Bankruptcy Lawyer Texas
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Former boy band member Lee Ryan filed for bankruptcy

English boy band group Blue member Lee Ryan reportedly sought bankruptcy protection for the protection of his family s future, an article of The Guardian reported on May 18. Ryan is the fourth and last member of the now defunct music group who filed for bankruptcy. Under his bankruptcy filing, Ryan cannot use his assets. Former Blue band mates, Duncan James, Anthony Acosta, and Simon Webb, all declared bankruptcy years after the downfall of their music career. The English group promised their fans on a Facebook message that they will continue making music on their own. Bankruptcy is an option worth considering for those who feel overwhelmed by their debts. Speak with Erin B. Shank, PC, about whether bankruptcy is right for you and which process would best suit your situation. Call our offices in Waco at 354-296-1161 today to begin working to protect you and your family s financial situation.      
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RadioShack exited bankruptcy

American electronics corporation RadioShack recently exited Chapter 11 bankruptcy after its brand was purchased in an auction, Business Insider reported on May 13. According to reports, the brand was purchased by Standard General LP for a bid worth $26.2 million. Standard General prevented RadioShack from total liquidation after it filed for bankruptcy in February. The hedge fund firm initially offered $160 million to RadioShack. At least 1,743 stores and 7,500 employees of RadioShack were spared in the company’s attempt to settle its debt of more than $1 billion by shutting down a majority of its stores. Though some stores of RadioShack will be permanently closed, its brand is expected to be seen in other businesses affiliated with Standard General. Filing for Chapter 11 Bankruptcy fortunately is a viable legal option for business owners struggling with debt. If you are considering filing for bankruptcy in the Waco area, discuss your options with Erin B. Shank, PC, who can help y
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Can I discharge my student loan debts through bankruptcy?

While it may be exceedingly difficult to do so, it is possible to discharge student loans through bankruptcy. In order to be eligible, however, individuals must be capable of demonstrating that their continued payment of their student debt will create excessive an undue financial hardship for themselves and their dependents. Since these debts may only be discharged within a narrow range of circumstances, you should speak with Erin B. Shank, PC, to evaluate the legal action that is available to you. To speak with a member of our legal team, please call our central Texas offices at (254) 296-1161 today.
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Celebrities also have student loan debt

Like the average Americans, well-known and well-off people like celebrities and politicians know what it s like to struggle with student loan debts, an article of Market Watch stated on March 31. The author of the report projects that in the near future people will become less ashamed of discussing student loan debt problems because it affects so many Americans. Well-known personalities like President Barrack Obama, Senator Ted Cruz, and just recently, actor Miles Teller have all admitted that they have wrestled with student loan debt. As one professor noted, people are more open to talk about having such debt because the rising cost of college tuition. Student loan debt reportedly affects an estimated 40 million people. If you are saddled with student loan debt or any other debts, working with a skilled lawyer is important, especially if you feel like you are running out of options. Those in the Waco area can discuss their problems with Erin B. Shank, PC., to find out more about
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What is the means test?

To determine whether you will be eligible to file for Chapter 7 bankruptcy protection, you will need to pass what is known as the means test. Essentially, the means test is the method by which your average income will be compared against the average disposable monthly income of comparable households in Texas. Should your income exceed the median income for comparable households, you will likely not be eligible for Chapter 7 bankruptcy and will need to pursue Chapter 13 bankruptcy instead. If you live in central Texas and are thinking about filing for bankruptcy, you should speak with a bankruptcy attorney at Erin B. Shank, PC, to learn more about the legal options that are available to you. To speak with an attorney, please call our offices at (254) 296-1161 today.
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Debts that are not dischargeable in Chapter 7 bankruptcy

