If you aren't sure which type of bankruptcy will work best for your current financial situation, consider these benefits of Chapter 7 bankruptcy:

One of the most popular reasons why people often choose Chapter 7 bankruptcy is that they can protect some of their assets from sale and seizure. Depending on the state in which you claim bankruptcy there is a list of exemptions that are allowed under Chapter 7 bankruptcy. 

For example, if you live in Texas you can claim these exemptions: the motor vehicle exemption allows the full equity of one vehicle per person, as well as those people who are expected to have the use of a vehicle; the homestead exemption who has domiciled in a home for at least forty months can claim full equity, while those who have been living there for a shorter period of time can take $136,800 in equity; retirement benefits as well as pensions and 401(k)s; $30,000 in personal property; two firearms per home; alimony payments; and equity in rural areas under 100 acres. 

Thinking about filing for Chapter 7?  If so, contact the Malaise Law Firm to get help from a San Antonio bankruptcy lawyer.

Paul R. Ridgeway, the man behind the company that was responsible for coordinating transportation for NFL Superbowls and other high-profile events, is now filing for Chapter 7 bankruptcy. He has listed assets of $1.03 million and liabilities of $4.62 million in Minnesota's US Bankruptcy Court.

Ridgeway has worked as a Ramsey County executive assistant for the rate of $34.92 per hour since November.

U.S. Bancorp has foreclosed on mortgages for Ridgeway properties that amount to $1.07 million, according to Star Tribune.

Another one of Ridgeway's ventures that he was working on with his son, for an "Asian World Marketplace," has yet to come to fruition.

At this time Ridgeway owes $156,808 to Riverview Community Bank; $80,000 in state and federal taxes; $103,320 to Boom Brothers Commercial Capital;  $35,324 to Boulay and $70,530 to Freestyle Productions Inc.

Are you considering filing for Chapter 7 bankruptcy? If so, you need to contact a San Antonio bankruptcy now to get started.

The state of Hawaii saw a dramatic increase in Chapter 7 bankruptcy filings last year. According to statistics from the U.S. Bankruptcy Court, District of Hawaii, the state saw an increase in filings of 28 percent.

In total there were 3,954 bankruptcy cases filed compared to 3,101 filed last year. Of the 3,101 cases filed, 3,078 were Chapter 7 bankruptcies, up 24 percent from last year's 2,481 cases.

In 2010 there were 853 Chapter 13 bankruptcies filed, up 42 percent from the 599 cases filed in 2009.

Although filing for bankruptcy is never an easy choice to make, it doesn't have to be as difficult as it may at first appear. Contact a qualified bankruptcy attorney now to decide whether you should file for Chapter 7 bankruptcy or if you have other options available to you. Choose a bankruptcy lawyer with a history of success that can minimize your losses, help you compile the necessary documents, file the appropriate paperwork and represent your case in court.

Planning to file for Chapter 7?  Contact us to get advice from a San Antonio bankruptcy.

High unemployment rates and depressed home prices are partly to blame for the high amount of bankruptcies filed in 2010. In total there were 1.53 million, up nine percent from 2009. This is based on information released by the National Bankruptcy Research Center and the American Bankruptcy Institute.

These numbers are the highest since the bankruptcy law was revamped in 2005; this change was intended to make it more difficult for consumers to release their debt. This law made it harder for individuals to file for Chapter 7 bankruptcy, which allows them to release their debts, and made Chapter 13 a more likely choice. In this case a repayment plan is developed with the creditors involved.

However, 3/4 of recent filers were still able to qualify for Chapter 7 bankruptcy as they were hit by underwater mortgages and long-term joblessness.

If you are considering filing for bankruptcy this year, contact aSan Antonio bankruptcy attorney now to start working on your finances.

A part of Wheeling, W. VA's history will see its doors close down early next year after filing for Chapter 7 bankruptcy. Kaufman's Inc., which has been in Wheeling for eighty years, was finally forced to file for bankruptcy after watching its profits decline.

In the bankruptcy petition papers it listed assets of $352,716.80 and liabilities of $883,231.67. This includes an inventory of 1,503 formal dresses and 331 wedding gowns.   These papers were filed in the U.S. Bankruptcy Court last month.  After experiencing three years of financial losses - $26,603 in 2010, $125,534 in 2009 and $74,422 in 2008 - it was time to admit defeat in this already-failing economy.

If your business is feeling the pinches of this struggling economy, you need to hire a San Antonio bankruptcy attorney now to get the legal and financial protection that you need now. Not only do you need to decide what type of bankruptcy to file for but you will need assistance compiling all of the paperwork required to file the bankruptcy petition. Contact the Malaise Law Firm now!

