Chapter 7 bankruptcy has the potential to give a debtor a fresh start. A fresh start means a new financial beginning free from most, if not all, of your outstanding debts. This can be an appealing option, especially in today’s climate. After an individual debtor receives a Chapter 7 bankruptcy discharge, the only debts that…
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What Property is Exempt in Texas Bankruptcy Proceedings?
Many people who may otherwise be considering bankruptcy try to avoid it under the misconception that will lose all of their property. This is simply not the case. Bankruptcy in its very design allows a debtor to seek relief from creditors while protecting much of their property. This is especially true for debtors in Texas….
Continue reading…41(f) And You! What do you need to know and how does it affect you
As you are most likely aware the ATF proposed a rule change in 2013 to close the “Trust loophole” for NFA transfers. This proposed change would require all “responsible parties” to the legal entity, Trusts, corporations, LLC’s etc to comply with the CLEO certification requirements and submit identifying information, ie. Fingerprints and photographs, with each form…
Continue reading…Using a Lawyer to Set Up an NFA Trust
A previous post introduced NFA Trusts for Dallas, Fort Worth, Austin and Houston gun owners, whether they’re new to firearm ownership or are just enthusiasts. In this entry we examine why you’d want an NFA Trust, should you use a lawyer instead of an online service, what to look for in a lawyer, and what…
Continue reading…The Value of NFA Trusts for Dallas, Fort Worth, Austin and Houston Gun Owners
If you already own firearms, chances are you’re familiar with NFA Gun Trusts. But for the sake of this post, let’s assume you have no idea what gun trusts are or why you’d want one. An increasing number of gun owners are interested in expanding their collections by purchasing additional items like suppressors, fully-automatic machine…
Continue reading…Shall Certify Bill Stuck in Committee… Action is required!
Presently sitting in the House Calendars Committee is Senate Bill 476 (SB476). This bill commonly referred to as the “Shall Certify” bill would require all Chief Law Enforcement Officers in Texas to certify all NFA Transfer forms that are presented to them in a timely manner, if they do not have a legal justification for…
Continue reading…Medical Bills in Bankruptcy
Even though debts such as credit cards, student loans and taxes are the most common sources of financial difficulty for our clients, many of our clients also have a considerable amount of medical debt. Here’s the good news – whether your file for Dallas Chapter 7 bankruptcy or Texas Chapter 13 bankruptcy, bankruptcy can get rid of these…
Continue reading…Listing Creditors in Bankruptcy
It is almost universal when our clients give us the paperwork to prepare their bankruptcy case, they make notations next to 1 or 2 of their creditors, usually credit cards, saying “do not include” or “I want to keep this one.” Unfortunately, you’re not allowed to simply not list creditors in bankruptcy. Whether you file Chapter…
Continue reading…Tax Returns and Refunds in Chapter 13 Bankruptcy
Tax returns and potential tax refunds can be problematic whichever chapter of bankruptcy you file. In Chapter 7 bankruptcy, for example, a refund for a return that has been filed but the refund not yet received is an asset that must be listed in your bankruptcy schedules. In Dallas Chapter 13 bankruptcy, refunds may need to be…
Continue reading…Are Filing Bankruptcy and Insolvency the Same?
Bankruptcy and insolvency are very similar concepts. In many cases, being insolvent can often lead to someone filing for some form of bankruptcy. However, even though they are related, they aren’t necessarily the same, which can be confusing as both situations deal with your credit, finances and debt load. Is Filing Bankruptcy Insolvency: Not necessarily. Insolvency…
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