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San Antonio Chapter 13 bankruptcy attorney

Chapter 13 bankruptcy enables you to use the pandemic’s mortgage payment forbearance process and sell your home if and when you are ready to do so.

Last week we showed how Chapter 7 helps you take advantage of the pandemic foreclosure moratorium when selling your home. Today we show how it works even better with the more powerful Chapter 13 “adjustment of debts.”

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TX foreclosure lawyerIt is extremely difficult to face foreclosure. You may feel angry, upset, and frustrated, and all of those feelings are to be expected. However, if you are in danger of losing your home, it is important to remain calm and to understand how the process works. This is the only way to identify any potential defense you may have, which will give you the best chance of keeping your home. To learn more, our attorneys have created a list of the most frequently asked questions they are asked about foreclosure, and the answers to them.

Is Texas a Judicial Foreclosure State?

Most foreclosures in Texas are non-judicial. This means that when a borrower defaults on their mortgage, the lender can foreclose on the home without first filing a lawsuit against them and going to court. Non-judicial foreclosure is only available when the mortgage deed contains a Power of Sale clause. When a mortgage loan does include a Power of Sale clause, the borrower has already agreed that the lender can foreclose on the home in the event that they default on the mortgage.

When a mortgage loan does not contain a Power of Sale clause, lenders must go through the judicial foreclosure process. This requires them to file a lawsuit and go to court to obtain an order that allows them to foreclose.

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TX bankrupcy attorneyIt is a common myth that debt collectors can garnish a person’s wages when they have not repaid their debts. While this is true in many states across the country, it is not true in Texas. Under Texas law, a person’s wages can be garnished for only very specific reasons and consumer debt collection is not one of them. If you are in debt and fear your wages may be garnished, read on to learn more about this law in Texas.

Understanding Wage Garnishments

Wage garnishments, also sometimes referred to as wage attachments, are court orders that are sent to a borrower’s employer when they have not repaid their debt. Once the employer receives the order, they are then required to withhold a certain amount of money from the employer’s paycheck. The employer must then send the amount that was withheld to the creditor.

In Texas, wage garnishments are only allowed for child support, alimony, taxes, and student loans. The amount of wages that are garnished from a person’s paycheck will depend on different factors. Still, it is generally believed that people should still have enough to live on after the garnishment and so, federal law does set a limit on how much can be taken from a person’s paycheck.

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When you are swimming in debt, ignoring phone calls from creditors, facing a repossession or foreclosure, and your mailbox is filling up with lawsuits and letters from collectors, it can feel as though your life is spinning out of control. But, is bankruptcy really the right debt solution for you? And if it is, which personal bankruptcy option should you choose? While there are a number of factors to consider in reaching the answers to those questions, and a qualified attorney is best suited to guide you, the following information on bankruptcy basics will help you understand the basics.

Common Types of Personal Bankruptcy

Both Chapter 7 and Chapter 13 bankruptcies allow you to manage or eliminate unsecured debts and stop the proceedings of foreclosures, garnishments, repossessions, utility shutoffs, and debt collections. However, child support, alimony, fines, some types of back taxes, and most student loan debts may be exempt, leaving you still obligated to pay them. Additionally, both may allow you to keep certain assets (within your state’s maximum valuation), such as a car or primary residence. But, this is where the similarities for the types of bankruptcies end.

In a Chapter 7 bankruptcy, sometimes known as “straight bankruptcy,” you will be required to sell all non-exempt assets, including (but not limited to) vehicles, work-related tools, basic household furnishings, and additional properties. In some cases, this sale must be completed by a court-appointed trustee. In others, the items may need to be turned over to the creditor. Once your bankruptcy is discharged, you must wait another eight years before you can file again.

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TX bankrutpcy lawyer, TX bankruptcy attorney, Many people share intimate details of their lives on social media — vacations they take, places they shop, purchases they make, and even what they wear. Unfortunately, this form of sharing can sometimes have legal repercussions. For example, angry posts about your soon-to-be ex-spouse can find their way into your divorce case. Similarly, social media posts that depict a financial situation that is different from what you have claimed in bankruptcy filings could also cause serious problems. In fact, a high-profile example from a few years ago shows just how difficult things can be when you are not careful on social media.

Bankruptcy Filing and a Social Media Blunder

In 2015, the rapper 50 Cent filed for Chapter 11 bankruptcy protection. Right in the middle of it all, he posted several Instagram photos with loads of cash — one of a stack of money in his freezer, one in which bills were arranged to spell the word “Broke,” and one of him surrounded by stacks of cash on a bed. The rapper claimed the bills were props, such as those used in music videos, but his creditors and the judge were far from amused.

According to the New York Times, 50 Cent stated that the postings were essential to maintaining his appearance and securing his future. When his history of merchandising deals and “living large” were mixed with a number of failed business ventures and several lawsuits, it was understandably difficult to determine whether he was hiding assets or telling the truth. Because of this, his creditors asked for a reevaluation of his assets, and a judge pulled him back into court to speak about the matter.

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