Texas Bankruptcy Blog : Texas Bankruptcy Lawyer & Attorney : Fears Nachawati law Firm : Chapter 7, Chapter 13, Consumer Bankrutpcy : Dallas, Fort Worth, Austin, Houston, San Antonio

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.

Also, if you are currently facing foreclosure or too many credit card bills, it may be in your best interest to file for bankruptcy. When you file for bankruptcy, it will place an automatic stay that will suspend any collection action by creditors. Through bankruptcy you may be able to save your current home or improve your credit rating, as you will no longer be lowering it due to late payments.

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.

There is no immigration law, statute, or regulation that specifically forbids individuals who have filed for bankruptcy from applying for naturalization. Filing for bankruptcy will not necessarily disqualify you from becoming a US citizen. Basically, the Department of Homeland Security list the following general requirements for naturalization as:

• A period of continuous residence and physical presence in the United States.
• Residence in a particular USCIS District prior to filing.
• An ability to read, write and speak English.
• A knowledge and understanding of U.S. history and government.
• Good moral character.
• Attachment to the principles of the U.S. Constitution.
• Favorable disposition toward the United States.

Depending on the circumstances, the Department of Homeland Security, in its wide discretion, may deem filing for bankruptcy as proof of poor moral character.  Therefore, it may be wise for you to consult with an experienced bankruptcy attorney to discuss the procedures and implications of filing for bankruptcy.

*For more information on naturalization visit http://www.uscis.gov/portal/site/uscis/menuitem.

You may have heard the hype from firms claiming they can reduce all of your IRS tax debt for pennies on the dollar. The reality is that most taxes can't be eliminated, but some can. But it is not as easy as it sounds. One legal and reliable way is to file for a Chapter 7 bankruptcy. Once you apply for bankruptcy, you must then pass a series of steps to see if you can discharge IRS tax debts under Chapter 7. Basically you can discharge an IRS tax debt if you meet all of the following conditions:

·         The taxes are only income taxes.

·         You did not commit fraud.

·         You did not commit willful evasion.

·         You filed a tax return.

·         The debt must be at least three years old.

·         You pass the "240-day rule."

As you can see the discharge of an IRS debt is not as simple or easy as some may lead you to believe. It is advisable to speak with an attorney experienced in bankruptcy law and you can by contacting Fears | Nachawati toll free at 1.866.705.7584 for a free bankruptcy consultation.

There are a few effective ways to stop or postpone a foreclosure or sale date on your home.  Your first step should be to contact your Mortgage Company directly as soon as you know you are behind or are about to miss a payment and speak to the Loss Mitigation department. Every mortgage company has Loss Mitigation department and they are there to help you in times of need (not that they always do help).  Let them know your current situation (such as loss of job, decrease in income, medical conditions or emergency situations) and ask them for your options.

The Loss Mitigation department of your Mortgage Company should be able to provide you a forbearance option or a modification option. BEWARE, some Mortgage Companies use their Loss Mitigation department to drag their feet until they sell your house.  Don’t let this happen to you!

If you keep getting the run-around, call our office and let us layout the options for you before it’s too late.  Call toll free at 1-866-705-7584 or e-mail us at info@fnlawfirm.com. 

Although obtaining a driver’s license is a privilege, for most people in Arlington, Texas, having a driver’s license is a necessity. You need it to drive to work and take your kids to school. There are many reasons people lose their driving privileges. Some get it suspended because of an unpaid judgment from an accident where you did not have insurance. In Texas you could have this type of suspension even if you have not been sued.

When you file for bankruptcy in Dallas the automatic stay takes effect immediately when you file and entitles you to get your driver's license back in most circumstances. Some of the circumstances when you have the right under bankruptcy law to get your license back are when it is suspended because of non-payment of a debt vs. the legitimate exercise of the state's police power as in a DUI situation.

You can get your license back through bankruptcy as long as the suspension is not the consequence of driving a vehicle while intoxicated that involved death or bodily injury. Another exception to re-instating a driver’s license is the non-payment of child or spousal support.

For a free consultation on how Arlington bankruptcy law can help you recover your driver’s license, contact Fears | Nachawati via toll free phone at 1-866-705-7584 or e-mail at info@fnlawfirm.com.

Most homeowners who file for bankruptcy in Arlington, Texas, do it to save their homes.  They are aware that by filing for bankruptcy, the mortgage lender will not be able to foreclose on their home and that any pending sale of your home will also be halted immediately. What many homeowners do not know about Dallas bankruptcy law is that bankruptcy can do more than save their homes.

In a way, when a homeowner files for bankruptcy, they can modify their loan by getting rid of a second loan on their mortgage. Currently there is no law allowing the bankruptcy court to modify a loan, but when a second mortgage is removed through a bankruptcy proceeding, it can greatly reduce your monthly mortgage. Also, even after your file for bankruptcy, and your file has been approved by the trustee, you can modify your home loan. For more clarification on how this process works, it is best to consult with an experienced bankruptcy attorney.

If you are in danger of losing your home, filing for bankruptcy can be a very powerful solution for many homeowners as it can give you the time and resources to renegotiate your mortgage with your lender while saving your home. For a free bankruptcy consultation contact Dallas bankruptcy law firm, Fears | Nachawati, via toll free at (866) 705-7584 or via e-mail at info@fnlawfirm.com.

Yes, certain debts can be given priority when you file for bankruptcy in Arlington, Texas (or any state in the United States). In fact, the Bankruptcy Code has specific guidelines as to what debt falls under priority claims. Claims in a higher priority must be paid in full before claims with a lower priority receive payment.  For example, some priority claims can include:

• Child support or spousal alimony
• Administrative expenses of the bankruptcy
• Unsecured post petition claims in an involuntary case
• Wage claims of employees up to $10,000 per claim
• Recent income, employment or gross receipts taxes
• IRS taxes

Briefly, the Bankruptcy Code has established the order in which claims are paid from the bankruptcy estate: 

1)      Costs of administration 

2)      Priority claims

3)      General unsecured claims

Additionally, for an individual debtor, these kinds of claims are also non-dischargeable in Chapter 7. In other words, you will still owe on any past payments involving these types of debts.

For more information on how the bankruptcy trustee will determine priority claims and how to properly fill out your bankruptcy application, it is advisable to speak to an experienced Arlington bankruptcy attorney.

For a free bankruptcy consultation with an Arlington bankruptcy lawyer contact Fears | Nachawati Law Firm toll free at (866) 705-7584 or via e-mail at info@fnlawfirm.com.

Ironically enough, you will have an easier time getting a car loan after you file for bankruptcy and it is discharged. While this may not make sense to most people, lenders realize that people who have filed for and have a discharged bankruptcy:

• No longer have any debt
• Cannot file for bankruptcy for a number of years
• Are eager to re-establish their credit
• May have extra disposable income

For these reasons, lenders view people who have a discharged bankruptcy as ideal customers. Of course, there are some things to keep in mind. While you can buy a vehicle, property or anything else after a bankruptcy--you must be able to afford it!

But if you are feeling the stress of too many debts at this time and not enough money to pay them, then bankruptcy can be very beneficial. Contact an Arlington bankruptcy lawyer today for more information on how filing for bankruptcy today can help you have a better tomorrow.

For a free bankruptcy consultation to learn more about discharging debts through bankruptcy contact Arlington bankruptcy law firm, Fears | Nachawati Law Firm toll free at (866) 705-7584 or via e-mail at info@fnlawfirm.com.

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 a 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 Fort Worth/Arlington 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, Phone  1 (866) 705-7584.