James Farrell, head of Evergreen State Bank, has filed for Chapter 7 bankruptcy this month as his own bank is failing financially. Along with his wife Kathleen, the president and chief executive filed a bankruptcy petition in the U.S. District Court in Madison on December 1. The couple list assets of just under $50,000 and debts of $1 million to $10 million.

The couple's attorney, Denis Bartell, states that James purchased a large amount of stock in the Evergreen State Bank a few years ago by "borrowing heavily" from Johnson Bank and Middleton Community Bank. While it was seen as a wise financial decision back then, "the stock is worth far less than what he owes on it. The lenders want to be paid."

Although he doesn't know how much the stock was worth at the time of purchase, Bartell did say that Farrell held more than 2,000 shares of it. Because of his investments, Farrell now owes in excess of $2 million to creditors.

Anytime you are planning to file for Chapter 7, it is in your best interests to consult with a San Antonio bankruptcy lawyer.  Contact our law office now!

Illinois Marble and Granite - a longtime Urbana stone company - has recently filed for Chapter 7 bankruptcy. The company, under its business name of Luther Falls Stone Company, filed for bankruptcy in Danville, listing $272,698 in liabilities and  $33,370 in assets on its filing.

On December 16th a meeting a creditors will convene to discuss the case. However, this filing only pertains to Luther Falls Stone Company and not Luther Falls Custom Kitchens, a company that still have an operating showroom in Champaign's Round Barn Centre.

There is supposedly just one creditor at this time, Global Granite and Marble of St. Louis, that has a secured claim of $38,566 against Luther Falls. Fourteen others have unsecured, nonpriority claims, including Levantita, a granite suppiler, that is claiming $90,266.

At this time Luke Falls, president of Illinois Granite and Marble Company, is not answering calls from the press. An interview was scheduled with the president only to be canceled a few hours later.

If your company is considering filing for bankruptcy, contact the Malaise Law Firm to get professional representation from a San Antonio bankruptcy attorney.

When people are considering filing for bankruptcy in the state of Texas, they often wonder why they need to enlist the services of a San Antonio bankruptcy lawyer.

While you can certainly file for Chapter 7 or Chapter 13 bankruptcy on your own, it is important to know that the legal system is comprised of importance laws, rules, and regulations. For this reason, it is very easy to make huge mistakes while filing for consumer bankruptcy. Such mistakes may lead to the denial of your bankruptcy petition or delay the process entirely.  When you choose to work with a bankruptcy attorney, you will have a legal professional on your side who understands U.S. bankruptcy and this will expedite the bankruptcy process.

Finally, as you go through bankruptcy you will have to work with your creditors, which is scary for many people. However, when you have an attorney, he or she can negotiate with your creditors on your behalf.  This often makes the process less stressful.

Contact the Malaise Law Firm to learn how we can help you file for bankruptcy with ease.

In Los Angeles, it has been reported that the singer and Grammy award winner Toni Braxton has filed for bankruptcy for the second time in her career.

In her Chapter 7 paperwork, Braxton claims that she has assets from $1 million-$10 million in debt that ranges between $10 million and $50 million. It is said that she filed her bankruptcy petition last week and does not have the ability to repay her debt.

The 42-year-old began her singing career in the 1980s with her sisters and then went solo shortly thereafter. In 1993, her self-titled album "Toni Braxton" sold 8 million copies.  In 1994, she won a Grammy for the artist and also for best R&B female vocal.  Additionally, she won a Grammy in 1995.

Are you thinking about filing for Chapter 7 bankruptcy in San Antonio? If so, contact the Malaise Law Firm to get immediate assistance from a San Antonio bankruptcy lawyer.

News sources report that Teresa Giudice's bankruptcy auction, which was scheduled to sell furniture and personal items including her and her husband's wedding ring, has been canceled. Instead, the assets are to be sold privately.

Teresa took to her Twitter account to confirm that the auction has been postponed indefinitely.  She appears on the Real Housewives of New Jersey and has recently authored a best-selling book.

When the Giudices filed for Chapter 7 bankruptcy, they listed $10.98 million in debt. They filed their bankruptcy petition in October 2009 and had tried to put some of their personal items up for auction to pay off their debt. Auction was supposed to take place on August 22^nd, but was later postponed to October 3^rd.

Now, the items will be sold privately and the attorney representing the couple said this measure would ensure the family receives sufficient money for their assets.

If you need help filing for Chapter 7 bankruptcy, contact us to work with a San Antonio bankruptcy lawyer.

