When filing bankruptcy you must provide a list of all of your assets in the schedules section of the bankruptcy petition. Assets include things like your car, house, television, clothing, and everything else you own. Assets also include things like life insurance policies, the right to collect a debt owed to you, and a cause […]
In North Texas bankruptcy cases, TRCC stands for “Trustee’s Recommendation Concerning Claims.” This is the point in a Chapter 13 bankruptcy case when the trustee reviews the claims filed in the case and decides if the plan provides enough money to pay all allowed claims. This concept will make more sense if I start my […]
“Not all it’s cracked up to be” is one of my favorite idioms. “Too good to be true” is another good one that also applies to debt settlement. Forgive me for speaking in generalities, but the reality is that debt settlement rarely benefits the debtor in the end. It sounds like a great idea, but […]
If you have researched filing Chapter 7 bankruptcy before, you are probably familiar with the dreaded Means Test. The Means Tests has dashed the hopes of many a would-be bankruptcy filer. This test was first included in the Bankruptcy Code in 2005 when the Code was revised. This revision made the requirements for Chapter 7 […]
Many Americans are struggling with their financial situation but not all of them are eligible for relief under Chapter 7 of the Bankruptcy Code. Chapter 7 limits eligibility to those people who are truly needy and cannot afford to pay their creditors, and it uses a form called the Means Test to determine if a […]