Your credit affects your ability to buy a home, obtain employment, and even get insurance. And you have a right to ensure that the credit reporting agencies report accurate information about you and protect your privacy. The federal Fair Credit Reporting Act (FCRA) was enacted to protect those rights.

Credit reporting agencies are regulated under the FCRA and have a responsibility to insure that information reported about you is accurate and is only disclosed to you or creditors, insurers and employers to determine:

• Eligibility for credit or insurance
• Eligibility for employment actions (hiring, firing, promotions, etc.)
• Eligibility for rental leases, mortgages, refinancing, and equity loans
• Ability to pay child support
• Eligibility for government licenses and public benefits
• Credit risk associated with a current credit obligation

If information contained in your file was used against you by law you must be informed. When a person or a company uses credit report information to deny you credit, insurance, employment or housing that person or business must inform you and give you the name and contact information of the agency that provided the information. And under the FCRA you have the right to:

• Full disclosure of your credit file
• Request your credit score
• Dispute incomplete and inaccurate information
• Have incorrect, incomplete, unverified or outdated information corrected or purged from your file
• Opt-out from unsolicited offers of credit and insurance
• A free credit report every 12 months or when denied credit and other circumstances.

Protecting your rights and privacy

If a credit or other reporting agency has violated the FCRA and it has resulted in damaging your reputation or credit or other rights, you should consult an experienced Texas bankruptcy attorney about the legal remedies available to you. Contact us online or call 972-772-3083 to discuss your credit reporting issue today.

Unfortunately, foreclosures are at all time highs and many people lose sleep at night worrying about the future of their homes. Going through a foreclosure can be humiliating, stressful and represent a serious loss for your family. However, there are certain things that your Texas foreclosure attorney can help you to do to avoid foreclosure:

• Loan modification. A loan modification is a process that makes permanent changes in the terms of your mortgage loan. A modification allows your mortgage to be reinstated and reduces payments so that they are affordable. This process can be time consuming and requires you meet certain criteria to qualify.

• Forbearance. A forbearance is an agreement made between your mortgage lender and you in which the bank agrees not to foreclose and you agree to a mortgage plan that will, over a specified time period, bring you current on your payments. However, a forbearance agreement is not a long-term solution and is meant for borrowers with temporary financial problems because of unforeseen situations like temporary unemployment or medical problems.

• Short sale. A short sale is when you sell your home for less than the outstanding balance of your mortgage and the proceeds are used to pay your lender. Under this agreement, your lender accepts the amount as repayment of the mortgage and you are freed of the mortgage obligation. A bank may be agreeable to a short sale because it enables the bank to avoid greater expense incurred from the foreclosure process.

Contact an experienced Texas foreclosure attorney today

In today’s tough economy anyone can become a victim of foreclosure. If you are concerned about a foreclosure happening to you, contact us online or call 972-772-3083 to learn how we can help you.

In a consumer bankruptcy filing, whether a Chapter 7 or a Chapter 13, one of the first things that happens is a creditors meeting. Often referred to as the 341 meeting, this is when you and the bankruptcy trustee meet with your creditors.
Generally, the 341 meeting occurs three to six weeks after your initial filing. The meeting is usually short and informal and may be the only meeting you are required to attend for your case

The 341 meeting is held to ensure that in your bankruptcy, you have honestly represented your income, assets, and debts—and the trustee can question you under oath about your finances and property. Creditors may also ask questions but only to establish facts, not to make you explain why you have filed for bankruptcy.

You are required to attend the meeting and to answer questions—and if you don’t your bankruptcy can be dismissed. Your Texas bankruptcy attorney attends the meeting with you. However, meeting attendance is not required of the creditors and often in consumer bankruptcies, creditors do not attend.

During the meeting the trustee places you under oath, and asks questions geared toward verifying your information and to ask about anything that might be missing from your paperwork. If any creditors are present, they too may ask you questions about your property and income.

You should attend the meeting prepared to answer questions about your case and to ask about anything in the proceeding that you do not understand.

Get help from an experienced Texas bankruptcy attorney

The 341 meeting is typically the last thing you have to do in a bankruptcy case and afterwards the only thing to do is to wait for the notice of discharge. If you have questions about the 341 meeting or other aspects of filing bankruptcy contact us online or call 972-772-3083 to schedule a free consultation today.

When considering bankruptcy you are understandably concerned with what property you may keep. By understanding what exemptions are available to you in a bankruptcy it can help you take the necessary steps to resolve your financial situation.

In Texas, federal and state exemptions are available to bankruptcy filers. On certain exemptions there are some limits but an experienced Texas bankruptcy attorney can help you determine how those limits apply to your case.