In August 2010, TransUnion filed a report that stated credit card debt averages have dropped to less than $5,000.  During the same time period in 2009, the national average was $6,000.  While most people are not surprised that people are spending less than they have in the past few years, what is astounding is that debt has fallen and so too has the number of people seeking credit card debt relief. 

The lower credit card debt average can be attributed to multiple factors.  However, many experts assert that consumers have reduced confidence in credit cards due to high unemployment and are far less likely to spend.  People are more conscientious of their spending and are working hard to lower their debt to avoid foreclosure or filing for Chapter 7 bankruptcy.

Are you struggling with credit card debt and considering filing for Chapter 7 in Texas?  If so, contact our practice and get reliable advice from a San Antonio bankruptcy attorney now!

One of the most pressing questions people have when they are married and filing for bankruptcy is if their husband or wife will be affected by their filing. In the United States, husband and wives are not affected by their spouses' Chapter 7 bankruptcy filings if they are not responsible for any of their spouses' debt.

However, if they have a supplemental credit card or they share debt, husband or wives may be affected by their spouses' bankruptcy filings.

In some states, community property laws allow a spouse to accumulate debt without the consent of his or her husband or wife. The debt is then considered marital property.  Still, there are a few exceptions to the rule. For example, if one spouse wanted to purchase real estate, the spouse would need the signature of the husband or wife. Yet, credit cards do not require both spouses' signatures.  Community property states include Arizona, Idaho, California, Nevada, New Mexico, Texas, Washington and Wisconsin.

If you have additional questions about how bankruptcy will impact your spouse, contact our law firm and speak with a San Antonio bankruptcy lawyer.

Generally speaking, there are three main reasons why people choose to file for Chapter 7 bankruptcy in San Antonio:

1.  Unemployment.  When people are unemployed, it can be extremely difficult for them to make ends meet with just their unemployment checks.  Often times, people who are unemployed report that they are accumulating more debt and can leave them feeling financially constrained.

2.  Income is less than debt.  People who choose to file for Chapter 7 may have more debt than income.  For example, their mortgage and car loans may exceed the amount of money they make each year and push them toward filing for consumer bankruptcy.

3.  No other alternatives.  Yes, there are alternatives to bankruptcy, such as debt settlement.  However, alternatives may not be right for everyone.  When this is the case, people may choose to file for Chapter 7.

If you are thinking about filing for Chapter 7 in San Antonio, it is advised that you meet with a San Antonio bankruptcy attorney immediately.  Contact the Malaise Law Firm now!

In the United States, consumers may file for chapter 13 bankruptcy if they:

§  are a U.S. resident

§  have a source of proven, regular income

§  owe less than $290,525 in unsecured debts

§  owe less than $872,550 in secured debts

Often times, people who choose to file for chapter 13 do so for two reasons.  The first reason people consider chapter 13 is because they make too much to file for chapter 7 according to the means test.   Anytime people choose to pursue bankruptcy, they must take the means test.  This test determines which type of consumer bankruptcy people may file for. 

The second reason people may choose to file for chapter 13 is because they wish to repay the debt they owe instead of simply having it discharged.  People who file for this type of bankruptcy will have 3 to 5 years to repay the debt that they owe to their creditors.

If you have additional questions about chapter 13 or bankruptcy eligibility requirements in Texas, contact the Malaise Law Firm and speak with a San Antonio bankruptcy attorney from our team.

This week, it is reported that former Pittsburg Steelers All-Pro center Dermontti Dawson filed for chapter 7 bankruptcy.  Dawson filed his petition with the U.S. Bankruptcy Court in Lexington, Kentucky.

According to his bankruptcy paperwork, Dawson listed assets of $1.4 million and liabilities of $69.7 million.  He stated that his monthly income is $17,972, but his monthly expenses are $19,635.

Many of Dawson's liabilities seem to have stemmed from failed real estate ventures.  He said, "Unfortunately, my personal guaranty exposure on the debts of numerous real estate interests has led to the Chapter 7 filing."  Dawson also stated that he wished things had turned out differently and that he looked forward to continuing his contribution to his community.

At one point, Dawson was the highest-paid offensive lineman in all of Steelers' history.  His average annual salary was $4.2 million.

Are you planning to file for chapter 7 in San Antonio?  If so, the Malaise Law Firm is here to help.  Contact us today to speak with a San Antonio bankruptcy lawyer.

What is a credit report?
A credit report is essentially a detailed history of your credit behavior.  Your report tracks:

§  how many accounts you have open or closed

§  if you have accounts in collections

§  your account balances and spending limits

§  if you have paid your bills on time

After time a you pay a bill late or have an account in collections, your overall credit score drops.  Lenders will pull your credit report before giving you access to new lines of credit or loans.

