Best Consumer Protection Lawyers in Mckinney, TX

A bankruptcy filing will automatically stop all collection efforts. If you have been sued, and the bankruptcy is filed before a judgment is entered, no judgment can be entered. If a judgment has been entered before the filing of the bankruptcy, collection of the judgment is stopped. Note that until a bankruptcy petition is signed and filed with the court, lawsuits can still proceed, including the execution of judgment (levy on bank accounts).

Yes, in some cases. When you borrow money to buy a car, the creditor can repossess it if you do not make your payments. Secured property is not repossessed if payments are kept current. If household goods are put up as collateral for loans from finance companies, the goods can be repossessed unless the lien is avoided in bankruptcy.

In general, you can keep your homestead, retirement accounts, personal and family household goods, and apparel. Most people are able to keep property such as motor vehicles or tools of your trade.

The collateral of a secured loan can be taken as collateral of all loans, secured or unsecured, at the same institution. This cross-collateralization of loans is standard practice at credit unions and usually at banks. Lenders stack the unsecured debt, such as a credit card, onto the collateral of the secured debt. If you have two automobiles financed at the same lender, both automobiles can be secured to each loan.

Income taxes can be discharged if more than three years have passed between the date the return was due and the bankruptcy filing unless an income tax return was not filed. We will need to know if you 1) filed your return, 2) filed it on time, and 3) have received notice of levy or tax lien. We have a form you may sign that allows the IRS to provide a transcript of your tax record.