Bankruptcy FAQ

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Bankruptcy Attorney C. Bryan Fears &
Dallas: 111 Soledad St, Suite 300
Phone: (210) 338-8150
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My deepest heartfelt gratitude for all you and your staff’s help at Fears | Nachawati. Enabling me to start my life again and control my finances. No more threatening letters and fear of answering the phone.
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Bankruptcy Attorney C. Bryan Fears &
Dallas: 111 Soledad St, Suite 300
Phone: (210) 338-8150
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Child Support Obligations and Bankruptcy?

If you are paying child support, you may be confused about the effect of a bankruptcy filing on your child support obligation. A bankruptcy filing generally protects the debtor from the collection actions by creditors, but Congress has not extended the same protections to child support issues. Under the bankruptcy laws child support is a “non dischargeable debt” which means that the obligation will survive the bankruptcy, regardless whether it is a current or past debt.

The bankruptcy automatic stay does not apply:

• to the establishment of a child support obligation
• to the collection of child support from property that is not property of the estate
• to the withholding of income that is property of the estate for payment of a child support obligation under a judicial or administrative order or statute.

In “non-lawyer speak,” child support collection actions are generally not halted by filing bankruptcy. Additionally, filing a bankruptcy case does not stop a tax intercept for the payment of child support arrears.

Domestic support obligations, including child support obligations, receive top payment priority when funds are available to pay creditors in a Chapter 7 case. In a Chapter 13 case, child support arrears are paid through a “repayment plan” and are paid as a first priority. Support payments due after the bankruptcy filing date must be kept current or the debtor’s plan will not be confirmed, and the bankruptcy court will not issue a discharge in a case where child support is owed.

In addition to child support, debts that are “in the nature of support” (e.g. medical expenses, educational expenses, etc.) are ineligible for discharge. The bottom line is: child support obligations must be paid. Fortunately, the bankruptcy laws offer options to make the debtor’s payment burden more bearable. However, a debtor’s child support obligation is often a difficult legal situation that requires expert guidance. If you have a child support obligation and are considering filing bankruptcy, consult with an experienced bankruptcy attorney and discuss your options. Contact Fears | Nachawati for a free consultation at toll free 1.866.705.7584 or e-mail us at info@fnlawfirm.com

Bankruptcy Attorney C. Bryan Fears &
Dallas: 111 Soledad St, Suite 300
Phone: (210) 338-8150
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Discharging Student Loans in Bankruptcy?

Recently the House of Representatives Judiciary Subcommittee on Commercial and Administrative Law held a hearing to initiate legislation to change provisions of the federal bankruptcy law that give student loan lenders an advantage over other consumer loans. Current bankruptcy law provides that student loans are generally not dischargeable under any chapter of the bankruptcy code unless the debtor can show that repayment of the loan creates an “undue hardship.” Unfortunately, Congress did not define “undue hardship” in the bankruptcy code, so this interpretation has been left to the individual bankruptcy court judges.

During the Committee hearing Rafael I. Pardo, an associate professor at the Seattle University School of Law who has studied the discharge of student loans in bankruptcy, challenged Congress “to clarify the undue hardship standard.” Many courts view “undue hardship” as a high bar that is only met by a showing of exceptional circumstances (like physical or mental disabilities, or poor or no future earning potential) that result in an inability to both repay the student loans and provide a minimum standard of living for the debtor and the debtor’s family. This is a very difficult burden for most debtors to meet, and consequently bars the discharge of student loans in most cases – even while other consumer debts like auto loans, credit cards, medical debts, mortgages, and even taxes are discharged in the debtor’s bankruptcy.

Consumer bankruptcy attorney Brett Weiss, who testified on behalf of the National Association of Consumer Bankruptcy Attorneys and the National Consumer Law Center, called the situation “unfair” when other consumer loans are forgiven in bankruptcy proceedings while student loans are not. As a result of these hearings, Rep. Steve Cohen (D-Tenn.) announced his plans to file legislation to “give private student loan borrowers more equitable treatment during the bankruptcy process.

For the time being it remains extremely difficult to discharge student loans. However, there are other non-bankruptcy programs for debtors unable to repay their loans. In some cases debtors may qualify for reduced payments, deferment, forgiveness or cancellation. Chapter 13 bankruptcy can also provide a way to cure defaulted student loans, or pay them off during the bankruptcy. If you have student loan debt, discuss your situation and options with a qualified bankruptcy attorney.