Though you may be able to discharge a number of burdensome debts through Chapter 7 bankruptcy, not all debts are dischargeable through this process. For instance, most student loan debts, alimony, child support payments, unpaid taxes, or debts owed on a tax-advantaged retirement plans will not be discharged in Chapter 7 bankruptcy under normal circumstances. While these non-dischargeable debts may be discharged under very rare circumstances, they must typically be paid in full even after filing for Chapter 7 bankruptcy. However, these debts may typically be restructured into repayment plans that will be more realistic for individual debtors. If you are considering whether to file for Chapter 7 bankruptcy in the Waco area, you should consult with an experienced Waco Chapter 7 bankruptcy attorney at Erin B. Shank, PC before you make a large decision on your financial situation. To speak with a member of our Waco legal team today, please call our offices at 354-296-1161 today.
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Rough waters: bankruptcy rises on the seas

Shipping companies across the globe are experiencing significant financial hardship due to a dwindling dry-goods market. Companies such as Winland Ocean Shipping Corp., Excel Maritime, Overseas Shipholding Group, and TMT Group have all recently filed for Chapter 11 bankruptcy due to tumultuous economic conditions. While the merge of some companies can help protect their assets, those with fewer ships have few options to combat increasing debt. Last year, dry-bulk shipping trade increased at only a 4% rate. In what is speculated to be be the worst dry-bulk market since the 1980s, companies are struggling to stay in business. If your company is struggling to make ends meet, the good news is that there are options available to you. Specifically, filing for bankruptcy can provide an incredible lifeline to help you through this difficult time. Contact Waco Chapter 11 bankruptcy lawyer Erin B. Shank, PC, today by calling (254) 296-1161 to discuss your unique situation and find out if bankru
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Some Tax Debt is Dischargeable in Bankruptcy

Many people believe that IRS tax debt cannot be discharged in a Chapter 7 bankruptcy. That is not true.  We have represented many clients who owed the IRS money and were able to discharge some, or all of it.  We also help the clients with strategies that enable any non-dischargeable tax debt to be addressed and resolved.  Don t think that if you owe the IRS money, a Chapter 13 repayment plan is your only option.  We have several other options that are much more desirable and can eliminate the IRS debt.  The good news is once you’ve eliminated that debt, it’s gone forever and you’re finally free from an overwhelming financial burden that could threaten your efforts of trying to buy a home or obtain a new job. Keep reading to learn more about how we deal with IRS debt at Erin B. Shank, P.C. First, in order to discharge IRS tax debt, the following conditions must be present: The taxes must be income taxes. Payroll taxes will never be dischargeable in bankruptcy. However, t
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If I Include My Doctor’s Bills in My Bankruptcy Will My Doctor Refuse to See Me in the Future?

During the recent downturn in the American economy, the United States Bankruptcy Courts saw a record number of bankruptcy cases filed for several years in a row. Although the economy appears to be moving in a positive direction once again, millions of debtors are still feeling the impact of the recession. An individual may turn to bankruptcy for a variety of reasons; however, one common cause is mounting medical bills. Whether your medical bills are the cause of your bankruptcy or are just a small portion of your overall debts, you may be concerned about how your doctor will respond if your medical bills are included in the bankruptcy. Specifically, many debtors ask “If I include my doctor’s bills in my bankruptcy, will my doctor refuse to see me in the future?” The simple answer is that when you file a bankruptcy case you are required to include all of your creditors and all of your assets.  However, just because you list your doctor on your bankruptcy paperwork, that does
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Can You Save Your House If You File Bankruptcy?

Financial problems almost always add stress to your life. If those financial problems are at the point where your home is being threatened with foreclosure,  the stress is undoubtedly at an extremely high level. In fact, you probably spend a good portion of your day trying to figure out how you can save your house from foreclosure. One option is bankruptcy. People are often under the mistaken belief that a debtor often loses his or her home in bankruptcy when the opposite is typically true – most debtors are able to save their home from foreclosure by filing for bankruptcy. If you have been threatened with foreclosure by your lender, or you have actually received notice that foreclosure proceedings have been initiated by the lender, you only have a short period of time within which you must act to save your home. Bankruptcy can halt the foreclosure process as well as provide a long-term solution. The actual  filing of a bankruptcy case automatically stops the foreclosure sale of
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Tax Debt in Chapter 7 Bankruptcy