What happens to a credit report after bankruptcy?
When people have filed for bankruptcy, such as chapter 7 bankruptcy, it will appear on their credit reports for up to 10 years.  After that time elapses, the bankruptcies will no longer appear on people's credit reports.

How can people repair their credit after filing for bankruptcy?
The best thing people can do to repair their credit reports after filing for bankruptcy is to pay their bills on time and act responsibly.

Do you have additional questions about bankruptcy and how it will impact your credit?  If so, contact the Malaise Law Firm and speak with a San Antonio bankruptcy lawyer today.

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!

If you are considering filing for Chapter 7 bankruptcy in San Antonio, you need to remain informed and aware of your legal options.  The best way to do this is by speaking with a San Antonio bankruptcy attorney from the Malaise Law Firm and also by following these three tips:

1.       Do not believe anything that you hear until you have spoken with a San Antonio bankruptcy lawyer.  There are countless myths circulating about Chapter 7 that are not only false, but also damaging if you believe them.   Instead of taking other people's advice, speak with a legal professional who is experienced in this area of law.

2.       Be ready to answer questions that a bankruptcy attorney will need to ask you.  For example, a lawyer may ask you about your income, your debt, how you accumulated your debt and if you plan to repay your debt.  Your bankruptcy legal professional may also want to look at your credit report.  So, be ready to disclose information.

3.       Know that some of your property will be exempt from liquidation and other property may be subjected to liquidation.  Your bankruptcy attorney can advise you further on this matter and help you get a better understanding of what assets are exempt and non-exempt.

If you would like to speak with a bankruptcy lawyer in San Antonio, contact the Malaise Law Firm now!

In Las Vegas, it is reported that famous magician Steve Wyrick has filed for Chapter 7 bankruptcy.  The filing took place this past Monday and Wyrick listed assets of $93,157 against liabilities of just over $54 million.

On December 10, 2009, the magician's show closed at the Planet Hollywood resort on the Las Vegas strip.  According to Wyrick, the show had to end because of the financial troubles he was facing. 

In his bankruptcy filing, Wyrick said that he did not own any real estate.  However, he does have assets, one being a 2007 Porsche Carrera valued at over $44,000.  He also has over $35,000 worth of magician equipment in his possession.  He listed several investors as his creditors.

Wyrick lists his occupation as self-employed and claims that his monthly income is currently $5,500 from loans and gifts given to him by his own mother.  In 2008, his monthly income was at $130,000 per year.

If you are thinking about filing for Chapter 7 in San Antonio, now is the time to speak with a San Antonio bankruptcy lawyer that can help you with your paperwork, advise you of your rights and help you complete the bankruptcy process in minimal time.  Contact the Malaise Law Firm to learn how we can protect your assets and look out for your best interests.

During a Chapter 7 bankruptcy all unsecured debts are discharged. Debts that are secured by collateral (e.g. car loans) must be paid or the collateral must be returned to the lender. Occasionally an individual considering Chapter 7 bankruptcy will own a vehicle that is worth less than what is owed. This situation is often referred to as “upside down and usually involves a late model vehicle that has depreciated faster than the person has paid on the loan. It doesn’t make any sense to pay for something that is “upside down, but often an individual needs to keep the vehicle for transportation to work and for family use.

Fortunately, a provision of the Chapter 7 bankruptcy code allows an individual to keep a vehicle and pay only its current market value. This process is called “redemption.” During a redemption the value of the vehicle is determined (either by agreement between the debtor and creditor or by the bankruptcy judge after a hearing) and a court order is issued directing the creditor to accept a sum from the debtor in exchange for a release of its lien. In plain terms the lender is paid a lump sum and the lien on the vehicle is released. For example, a debtor that owes $15,000 on an auto that is worth $10,000 will only pay $10,000.

Unfortunately, the payment must be made in a one-time lump sum to the lender at the time of the redemption order. If the debtor is unable to pay for the vehicle, there are finance companies that make redemption loans for debtors in bankruptcy. Before making a redemption loan these finance companies require a loan application and certain assurances of repayment. The interest rate can be high for a redemption loan, however the resulting monthly payment is often lower than the original payment. It is important to carefully consider all of the advantages and disadvantages before making a decision to redeem a vehicle:

Advantages of a redemption loan:

• Retention of the vehicle;
• Vehicle is no longer “upside down;”
• The creditor cannot repossess the vehicle;
• Usually results in a lower monthly payment.
• Disadvantages of a redemption loan:
• High interest rate.

Redemption is not the only option for keeping a vehicle after a bankruptcy. A skilled bankruptcy attorney can explain all of your options and help you obtain the best deal for your family.