Resources to Help You Master Your Money
Credit Reporting and Bankruptcy
WHAT DOES MY CREDIT REPORT LOOK LIKE AFTER BANKRUPTCY? The Fair Credit Reporting Act (15 U.S.C. §1681 et seq.) governs how a creditor can report a debt that has been discharged in bankruptcy. The creditor can report an account that has been discharged in...
Errors in Your Credit Report
MISREPORTING OF CREDIT INFORMATION Creditors will report debts or accounts to the credit reporting agencies, where the liability for the debt has been discharged in a bankruptcy. If you discover the misreporting of such an account in your consumer credit report,...
Taxation of Forgiven Debt
Taxation of forgiven debt is generally taxable to the Debtor. However, one of the most beneficial aspects of bankruptcy is that debt discharged in a bankruptcy is not taxable to the Debtor. All bankruptcy is governed by Title 11 of the United States Code. Section...
Right to Setoff or Offset in Bank Accounts
WHAT HAPPENS TO YOUR BANK ACCOUNT IN A BANKRUPTCY? People contemplating a bankruptcy filing often have bank accounts that may have been pledged as collateral to secure a loan with the bank where the deposited funds are located. If you are in such a situation, then...
Discharge of Income Tax Liability in Bankruptcy
INCOME TAX AND BANKRUPTCY There is not a simple answer to whether or not income tax liability is dischargeable in a bankruptcy. Under the right facts and circumstances income taxes can be discharged. First, if a return was never filed for the taxes prior to filing...
Automatic Debits For Payments After Filing Bankruptcy
PAYING WITH AUTOMATIC DEBITS AFTER FILING FOR BANKRUPTCY If you have car payments or other payments being made to a secured creditor by way of an automatic debit from a bank account, you will need to make arrangements with the creditor to pay them by other means...
Judgment Liens in Bankruptcy
BANKRUPTCY JUDGMENT LIEN Texas Property Code Section 52.001 provides that an abstract of judgment when recorded and indexed in a county in which a judgment debtor owns real property creates a valid judgment lien on that property, unless the real property is exempt...
Bankruptcy Job Discrimination
JOB DISCRIMINATION NOT ALLOWED AS A RESULT OF BANKRUPTCY A governmental unit may not deny, revoke, suspend or refuse to renew a license, deny employment to, terminate the employment of, or discriminate with respect to employment against a person who has sought...
Cram Down in Chapter 13
WHAT DOES "CRAM DOWN" MEAN? The term "Cram Down" commonly refers to the procedure by which a Chapter 13 debtor pays a car creditor the value of a vehicle at the time of the filing of a Chapter 13 plan or reorganization, as opposed to what the car creditor is...
Reaffirmation Agreements on vehicles in Chapter 7 Bankruptcies
YOUR VEHICLE IN A CHAPTER 7 BANKRUPTCY A Debtor in a Chapter 7 bankruptcy has three options with respect to personal property that is financed. The creditor that is owed on a note secured by the financed personal property is referred to as a "secured" creditor....
