One of the most common questions we hear from our clients is “So – what happens AFTER bankruptcy?” Most people are so caught up in the overwhelming debt, the collection calls, and the possible repossessions or foreclosures that they don’t take the time to think about what will happen once bankruptcy gives them a fresh start.

At the end of your Chapter 7 or Chapter 13 case, you receive your discharge. Now that your financial troubles are settled, it’s time to move forward. You’ve got to start rebuilding your credit and forming solid financial habits that will keep you debt-free.

Keep a copy of your paperwork handy

It doesn’t happen often, but sometimes creditors might try to harass you to collect on a debt, even after it’s been settled by your bankruptcy case. Even though they can get in serious trouble, it does happen every once in a while. If you’ve got your paperwork handy, it’s easy to stop them cold with your discharge.

Make sure your credit report gets updated

A few months after your discharge, get a free copy of your credit report and check it out. Sometimes it takes a while for the report to get updated after your bankruptcy, but it SHOULD show that each debt included in your discharge is listed as “discharged in bankruptcy.” If you find any that still show that you owe, you can send a copy of your discharge and the schedule that shows the debt was included in your bankruptcy case. (more…)

Bad things happen to good people all the time. If You’ve hit a bump in the road and you’re struggling with overwhelming debt, Chapter 13 bankruptcy might be the answer you’ve been looking for. Our latest video walks you through the basics of a Chapter 13 filing – we can stop collection calls immediately, save your home from foreclosure and your vehicle from repossession.

Call us today at 214-760-7777 for a free, no obligation debt consultation.

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It’s tax season again, which means we’re getting more questions about income taxes and tax debts. Many times, we talk to clients who’re already struggling with overwhelming debt, and the possibility of additional debt to the IRS is incredibly stressful.

The government tightened bankruptcy laws in 2005, but in many cases, it’s still possible to reduce an income tax debt. You’ll definitely want to meet with an experienced bankruptcy attorney who can explain your options and any possible relief you might be able to achieve.

If you’re already being audited, a bankruptcy proceeding won’t stop your audit. It will, however, stop any collection action while the bankruptcy is pending.

If you didn’t file a tax return (or if you didn’t file several), you’re not allowed to discharge any of the debt. Before you file for bankruptcy, your attorney must prove that you filed your four most recent tax returns.

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