Contact bankruptcy law firm Fears | Nachawati for a free consultation to discuss your options by calling toll free 1.210.338.8150 or e-mail us at info@fnlawfirm.com.

Bankruptcy Attorney C. Bryan Fears &
Dallas: 111 Soledad St, Suite 300
Phone: (210) 338-8150
Google Review | Website | San Antonio SEO

Bankruptcy Attorney C. Bryan Fears &
Dallas: 111 Soledad St, Suite 300
Phone: (210) 338-8150
Google Review | Website | San Antonio SEO

Protecting Retirement Accounts During Bankruptcy?

A family’s retirement fund represents years of hard work and sacrifice. When severe financial trouble plagues a household, losing the family nest egg is a serious concern. Fortunately, Congress has provided substantial protections in the bankruptcy laws that safeguard retirement accounts during financial crisis.

It is important to recognize that in a Chapter 13 bankruptcy assets (including retirement funds) are not taken from the debtor. Most Chapter 13 plans are funded from earned income, and retirement funds are used only with the voluntary consent of the debtor. During a Chapter 7 bankruptcy case retirement funds are generally safe as they are either exempt or not part of the bankruptcy estate.

Congress has declared that certain retirement funds are exempt from creditors during a Chapter 7 bankruptcy case. These funds include retirement accounts classified under sections 401, 403, 408, 408A, 414, 457, or 501(a) of the Internal Revenue Code. These sections cover most retirement plans and include pension plans, profit sharing plans, stock bonus plans, employee annuities, IRAs, Roth IRAs, government deferred compensation plans, plans of tax exempt organizations, and certain trusts. The laws exempt these funds to over a million dollars for each debtor.

The bankruptcy laws further protect retirement accounts by providing that retirement funds not otherwise exempt are protected if they are necessary for the support of the debtor and the debtor’s dependents. The bankruptcy laws also protect certain retirement accounts subject to title 1 of ERISA, 457 deferred compensation plans, 403(b) tax deferred annuities, and health insurance plans regulated by state law.

Additionally, it is crucial that the bankruptcy forms are filled out appropriately so that the bankruptcy trustee will not object to your proposed payment plan or debts to be discharged in your petition.

The federal bankruptcy laws provide many ways to protect your retirement accounts during bankruptcy. The key is to identify the type of account and the corresponding protection prior to filing the bankruptcy case. As always, consult with an experienced bankruptcy attorney prior to taking any action to either move retirement funds, make contributions, or take withdrawals as these actions may impair your attorney’s ability to protect your retirement account.

Contact Fears | Nachawati today for a free consultation to discuss bankruptcy and protecting your retirement accounts. Call us toll free at 1.866.705.7584 or by e-mail at info@fnlawfirm.com.

Bankruptcy Attorney C. Bryan Fears &
Dallas: 111 Soledad St, Suite 300
Phone: (210) 338-8150
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How Soon Can I Buy A House After Bankruptcy?

Just because you filed bankruptcy does not mean you cannot buy a home in the future, but you will probably have to wait at least 2 years after your bankruptcy is discharged before a mortgage lender will approve you for a home loan. It is usually best to wait at least 2 years to qualify for a good interest rate and lower down payment. After the two-year waiting period is over, you should be able to get financing. You can usually achieve this as long as your debts are paid on time after the discharge of your bankruptcy.

If you are considering filing for bankruptcy contact bankruptcy law firm, Fears | Nachawati, by calling toll free 1.866.705.7584 or by e-mailing us at info@fnlawfirm.com for a free consultation.

For more detailed information on your bankruptcy options contact bankruptcy law firm, Fears | Nachawati, toll free at 1.866.705.7584 or by e-mail at info@fnlawfirm.com for a free consultation.

Bankruptcy Attorney C. Bryan Fears &
Dallas: 111 Soledad St, Suite 300
Phone: (210) 338-8150
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How to Choose Bankruptcy Attorney?

Choosing an attorney to represent you in a bankruptcy case is an important decision that deserves careful consideration. There are several key issues that you should focus on when selecting your bankruptcy counsel:

First, how much of the attorney’s practice is devoted to bankruptcy? Bankruptcy law is a complex mixture of federal law, state law, prior court cases, and the common practices of the bankruptcy court and the trustee. Often it is also important to be familiar with creditor practices and their attorneys. It is easy for an inexperienced attorney to make an easy bankruptcy case difficult, and a complicated case a complete disaster.