Following is a brief explanation of exemptions available to you if you file bankruptcy in Texas:

• Homestead. Your home, if in town, not more than ten acres, if out of town, 100 acres, and 200 acres for families.
• Personal property. Up to $60,000 in value for a family, or $30,000 for single adult and includes: vehicles, livestock, home furnishings, and clothing.
• Trade tools. Includes tools, books, equipment, and vehicles used in your trade, farming vehicles and equipment.
• Wages. Earned unpaid wages/commissions that do not exceed 25 percent of your total personal property exemptions.
• Pensions. Traditional and Roth IRAs (with limits), tax-exempt retirement accounts, and pension and survivor’s benefits.
• Insurance. Most life, health, accident, or annuity policies.
• Public benefits. Unemployment, Workers Compensation, medical and public assistance.
• Other. Alimony and child support, business partnership property, educational savings plan trust accounts.

Understand your exemptions with the help of a Texas bankruptcy attorney

Because in a consumer bankruptcy you are required to turn over your non-exempt assets to the court, it is important to understand your exempt and non-exempt property. An experienced bankruptcy attorney can help you determine what property you may keep. Contact us online or call 972-772-3083 to discuss your bankruptcy needs.

Although you aren’t required to hire a Texas bankruptcy lawyer to file for bankruptcy it is a good idea to consult with an experienced lawyer to better understand your situation. While there are countless books and websites that that offer advice on how to handle a bankruptcy by yourself, neither books nor websites can evaluate your set of circumstances. It is a common myth that filing bankruptcy is a simple matter of paperwork, but the truth is it can be a complex procedure and requires an understanding of state and federal statutes, case law, and procedural rules. And bankruptcy may not be the solution to your financial problems—and an experienced lawyer can help you determine what the appropriate legal solution is for you.

The benefits of working with a Garland, Texas bankruptcy lawyer

Working with an experienced bankruptcy lawyer offers many benefits including:

• Prevents creditors from contacting you directly. The Fair Debt Collections Practices Act forbids creditors from contacting you directly and requires them to communicate through your lawyer once you have filed.

• Determining the appropriate type of bankruptcy to file. Your lawyer has the knowledge and understanding of bankruptcy law and can determine whether a Chapter 7 or a Chapter 13 is the appropriate type of bankruptcy for you.

• Timely preparation and filing of necessary documents. In a bankruptcy there is a lot of paperwork and errors can stall the process. An experienced lawyer ensures all forms are properly completed and the required documentation is filed within the court’s deadline.

Get the relief you deserve

Bankruptcy laws allow individuals to obtain relief from overwhelming debt and to have a second chance. If you are considering bankruptcy, contact us online or call 972-772-3083 to schedule a free consultation today.

If you live in or around Rockwall, Texas, and you are struggling to make ends meet, a Chapter 13 bankruptcy filing can get you the fresh financial start you need. Not only will a bankruptcy filing put an immediate end to the harassing phone calls, letters and other efforts by creditors and bill collectors, but it can give you the time you need to get your finances back on track. In many instances, you can work out payment agreements for less than the full amount due.

At the office of Rockwell bankruptcy lawyer Carrie Weir, I offer a free initial consultation to anyone considering filing for protection under Chapter 13. To schedule an appointment, contact my office online or call me at 972-772-3083.

Stop Creditor Harassment Immediately

Under the 2005 revisions to the bankruptcy laws, you must qualify to file for the permanent discharge of debts under Chapter 7. The law sets up a “means test,” requiring that you demonstrate to the bankruptcy court that you lack the resources to repay your creditors over a three-to-five year period. If you are not eligible for protection under Chapter 7, your only recourse in bankruptcy is in Chapter 13.

Chapter 13 bankruptcy, also known as debtors’ reorganization, allows you to enter into new payment arrangements with your creditors. When you file a Chapter 13 bankruptcy petition, you get many of the same benefits that come with a Chapter 7 filing. The automatic stay under the bankruptcy law goes into effect as soon as you file. This prevents your creditors from calling you, writing you, filing a lawsuit or pursuing any course of action outside of the bankruptcy proceeding to attempt to collect the debt from you.

When you hire a lawyer to assist you with a Chapter 13 bankruptcy, your lawyer will work closely with you to prepare a reorganization plan to submit to your creditors. Your creditors may also initiate negotiations to restructure debt. Your attorney will review any proposed refinancing or repayment agreements to make certain you can afford them. If you make promises in a Chapter 13 bankruptcy proceeding, but fail to keep them, you will most likely lose the protection of the bankruptcy laws.