Believe it or not, many Americans are just now beginning to take a deep breath, somewhat convinced they’ve survived the recession. It’s still a cautious breath, but a collective one around the nation. Unfortunately, many are now beginning to feel the weight of financial burdens too – even though we’re officially out of the recession. One reason those burdens are feeling so heavy has to do with tax debt. What many may not be aware of, however, is that debt owed to the IRS  can indeed be discharged in a Chapter 7 bankruptcy case. Sometimes. Tax Debt Anyone who’s ever struggled with revolving credit, such as credit cards, knows full well the frustration of seeing the balance increase, month after month, due to late fees and interest being tacked on to even more interest. The same thing is true with debt owed to the IRS.  When your budget is already overwhelming, it only worsens your overall financial outlook. While the IRS will work with you on payment plans, interest conti
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Divorce and Bankruptcy

Neither event is pleasant, but when a divorce and bankruptcy are occurring simultaneously, it can add tremendous stress on a couple. The divorce is, by nature, going to shift debt and couples are focusing not on their shared budget, but one of a single person. Because so many divorces occur due to financial problems, many question how many marriages could be saved were the financial burdens eased. It’s all too often, however, that this possibility comes after the couple has parted ways. So how can you juggle both events or for that matter, possibly prevent a divorce? The Divorce… According to a 2009 study by Jeffrey Dew at the Utah State University, one of the best indicators of marital discord is what he terms financial disagreements. Couples who disagree about finances once a week are over 30 percent more likely to get divorced than couples that report disagreeing about finances a few times a month. Further, couples who disagree about money less than once per month run a 30 to 4
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When Bankruptcy Isn’t the Solution, it Usually Still Is

For years, my offices have seen thousands of Texas families come through the doors, often not until they’re exhausted and feel as though there’s no other way out of a financial problem that’s ruled their lives for months and sometimes even years. The clients have filed a successful bankruptcy filing case allowed them to start anew.  Many clients stated that they thought bankruptcy would not be the best solution for them, but after the filing realized that it actually was an appropriate way to discharge debt they could not pay in the foreseeable future (or ever) and receive a financial fresh start. You may have heard about the 2005 changes in bankruptcy law. Before you file for bankruptcy, you must now do an on-line credit counseling session.  You must also participate in debtor education after your case is filed.  However, our clients do their credit counseling quickly, on-line before their case is filed.  All of our clients fulfill the debtor education requirement by wa
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Will bankruptcy destroy my credit?

Contrary to what many people believe, bankruptcy will not necessarily have an adverse affect on your credit. In fact, many people actually end up having a better credit score after they file for bankruptcy than they did before filing, as unpaid debts may have negatively affected the score. However, you should know that bankruptcy will appear on your credit report for a specified period of time—it will appear for 10 years after filing under Chapter 13 and seven years after filing under Chapter 7. To better understand how bankruptcy will affect your credit score, please call our Waco offices at (254) 296-1161 to schedule a consultation with Erin B. Shank, PC.
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Business debt followed Abraham Lincoln throughout his career

Well before he entered politics, Abraham Lincoln co-owned and operated a little convenience store in New Salem, Illinois.  To the future benefit of the nation, Lincoln acumen for business was somewhat lacking and his store went under, according to Bankruptcies and Money Disasters of the Rich and Famous by Roland Gary Jones, Esq.  Thus, our yet-to-be 16th president tried his hand at politics instead when he campaigned for and won a seat on the Illinois State Legislature. Though his political career was now underway, Lincoln continued to struggle with the immense debt he had incurred through his failed business venture.  Creditors even went so far as to sue Lincoln for his nonpayment on those debts.  When those debts could not be called in, Lincoln s property was seized by the sheriff and sold at auction.  Since he did not have much in the way of property, a sizable portion of Lincoln s debt remained. Without the possibility of filing for bankruptcy, Lincoln had to work out a rep
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Americans still suffering from credit card debt

