Bankruptcy Insights

Life After Filing Chapter 13 Bankruptcy
Chapter 13 Bankruptcy gives you an opportunity to pay arrearages for your home, car, furniture or other secured debts and it allows you to have a repayment plan for your unsecured creditors.  If you are currently in a Chapter 13, it is important for you to know that your attorney's realize 'life happens' which can upset your financial obligations. People can lose their jobs, get...
Bankruptcy Errors to Avoid – Part 1- Missing Creditors
There is one call every bankruptcy lawyer dreads getting from a client after their case has been closed.  The call  regarding a missing creditor - a creditor not listed on their bankruptcy schedules and now the creditor is making demands for payment or a lawsuit has been filed against the client by this creditor.  It's a common mistake and one that unfortunately happens all too...
Welcome to our New Eastside Bankruptcy Office for Chapter 7,11,13
I am pleased to announce Diamond Law has opened a 2nd location on the eastside of El Paso.  For about a year we had a small office on the eastside opened 2 days a week, but now we finally took the plunge and opened up a beautiful (I decorated) new office to better serve El Pasoans.  I always heard that El Paso was one of...
Bankruptcy Errors to Avoid – Part 2- First Meeting of Creditors
Everyone who files a bankruptcy, Chapter 7,  Chapter 11, Chapter 13 - consumer or business must attend a First Meeting of Creditors (341 Meeting).  Although it is called a First Meeting of Creditors in most consumer filings rarely does a creditor make an appearance.  What actually happens is the client, with his/her attorney appear and answer questions to the appropriate Trustee ( Chapter 7, 11,...
If Divorce Wasn’t Bad Enough – Now Bankruptcy!
Unfortunately going through divorce is not just an emotional roller coaster but it's also a financial disaster. It has been my experience that most married couples rely heavily on two incomes. Losing an income makes it impossible to maintain their household when dealing with separation or divorce. Yes, Family Court will
grant
you some relief once the divorce decree has been entered and the debts have been divided,...
Bankruptcy – Chapter 7 “A Fresh Start for an Honest Debtor”
Bankruptcy is an essential component of a capitalistic society. The alternative to a Bankruptcy Code is a Debtor’s Prison.  In 1833 our Country abolished federal imprisonment for unpaid debts. Further, without a Bankruptcy Code coupled with other federal laws our society would be dominated by a few holding all the wealth of our country, i.e. the winners of a giant monopoly game. All of us run...
Beware of Filing Bankruptcy Without Your Spouse
Several times a week I get a client who is married but not interested in filing for Bankruptcy along with their spouse. There are many reasons for this. The most common reason being clients often keep their finances completely separate from their spouse.  Here in Texas we are a community property state.  This means any sort of asset would be considered community property as well...
Filing Bankruptcy Pro Se: Is it Really Worth It?
Recently, I have encountered a good number of individuals who decided they could file their Bankruptcy case on their own. It obviously seems like a pretty simple task, since at first glance the documents look like forms that you can just fill out. Unfortunately for these individuals, they are hit with reality when the Bankruptcy Court or the Trustee are requesting additional documents, Financial Management Course Certificates,...
My Mistake After Filing Bankruptcy
A mistake that some people make after filing bankruptcy is being too cautious.  Sounds strange, but it’s true.  It feels really good to have a fresh start.  So how can you possibly be too cautious with your credit after the mess your bankruptcy just cleaned up?? I am guilty of it.  Since filing a Chapter 7 I wouldn’t buy anything unless I had cash.  I was driving...

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