Don’t make the mistake of trying to handle your Chapter 13 bankruptcy proceeding on your own. The law and the process can be complex and confusing. You want an experienced lawyer to make certain your documents are correctly prepared, and that your interests are fully protected in all hearings or proceedings with creditors, the bankruptcy trustee or the court.

Contact Heath, TX Bankruptcy Attorney Carrie Weir

I offer a free initial consultation to all potential bankruptcy clients. Contact my office by e-mail or call me at 972-772-3083 for a private meeting. With offices in Rockwall, Texas, I represent clients in Heath, Greenville, Lavon, Wylie, Mesquite and Rowlett.

If you own or operate a business, and you are struggling to pay your bills, you may be considering a personal or business bankruptcy petition. You may be uncertain of the options available to you, and whether your interests will best be served by a consumer or commercial bankruptcy. This blog post identifies the different options in personal and business bankruptcy filings.

At the office of bankruptcy attorney Carrie Weir, in Rockwall, Texas, I provide a free initial consultation to anyone considering filing for bankruptcy. For a private meeting, contact my office online or call me at 972-772-3083 to set up an appointment.

An Overview of Consumer Bankruptcy Options

When seeking to put your personal finances in order, you can file for protection under Chapter 7 or Chapter 13. In a Chapter 7 personal bankruptcy filing, you are allowed to permanently rid yourself of certain debts in exchange for the sale of some of your property. As a general rule, only unsecured debt, such as credit card bills and medical expenses, can be discharged in a Chapter 7 proceeding. You can, however, keep certain value in your home, car, retirement plans and other personal property.

In a Chapter 13 petition, you enter into new payment agreements with your creditors, agreeing to satisfy your debts over a three-to-five year period. You are allowed to keep all of your property, and can enter into repayment arrangements with respect to almost any type of debt.

In both Chapter 7 and Chapter 13 proceedings, you get the immediate benefit of the automatic stay. Your creditors may not call or write you, and must suspend any pending legal action to collect the debt.

Commercial Bankruptcy

You can file a Chapter 7 bankruptcy petition with respect to your business, but if you do, you must liquidate the assets of your business. If you want to continue business operations, the best option for commercial bankruptcy is under Chapter 11, the business equivalent to a Chapter 13. In a Chapter 11 proceeding, your lawyer will work directly with your creditors, seeking to put together a reorganization plan that meets their approval. Your attorney will also evaluate repayment offers from your creditors, to make certain they are within your means. If you make agreements under Chapter 11 or Chapter 13 and fail to keep them, you can lose the protection of the automatic stay.

In business bankruptcy filings, you also get the benefit of the automatic stay.

Contact Texas Bankruptcy Attorney Carrie Weir

I offer a free initial consultation to all potential bankruptcy clients. Contact my office by e-mail or call me at 972-772-3083 for a private meeting. With offices in Rockwall, Texas, I represent clients in Heath, Greenville, Lavon, Wylie, Mesquite and Rowlett.

So you filed for protection under Chapter 7, identified the debts that you want to permanently discharge, sold some of your assets at a bankruptcy sale, and thought the matter was closed. What do you do, though, if one of your creditors, whose debt was extinguished in the Chapter 7 proceeding, continues in attempts to collect the debt from you? This blog post addresses your rights in these situations.

At the office of bankruptcy attorney Carrie Weir, in Rockwall, Texas, I provide a free initial consultation to anyone considering filing for bankruptcy. For a private meeting, contact my office online or call me at 972-772-3083 to set up an appointment.

Protect Your Rights after a Discharge in Bankruptcy

Under the federal bankruptcy laws, when a debt is discharged through a Chapter 7 proceeding, the creditor has no further legal right to seek payment from you. Nonetheless, either intentionally or unintentionally, creditors may contact you after the close of a Chapter 7 bankruptcy, seeking to recover payment or to get you to make a new arrangement. You don’t need to put up with this.

If you have been contacted by a creditor or collection agency seeking to recover a debt that was discharged in bankruptcy, you need to immediately contact your bankruptcy lawyer. If the efforts persist, your attorney can file a motion with the bankruptcy court, reporting the illegal action and asking that the court reopen your case to address the matter. Once the case is reopened, you can file what is known as an “adversary complaint,” asking the court to use its power to stop any further creditor harassment, and, if appropriate, to issue sanctions or assess damages for the violation. In most instances, the court will assess a fine, and may even require the creditor to pay attorney fees.

Contact the Office of Texas Bankruptcy Attorney Carrie Weir

I offer a free initial consultation to all potential bankruptcy clients. Contact my office by e-mail or call me at 972-772-3083 for a private meeting. With offices in Rockwall, Texas, I represent clients in Heath, Greenville, Lavon, Wylie, Mesquite and Rowlett.

