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What if You Were Less Than Truthful on Your Bankruptcy Forms?
Filing for bankruptcy in Texas can be a beneficial way to achieve a fresh financial start, but being honest throughout the process is crucial. Bankruptcy paperwork requires full disclosure of your financial history, including assets, debts, and income. If you fudge the numbers or intentionally leave things out, you could face serious consequences, even if the mistakes or omissions were not intentional.
So, what happens if you were less than honest on your Texas bankruptcy forms, or you realize after the fact that you inadvertently filed with inaccurate information? The best course of action is to discuss the issue with your Wise County, TX bankruptcy lawyer. It could be possible for your attorney to file amended schedules to correct any inadvertent errors or to speak to the trustee as a show of good faith.
What Are Some Common Ways People Are Less Than Truthful in Bankruptcy Filings?
The bankruptcy process is based on transparency and fairness. Filings are made under penalty of perjury, which every bankruptcy filer should take very seriously. Yet, according to a 2021 University of California report, approximately 11.49 percent of bankruptcy filings in 2020 likely involved fraud. The most common ways people seek to "game" the bankruptcy system include:
Can You Use Bankruptcy to Deal with IRS Debt in Texas?
In the state of Texas, where there is no state income tax, residents can find at least some relief from tax problems. However, just because there is no state tax does not exempt you from owing federal taxes to the IRS.
It can be extremely stressful to owe federal income tax, and the penalties can be relentless. If you feel that you will never be able to repay the IRS the money you owe, and it keeps you up at night, you may wonder whether bankruptcy could eliminate your IRS debt.
The answer to that question is far from simple and can depend on the type of tax owed, how old the debt is, and which type of bankruptcy you intend to file. Consulting with a knowledgeable Dallas, TX bankruptcy attorney should be your first step in your quest to eliminate debt and achieve a fresh financial start.
Could Bankruptcy Be a Useful Tool for Eliminating Some IRS Debt?
Bankruptcy can be useful in eliminating some IRS debt, but be aware that what you can eliminate will depend on the specific circumstances and the type of tax debt. Under specific conditions, some federal income tax debts can be discharged through Chapter 7 bankruptcy.
Medical Debt and Retirement: A Senior’s Guide to Bankruptcy
Between 1991 and 2016, bankruptcy filings among individuals aged 65 to 74 increased by 204 percent. This huge increase is largely due to the rising costs associated with medical expenses. The cost of healthcare, including insurance premiums, deductibles, and out-of-pocket expenses, disproportionately impacts seniors who may have chronic illnesses, insurance coverage gaps, and fixed incomes.
Many Texas seniors are finding that their medical bills are turning their retirement years into a financial nightmare. Social Security payments are unlikely to keep up with medical costs, and while bankruptcy is a choice few seniors want to consider, it can help you protect your assets while regaining financial stability in your golden years. Consulting with a knowledgeable Dallas, TX bankruptcy lawyer can help answer your questions and determine whether bankruptcy is the best option for you.
When To Choose Chapter 13 Over Chapter 7 Bankruptcy?
If you have a great deal of debt, bankruptcy can offer a fresh start. But when it comes to choosing whether to file Chapter 7 or Chapter 13 bankruptcy, the decision depends largely on the circumstances of your case, particularly the type of debt you have. The reason for this is that both Chapter 7 and Chapter 13 help people get rid of debt, but they work in very different ways.
Understanding when Chapter 13 might be the better choice is key to protecting your assets and planning for a better financial future. An experienced Wise County, TX bankruptcy attorney can advise you on the most appropriate route for you.
What Is the Difference Between Chapter 13 and Chapter 7 Bankruptcy?
Chapter 7 is often called the "liquidation bankruptcy" because at the end of the process wipes out most unsecured debts (such as credit cards or medical bills), usually within three to five months. However, it may require you to give up certain non-exempt assets to pay creditors.
Can Bankruptcy Help With Payday Loan Debt?
Most people turn to payday loans during financial emergencies, expecting to repay them quickly with their next paycheck. But when these short-term loans lead to a recurring cycle of debt with crushing interest rates, you might find yourself trapped under mounting debt. If this sounds familiar, Chapter 7 bankruptcy might offer relief. An experienced Dallas, TX bankruptcy attorney can advise you on your rights and help determine if filing for bankruptcy is the right solution for your payday loan debt.
Why Are Payday Loans Problematic?
While they are marketed as quick solutions for people facing temporary financial shortfalls, payday loans come with extremely high interest rates. The typical payday loan has an APR of over 300. This means that by the time payday arrives, you may find yourself unable to repay the full loan amount plus fees.
How Does a Bankruptcy Attorney Get Paid?
