bankruptcy is covered in Title 11 of the United States Code.

Title 11 of the United States Code, the Bankruptcy Code, governs the various bankruptcy processes. In addition to Title 11, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (“BAPCPA”) in 2005. The most significant change under BAPCPA is the “means test.” Under the means test, the state compares a debtor’s income ...