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A creditor might file a motion to avoid violating the stay, or to get permission to take some action other than collect a debt.

In the last three blog posts we’ve covered five reasons why creditors ask for “relief from the automatic stay.” The first one is by far is the most common. Creditors ask for “relief from stay” to take back collateral, or to establish payment and other terms that you must meet to avoid losing the collateral.

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Chapter 7 BankruptcyLet’s face it: bankruptcy is a daunting prospect. Many first-time filers feel stressed, anxious and even overwhelmed at the idea. The truth, however, is that bankruptcy comes with many benefits: no more calls from creditors and no more worrying about losing your home, to name two.

When most individuals think of bankruptcy, Chapter 7 comes to mind. That is because it is the most common type of bankruptcy.

According to UScourts.gov, Chapter 7 allows for an immediate stop of wage garnishments, home foreclosure, phone calls from creditors and repossessions. A trustee will evaluate your assets to see if liquidation is an option, but in most cases, filers can keep their properties.

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Chapter 7 bankruptcyIn order to qualify for Chapter 7 bankruptcy, the U.S. Bankruptcy Court requires a person to pass a “means test.” This means test will determine if your Chapter 7 bankruptcy should be dismissed or if you should actually be filing for Chapter 13 bankruptcy.

In order to pass the means test, the courts look at your income for the prior six months before you filed for bankruptcy and then doubles that figure. That amount must be below the median level for the state you live in. In Texas, the annual median income is as follows:

  • Single person household: $41,960
  • Two person household: $57,121
  • Three person household: $60,440
  • Four person household: $69,570
  • Add $8,100 per person over four

If your income falls below the median, then you should have no problems qualifying for Chapter 7 bankruptcy. If it goes above, then a qualified bankruptcy attorney can go over what other options you may have.

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bankruptcy attorney, certified letter, contact debtors, debt collection, debt collectors, San Antonio bankruptcy lawyer, Texas bankruptcy attDebt collectors are only allowed to do so much when trying to acquire money owed from their debtors. And while there are times when debt collectors will go beyond what they are legally permitted to do, having an understanding of what is permitted can help to be determine whether or not a collector has gone too far.

Method of Contact

According to the Office of Consumer Credit Commissioner (OCCC), various creditors use independent debt collection agencies to acquire money owed. With that said, debt collectors are permitted to contact debtors via phone, mail, in-person, telegram, or fax. But, they should not contact debtors prior to 8:00 a.m. or after 9:00 p.m., unless given consent from the debtor. Also, debt collectors should not contact debtors at work, especially if the collector knows the employer does not approve of these contacts.

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student loan debt, San Antonio bankruptcy lawyer, San Antonio bankruptcy attorney, Texas lawyerGoing through the process of grieving a child is devastating for any parent. However it can be even more challenging to move on when private student loan debt follows that individual after the child has passed away.

While most federal student loan debt is wiped out when a person passes away, private lenders may try to go after family members. If you are trying to cope with this situation, you may have a way out: bankruptcy.

Just ask Francisco Reynoso of California. His son died in a car accident in 2008, but Reynoso was on the line for six figures of student loan debt for which he had cosigned. With an income of just $21,000 per year, Reynoso was trying to grieve the loss of his child while avoid collection calls and demands from private lenders.

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