It is safe to say that if you are filing for bankruptcy, or thinking about it, you are probably experiencing serious financial hardship and owe too much debt for comfort. You may be thinking that the last thing you can afford right now is an attorney to handle your bankruptcy case. You may also be curious about how bankruptcy attorneys get paid, given that everyone who files for bankruptcy is in a similarly bad financial situation.
The answers to these questions depend on the type of bankruptcy you are filing, but in general, filing for bankruptcy can be cheaper than continuing to accrue debt, and there are manageable ways to pay for your attorney. You should bring these questions up during a complimentary consultation with your Arlington, TX bankruptcy attorney, who can explain the costs of bankruptcy and legal representation.
Who Is a Good Candidate for Chapter 13 Bankruptcy in Texas?
When most people unfamiliar with bankruptcy think about what it means, they tend to imagine the specifics of Chapter 7 bankruptcy. After all, this is the most common type of bankruptcy, in which a debtor liquidates their nonexempt assets to pay back creditors and in exchange gets many of their debts discharged. Chapter 7 is a good option for many people, but it may not be the right option for everyone. Chapter 13 bankruptcy is also a powerful tool for individuals facing significant debts. For some, Chapter 13 might be the best choice, and for others, it could be the only option available. A knowledgeable Wise County, TX Chapter 13 bankruptcy attorney can review your financial situation and advise you on what type of bankruptcy might be best to file for.
What Is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy allows individuals to make a court-approved payment plan to repay their debts over three to five years. Chapter 13 is sometimes called the "wage earner’s bankruptcy" because it tends to be a good fit for people with a steady income to make the monthly payments.
How Should I Choose a Bankruptcy Attorney?
If you face financial troubles and significant debt, you may be considering bankruptcy. In this stressful time, you will have some difficult decisions to make, about whether to file for bankruptcy at all, what chapter bankruptcy to file, and other smaller but no less significant concerns. One important decision you will make is what bankruptcy attorney to hire. Given all that is at stake, this may also be a difficult decision to make, especially when you want to maximize your chances of success by working with a good attorney but you do not know where to start. A knowledgeable Fort Worth, TX bankruptcy attorney can answer any questions you may have.
Key Traits to Seek in Your Bankruptcy Lawyer
Experience
Bankruptcy is a complex and somewhat "niche" area of law, and a good bankruptcy lawyer will have plenty of specific experience in this area of law, in and outside the courtroom. They should have experience handling bankruptcy cases like yours, whether you file for Chapter 7, Chapter 13, Chapter 11, or another type of bankruptcy. At the same time, they will be able to advise you on other areas of law that may be affected by your bankruptcy, such as divorce and bankruptcy, or tax issues and bankruptcy. They will also be able to advise you on alternate solutions to debt problems, like foreclosure defense.
What Should I Know About Mortgage Modifications?
If you are struggling to make your mortgage payments, there are legal avenues that can offer you relief. One such avenue is a loan modification. Successfully negotiating a loan modification with the owner of the loan can not only keep your home out of foreclosure–with all the peace of mind that brings–but also lessen your financial burden. Yet getting a loan modification is not a cut-and-dry process, nor is it certain that you will be granted one. If you are considering this, speak with an experienced Dallas, TX mortgage modification attorney to understand your options.
What Is a Loan Modification?
When you receive a loan modification, the lender agrees to change the terms of the loan, usually by reducing monthly payments, lowering the interest rate, extending the term of the loan, or forgiving some of the principal you owe. Any late fees are usually added to the principal in a loan modification.
What Will My Life Look Like After Filing Bankruptcy?
If you are struggling to pay overwhelming debt, you may be thinking about filing for bankruptcy. From debt relief to an automatic stay that prevents creditors from harassing you, there are several advantages to filing Chapter 7 or Chapter 13 bankruptcy. Still, you may have misgivings and wonder what your life will look like after you file.
Filing for bankruptcy is a major decision, and finding out the potential consequences is smart. One of our knowledgeable Parker County, TX bankruptcy attorneys can answer your questions and help you decide if this form of debt relief is right for you.
Can I Get Past the Guilt of Not Honoring My Financial Obligations?
Many people have a moral dilemma about filing for debt relief through bankruptcy. You may have borrowed money through loans, credit cards, or other methods with the full intention of repaying what you owe. It is natural to feel uneasy about not being able to meet your financial obligations, but remember that many Americans are in similar situations.
From our office in Arlington, we serve clients throughout Tarrant County, Dallas County, Parker County, Denton County, Wise County, Dallas, Fort Worth, Irving, Grand Prairie, Bedford, Keller, Euless, Richland Hills, North Richland Hills, Mansfield, Coppell, Kennedale, Las Colinas, Burleson, Azle, Saginaw, Haltom City, Watauga, Southlake, Benbrook, Colleyville, Grapevine, Crowley, Aledo, Roanoke, Trophy Club, Carrollton, Farmers Branch, Richardson, and Hurst, as well as other communities across North Texas.
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