Though Americans today are generally improving at managing credit card debt, a recent survey found that many are still seriously affected by large amounts of these debts, a KOMO News article stated on April 10. The survey, which was released by the National Foundation for Credit Counseling, pointed out that at least one in every three household members cannot meet their monthly credit card debt balance. Those who are in trouble with such debts tend to roll over their balance to the following months, resulting in even higher debts due to interest rates. NFCC Communications Vice President Bruce McClary advised people to pay off their debts and not allow their them to roll over. Paying debts on time may result in increased savings, McClary added. Facing overwhelming debt is often stressful and frustrating, especially if you believe that you are running out of options. If you are in such a situation, a skilled lawyer may be able to offer you workable legal solutions that can allow
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Natural gas provider sought bankruptcy protection

Natural gas provider Quicksilver Resources Inc. recently filed for Chapter 11 Bankruptcy in Delaware due to debts and depreciating oil prices, Bloomberg Business reported on March 18. According to the bankruptcy documents filed by the company, the business has a debt worth $2.35 billion while their listed assets were $1.21 billion. The company decided to file for bankruptcy after foreshadowing in February from an announcement that they would not be able to settle $298 million in bond interests that would mature in 2019. Quicksilver’s operations will not be affected by the Chapter 11 filing, the company said in a statement. In 2014, Quicksilver’s stocks fell hard due to the continuous drop in oil prices. Waco lawyer Erin B. Shank, PC, helps struggling business owners who have decided to file for Chapter 11 Bankruptcy. If you are in a situation like this, call her today at 354-296-1161 to find out how she may work to help you regain secure financial footing.
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Survey: credit card debt soared last year

A new survey revealed that credit card debt in America had increased in 2014 and the trend is expected to continue this year as the economy strengthens, CBS reported on March 10. According to a CardHub survey, a total of $57.1 billion in new credit card debt was recorded last year. This 2015, credit card debt is expected to increase by 5 percent, an estimated $60 billion. Last year’s credit card average left most Americans $7,200 in debt, close to the $8,300 mark that CardHub believes is largely unsustainable. The article also noted that household income only increased by 2 percent in the last decade. CardHub’s Jill Gonzalez stated that the increase suggests that people may have not learned their lesson following the recession. If you are stuck with overwhelming credit card debt, working with an experienced attorney is important, especially if you believe that you are running out of options. Waco Attorney Erin B. Shank, PC can counsel people with overwhelming debt and offer a rang
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Tips to get rid of credit card debt

Certified Public Accountant and finance book author Beverly Harzog recently shared some tips on how to break free from credit card debt, the Daily News stated on February 23. • Be familiar of where your finances go and identify the areas where you can reduce your spending. • List all of your credit card debts. • Make a detailed plan to pay off your credit card bills. • Reward yourself every time you achieve your budget plan. • Improve your credit score by simply paying your credit cards on a timely manner. Sometimes, credit card debt can become too overwhelming to handle on your own, especially if you are experiencing other financial difficulties. If you are suffering from financial issues in Waco, discuss your situation with lawyer Erin B. Shank, PC., who may be able to offer you legal options that will help you move forward from this difficult time. Call her today at (254) 296-1161 to learn more about your options.
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Bankruptcy in the Elderly

Bankruptcy in The Elderly from Erin Shank Bankruptcy is designed to help consumers pick up the pieces and move forward with thier lives. Learn more about bankruptcy in the elderly in this presentation The post Bankruptcy in the Elderly appeared first on Erin B. Shank, P.C..
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Will Bankruptcy Affect Your Credit Rating?