If you are struggling to pay your bills, you may have considered personal bankruptcy as a way to stop creditor harassment and get a fresh financial start. You may worry, though, that you will put all your assets at risk, that you may lose all the property you worked so hard to obtain. This blog post addresses how the consumer bankruptcy laws affect your rights to retain your property.

At the office of bankruptcy attorney Carrie Weir, in Rockwall, Texas, I provide a free initial consultation to anyone considering filing for bankruptcy. For a private meeting, contact my office online or call me at 972-772-3083 to set up an appointment.

How Bankruptcy Affects Your Right to Your Property

When filing for personal bankruptcy, you generally have two options: a liquidation proceeding under Chapter 7 and a debtor reorganization under Chapter 13. Both give you the benefit of the automatic stay, preventing your creditors from taking any action outside of the bankruptcy process to collect the debt from you. The two chapters treat your assets differently, though.

In a Chapter 7 bankruptcy filing, you are allowed to permanently discharge certain debts in exchange for the sale of some of your property. Some obligations, such as child support arrearages, school loans and some tax obligations, are generally not dischargeable in bankruptcy. On the other hand, you can choose to make certain assets exempt from sale to satisfy debts. The laws governing bankruptcy exemptions are determined by state statutes. In Texas, for example, you have an exemption that protects a certain amount of value in your home. You can also claim exemptions for your car and other personal property items. Of course, the more property that you seek to exempt from sale, the less you have to satisfy creditors and the less likely your petition will be granted.

In a Chapter 13 bankruptcy proceeding, you are allowed to keep all of your assets, entering into new payment arrangements. This is one of the principal reasons that many people opt to file for protection under Chapter 13 instead of Chapter 7. With this type of filing, you don’t have to worry about whether you can keep your assets. Your focus is on restructuring your debts in ways that are acceptable to your creditors.

Contact Heath, TX Bankruptcy Attorney Carrie Weir

I offer a free initial consultation to all potential bankruptcy clients. Contact my office by e-mail or call me at 972-772-3083 for a private meeting. With offices in Rockwall, Texas, I represent clients in Heath, Greenville, Lavon, Wylie, Mesquite and Rowlett.

If you own or operate a family farm, and you are struggling to make ends meet, you may have considered bankruptcy as a means of getting a fresh financial start. Though you could seek protection under Chapter 7 (liquidation) or Chapter 13 (reorganization), the federal bankruptcy laws have a specific provision, Chapter 12, to provide relief for family farmers. Chapter 12 was added to the bankruptcy laws in 1986, providing relief similar to Chapter 13 with some additional benefits. This blog post provides an overview of the benefits of Chapter 12.

At the office of bankruptcy attorney Carrie Weir, in Rockwall, Texas, I provide a free initial consultation to anyone considering filing for bankruptcy. For a private meeting, contact my office online or call me at 972-772-3083 to set up an appointment.

An Overview of the Protections Under Chapter 12

Under the federal bankruptcy laws, relief under Chapter 12 is available only to individuals or entities that meet the statutory definition of “family farmer.” This can be an individual, a partnership or a corporation.

There are specific tests that are applied to make this determination, including:
• Amount of debt
• Percentage of debt arising from a farming operation
• Whether or not the applicant has “regular annual income.”

If the entity seeking protection is a partnership or corporation, at least 50% of the ownership of the farming operation must be held by one family, and more than 80% of the value of the partnership or corporation must be related to the farming operation.

A Chapter 12 bankruptcy petition is closely modeled on a Chapter 13 filing. When you seek protection, a trustee is appointed and you work with creditors to negotiate new payment arrangements. The plan can include modification of the terms of secured or unsecured debts. The petitioner has a couple options, though, with respect to repayment. You can either agree to repay all unsecured debts, or to dedicate all disposable income to the repayment of unsecured debts. In many instances, a Chapter 12 petition gives you a longer period of time in which to repay your creditors.

As with a Chapter 13 petition, you must prepare a reorganization plan, submit it to your creditors, and have it approved. Your lawyer will help you prepare this plan and will review any proposed restructuring agreements from your creditors, to ensure they are within your means.

Contact the Office of Texas Bankruptcy Attorney Carrie Weir

I offer a free initial consultation to all potential bankruptcy clients. Contact my office by e-mail or call me at 972-772-3083 for a private meeting. With offices in Rockwall, Texas, I represent clients in Heath, Greenville, Lavon, Wylie, Mesquite and Rowlett.