Second, how much will you pay? Call around before making an appointment. Bankruptcy attorneys are accustomed to receiving the “how much do you charge” phone call and are happy to clearly explain all of the fees involved in the bankruptcy case, including attorney fees. The qualified and experienced attorney will charge a fair and competitive price. You may also ask if there is a fee for the initial consultation.

Third, how often will you meet with your attorney? While some cases are very simple and will not require much attorney-client contact, your attorney should meet with you at least twice prior to filing your bankruptcy case: (1) during the initial appointment, and (2) at the time you sign your bankruptcy petition and schedules to ensure completeness and accuracy. Your attorney should also be available to answer questions, either by phone, in person, or by email.

Fourth, are you personally comfortable with the attorney? This attorney will act as your guide through financial difficulty to a fresh start. It is important that you have faith in the person you entrust with this important responsibility. A good bankruptcy attorney asks the right questions, listens to the answers, and provides honest advice. If you have doubts or reservations, walk away.

The choice of a bankruptcy attorney is an important decision and should not be made simply on the basis of cost or expediency. Take the time to choose your attorney and interview him or her for the job. A careful and considered choice may mean the difference between a fresh start and a false start.

For more detaied information on your bankruptcy options contact bankruptcy law firm, Fears | Nachawati, toll free at 1.210.338.8150

Bankruptcy Attorney C. Bryan Fears &
Dallas: 111 Soledad St, Suite 300
Phone: (210) 338-8150
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How To Protect Yourself Against Car Repossession?

Chances are that by the time you are reading this article you have made unsuccessful attempts to negotiate an extension on your car payments. There is no need to lose sleep wondering if your car will disappear in the middle of the night. At this point one of the best ways to protect yourself against car repossession is to file for bankruptcy.

The key is to file for bankruptcy before your vehicle is repossessed. While in some cases, you may be able to get your car back after it’s been repossessed; it is better to avoid that scenario for the following reasons:

• Repossession charges added to past due payments
• Possible damage to vehicle during the repossession
• Auto Finance company less willing to negotiate payments or return vehicle

When you file for bankruptcy, all collection efforts from creditors on your vehicle and other debts will stop. What this means is that no creditor can makes calls or take any type of action to collect on any past due bills. For further questions, an experienced San Antonio bankruptcy attorney can discuss your specific case to answer any questions that you may have.

If you are feeling the stress of too many bills and not enough money to pay your bills, then bankruptcy may be an option for you. For a free bankruptcy consultation contact Fears | Nachawati Law Firm, (210)338-8150

Bankruptcy Attorney C. Bryan Fears &
Dallas: 111 Soledad St, Suite 300
Phone: (210) 338-8150
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Life After Bankruptcy:

The day after you discharge your debts and are done with bankruptcy proceedings, your finances are on the road to recovery. But your financial situation will not be in full health overnight, and there are potential pitfalls. When choosing a bankruptcy attorney, it is important to choose one who will give you guidance even after your bankruptcy is finished.

At Fears | Nachawati, we are proud of the comprehensive service we give to people throughout Texas. We do not merely file a few forms on your behalf and then leave you alone — our attorneys are your partners in recovering from financial hardship, and that includes helping you prepare for life after bankruptcy. Contact us for our advice.

What Can You Do After Bankruptcy?

In theory, you can take out a loan for a house or car on the day you finish your bankruptcy proceedings. However, you will not get the best interest rates. Typically, a better idea is to work on rebuilding your credit for 6 months or so before making any major purchases.

After completing a Chapter 7 or Chapter 13 bankruptcy, you have of course paid off all your debt, so your debt-to-earnings ratio is zero. This will make you a target for many credit card offers. Tread carefully — it is wise to open at least one line of credit and then pay it off regularly. But opening too many can start building up more debt than you can handle.

Contact Us

To get a lawyer on your side who will take the time to guide you through life after bankruptcy, contact Fears | Nachawati. We maintain office hours 6 days a week and can meet with you in the evenings or on weekends. Flexible payment plans are available.

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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Bankruptcy Attorney C. Bryan Fears &
Dallas: 111 Soledad St, Suite 300
Phone: (210) 338-8150
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