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

If you are on a fixed income and are contemplating bankruptcy, the best option may be a Chapter 7 bankruptcy. It will allow to you to discharge your bad debts and you do not need to have a minimum salary to qualify as opposed to a Chapter 13 filing.  And once your debts are discharged in a Chapter 7 filing, you are no longer obligated to pay any of the creditors listed in your bankruptcy.

A common question asked regarding bankruptcy is whether student loan debt is dischargeable. The answer is that you can consolidate your student loan with your other bills in a Chapter 13 court-ordered repayment plan. When you file for a Chapter 13 in Austin, Texas, the student loan agency must accept payments under the terms of the Chapter 13. The student loan agency is a creditor and they cannot pursue you for any unpaid portion of the student loan during the Chapter 13. Also, the interest that would normally accrue may be waived during the Chapter 13. So in a way, it is a loan forbearance.

One of the benefits of filing for bankruptcy in Austin is the temporary relief, allowing you to pay a reduced percentage of your student loan and other outstanding obligations. They will not be able to put a lien on your income or assets. But there is a catch. After your Chapter 13 discharge they may pursue you for any portion of the student loan that was not satisfied by your Chapter 13 payment plan. After the Chapter 13 is discharged or dismissed, however, you will have the opportunity to work out a payment plan to pay the remaining balance.

For a free consultation about student loans forbearance and bankruptcy contact Fears | Nachawati via toll free phone a 1-866-705-7584 or via e-mail at info@fnlawfirm.com.

When President Barack Obama was campaigning for the presidency he promised reforms to the process of bankruptcy. For example, he called for a change in the bankruptcy code to allow modification of the terms of loans on the debtor’s primary residence. This means that hopefully one day soon the bankruptcy court will be able to adjust your home loan to a fair and reasonable payment. But while all of this is being played out, many people are still losing their homes.

One of the key factors in saving your home is being able to stay in your home as long as possible so that you can re-negotiate your mortgage with your lender. If you live in Austin, Texas, one of the best ways to get some control over your home loan (and the rest of your finances) is to file for bankruptcy. When you file for bankruptcy, your home cannot be foreclosed on or sold. This can definitely help you get your financial situation together while the government is trying to get theirs!

If you are in danger of losing your home, filing for bankruptcy can be a very powerful tool 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 bankruptcy law firm, Fears | Nachawati via toll free at 1- (866) 705-7584 or via e-mail at info@fnlawfirm.com.