Recent Posts in Chapter 13 Foreclosure Category

After people have filed forChapter 7 or Chapter 13 bankruptcy, the United States Bankruptcy Code requires that they have a three for one hearing. During the hearing, people who are filing for bankruptcy are examined by a Trustee.

The 341 hearing is held 30 to 45 days after people have filed for bankruptcy. In most cases, the hearing will last around 10 minutes and attendance is absolutely mandatory.

During the 341 hearing, people's appointed Trustees will review bankruptcy paperwork, asked questions related to people's financial situations and decide whether an objection should be filed against their cases.  It is important to note that Trustees are not judges, rather they report into judges.

At the time of the 341 hearing, people may bring their bankruptcy attorneys with them and creditors may also appear to ask questions about their assets or money that may not have been revealed in their filed Schedules.

Do you have additional questions about the bankruptcy process in Texas?  If so, contact us to speak with a San Antonio bankruptcy attorney.

One question that people commonly have when they are considering filing for consumer bankruptcy is "what is liquidation?" and "what assets can be liquated?"  These are normal questions and people should always seek answers before their commit to filing for bankruptcy.

Liquidation is a process that occurs when people file for chapter 7 bankruptcy.  During the liquidation process, creditors gain possession of people's assets and try to sell the assets for a profit.  The profit is then used to repay debt that people owe to their creditors.

Property that can be liquidated may include:  homes, vacation homes, land, vehicles, boats and other types of valuable material assets.  In order to avoid the liquidation process, people can file for chapter 13 bankruptcy or try to prevent liquidation by working with a bankruptcy attorney.

If you have additional questions about liquidation or bankruptcy, do not hesitate to contact the Malaise Law Firm and speak with a San Antonio bankruptcy lawyer.

People who choose to file for consumer bankruptcy, whether it is Chapter 7 or Chapter 13, often feel bittersweet.  That is normal and to be expected.  Anytime we have to confront our finances, it can be nerve wrecking.  However, when we don't have the financial means to pay our bills and are waist deep in debt, we must remember that filing for bankruptcy is a responsible choice. 

If you are thinking about filing for bankruptcy in San Antonio, you do not have to go through the process on your own.  Instead, work with a San Antonio bankruptcy attorney and you will receive the help you need.  Here are three ways a bankruptcy lawyer can be of assistance:

-  A bankruptcy lawyer can help you with all of your bankruptcy related paperwork and take this stress off of your plate.

-  A bankruptcy attorney can provide you with continual support so you do not feel alone or abandoned during the bankruptcy process.

-  A bankruptcy lawyer can put an end to persistent phone calls from collectors and creditors so you can focus on completing your bankruptcy without being harassed.

Contact the Malaise Law Firm to learn how we can help you!

According to news sources, the number of bankruptcies filed in the city of San Antonio decreased in the month of April by 2.7% compared to April of 2009. 

This past April, the U.S. Bankruptcy Court for the Western District of Texas in San Antonio announced that 433 people had filed for bankruptcy.  In 2009, that number was 421.  In March of 2010, San Antonio had 452 bankruptcy filings.

Further statistics revealed that 13 people filed for Chapter 11 in April, which is an increase from last year.  The number of Chapter 13 filings fell by 221 compared to the same time period in 2009 and the number of Chapter 7 bankruptcies filed decreased by 15. 

Planning to file for bankruptcy in San Antonio?  If so, now is the time to speak with a San Antonio bankruptcy lawyer at the Malaise Law Firm.  You can contact us to set up an initial consultation by calling 1-800-BANKRUPT.

If you are one of the millions of Americans facing foreclosure, you should take a moment to contact a Dallas bankruptcy attorney at the Malaise Law Firm about ways to fight foreclosure. While there are many alternatives to foreclosure, one of the most effective ways of fighting foreclosure is by filing for Chapter 13 bankruptcy.

Chapter 13 gives people struggling with debt the opportunity to reorganize their debts and finances without the pressure of banks, lenders, or creditors breathing down their necks. During a Chapter 13 bankruptcy the debtor not only is given the opportunity to reorganize his or her finances, but also works out a plan with the bankruptcy court to repay their debts over the course of three to five years. Sometimes the court will agree to let the debtor include mortgage debt as part of the repayment plan, thus saving the debtor from losing their home in foreclosure. Once the repayment plan has been approved, an automatic stay will be imposed that will stop any foreclosure action from moving forward.

The threat of foreclosure is a frightening thing to face. If you are interested in learning more about ways you can fight foreclosure, consider contacting a knowledgeable and highly experienced Dallas bankruptcy lawyer at the Malaise Law Firm today. We look forward to speaking with you and helping you save your home!

There are a number of advantages that chapter 13 affords to debtors.  The most significant is the ability to stop a home foreclosure and force the creditor to accept payments for any delinquent mortgage payments.  The bankruptcy automatic stay stops foreclosure proceedings immediately upon the debtor’s bankruptcy filing with the court.  However, this temporary relief may be lost if the debtor fails to make the regular mortgage payments that come due after the chapter 13 filing.

Another advantage of chapter 13 bankruptcy is that a debtor may modify a secured loan and repay it over the plan term.  This usually lowers the monthly payment.  In certain circumstances the debtor can also “cram-down” the secured loan by stripping away the unsecured portion of a debt.  For example, a debtor may owe $20,000 on a car that is only worth $10,000.  Chapter 13 may allow the debtor to modify this loan and only pay the creditor the value of the car, or $10,000.  There are special qualifying rules for this type of modification, so be sure to discuss your situation with your attorney.

Within 15 days of the filing of the chapter 13 bankruptcy petition, the debtor must file a proposed repayment plan with the court.  The plan is also sent to the U.S. trustee and all creditors for review and opportunity to object.  The plan must provide for regular fixed payments to the trustee who then distributes the funds to creditors according to the terms of the plan (which may be less than full payment on their claims).  It is common for a chapter 13 plan to propose to pay secured creditors in full and nothing to unsecured creditors.  This largely depends on whether there is “extra” money at the end of the month after the debtor’s secured creditors and monthly expenses are paid.

Occasionally circumstances change after confirmation of the chapter 13 plan that prevents the debtor from completing the repayment plan.  The debtor may ask the court to allow the debtor to modify the plan, or to grant a “hardship discharge” and end the case early.  Otherwise, at the end of the three to five year repayment period the court will discharge the debtor’s remaining debts that are not “non-dischargeable” by law.  The chapter 13 bankruptcy discharge prevents those creditors from seeking payment from the debtor.   

If you are over-burdened with secured debts and are in need of relief, consult with an experienced bankruptcy attorney about your rights under chapter 13 of the bankruptcy code.