One of the most common reasons why people hesitate to consider bankruptcy as a solution to their financial problems,is that they are concerned about how filing bankruptcy will affect their credit rating. While this is a legitimate concern, for most people who are struggling financially the benefits of bankruptcy far outweigh any impact it has on their credit rating. If you are like most debtors who are considering bankruptcy, odds are that your credit rating has already suffered as a result of your financial difficulties. Although some debtors manage to keep their credit rating from dropping up to the point they file bankruptcy, they are typically only paying the bare minimum on their monthly bills and are unable to pay any more.   Even if you have managed to keep your credit rating from dipping up to this point, chances are that you have had to do some creative juggling of debts and finances to accomplish this if you are facing a financial crisis that warrants a consideration of
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How Long Does a Chapter 7 Bankruptcy Take to Complete?

If you are one of the millions of debtor who has considered filing bankruptcy in recent years, you likely have a number of questions and concerns about the bankruptcy process. Deciding to file bankruptcy is never an easy decision to make. Understanding more about the process itself, however, can make the decision a little easier to make. One common question about the process is “How long does a chapter 7 bankruptcy take to complete?” The good news is that the answer to that question is that a Chapter 7 bankruptcy is typically complete within about three and a half months from the time the petition is filed until your Chapter 7 discharge is received. The U.S. Bankruptcy Code is divided into chapters.  Some chapters pertain to all types of bankruptcies that are filed.  Other Chapters are specific to one type of bankruptcy.  In other words, Chapter 7 of the Bankruptcy Code contains the law that creates Chapter 7 bankruptcy filings.  Chapter 13 of the Bankruptcy Code contains t
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Can I Keep a Credit Card If I File Bankruptcy?

People have a number of misconceptions about the bankruptcy process that often result in a reluctance to pursue bankruptcy when financial problems arise. One of the most common misconceptions about bankruptcy is that a debtor cannot purchase anything on credit after a bankruptcy discharge. The truth is that many debtors are able to purchase on credit immediately following the discharge in a chapter 7 bankruptcy. Whether you decide to file a chapter 13 bankruptcy or a chapter 7 bankruptcy, the first step is to file a bankruptcy petition.  Along with the petition, you will also need to prepare and file with the bankruptcy court a set of bankruptcy schedules, statement of financial affairs, a creditor matrix and a means test.  The bankruptcy matrix is a list of the names and addresses of all of your creditors.  Legally, you are obligated to include all of your debts on your  bankruptcy schedules. If you owe have a balance on a credit card, that is considered a debt which must be i
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Bankruptcy and Inherited IRAs

Most of us have worked to build our retirement savings for years – and indeed, for far longer than we’ve had financial problems. Many Texans wrongly assume that their Individual Retirement Account, or IRA is in jeopardy if they opt to file for bankruptcy protection. Federal laws are clear: your retirement funds, including an IRA, is protected from creditors, even if you file Chapter 7 bankruptcy. But what about inherited IRAs? In recent years, there have been questions about whether those same protections are extended via inherited IRAs, especially in Texas. In short, if a spouse inherits an IRA after the death of her husband, it can be rolled over into her own IRA and remains fully protected. That leaves the question: what if the surviving spouse opts to not roll it over into her own account? Better yet, what happens if an IRA is willed to say, an adult child or a grandchild? Do the same protections from creditors kick in? Supreme Court Rules on Inherited IRAs Recently, a case ma
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Bankruptcy Lawyer is Your Best Advocate

Usually, by the time clients contact us regarding a chapter 7 bankruptcy, they’ve already considered a number of other options, including filing for bankruptcy protection without legal representation. In fact, the National Bureau of Economic Research estimates more than 200,000 Americans will try to file a bankruptcy case without a lawyer. That’s troubling for me for a number of reasons. Primarily, many of these cases are dismissed because the paperwork is filed incorrectly.  Second, mistakes can be made that can jeopardize a consumer’s ability to eliminating their debt. We also know that we can offer them a solution that allows them to afford bankruptcy without having to come up with the attorney s fees all at once. This week, we explore why a bankruptcy lawyer is a consumer’s best advocate. Individuals, unlike businesses, are not  required to be represented by an attorney when they file a bankruptcy case.  However, you should have an attorney, who is well versed i
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