Walker Fred

read moreAustin bankruptcy law Fred E. Walker is an Austin bankruptcy law attorney who is Board Certified in Consumer Bankruptcy Law by the Texas Board of Legal Specialization. He has helped more than 15,000 people file for personal or consumer bankruptcy protection. Collectively, the attorneys with Fred E. Walker have over 50 years of experience. The firm has filed over 15,000 bankruptcy cases and has assisted clients in settling or discharging over one hundred million dollars of debt. Personally, Fred Walker has over 30 years of experience representing real people resolve their financial and tax problems through aggressive representation before the IRS and state and federal courts.

read moreThe division of debt between "secured" and "unsecured" is very important because it determines what bankruptcy can do for you. If you decide to file bankruptcy, you will have the option to either surrender the collateral secured with a lien against property you own and be released from liability on the debt, or retain the collateral by reaffirming your contracts with secured creditors or by redeeming the collateral by paying the creditor the fair market value of the property you want to keep in one lump sum payment.

read moreIf you want to keep property that is secured by a properly perfected security interest in a Chapter 7 bankruptcy case, you may be required to sign a "reaffirmation agreement." A reaffirmation agreement is a contract which waives the bankruptcy discharge with respect to a particular debt. If you sign a reaffirmation agreement you must continue making the contract payments and will remain personally liable on the reaffirmed debt if you fail to pay. The reaffirmed debt will be completely unaffected by the bankruptcy filing, and will survive the bankruptcy discharge, as if the bankruptcy had never been filed.

read moreThe automatic stay goes into effect immediately upon the commencement of your case. The automatic stay makes it unlawful in most cases for creditors to take any action to collect a debt, including repossession, foreclosure, garnishments and levies. It prevents creditors from proceeding with lawsuits, sending collection letters and making phone calls. The automatic stay is hedged or conditioned in some circumstances. Filing bankruptcy will not stay acts to collect back support, including revocation of driver's licenses or professional licenses.

read moreFact: In fact, the rules concerning the discharge of debts in bankruptcy are more liberal in a Chapter 13 bankruptcy case than in a Chapter 7 bankruptcy case. Chapter 13 is a debt repayment that allows you to obtain relief for many types of debts. Under a Chapter 13 repayment plan, a bankruptcy attorney will help you create a plan to pay back a percentage of your debts over three to five years. A Chapter 13 payment plan must offer to pay the full amount of all priority claims and all secured claims such as your home where the value of the collateral is greater than the amount of the debt.

read moreFact: There are many different types of credit counseling firms, and some do a better job than others. However, if you have significant debt you may end up having to file bankruptcy anyway. Debt negotiators will often create a debt management or payment plan as an alternative to filing bankruptcy. In this alternative to filing bankruptcy, you will be asked to pay the debt negotiator a certain amount each month and that person will use that money to pay your creditors. The concept behind debt negotiation is that creditors will be accept a reduced amount of what you owe in exchange for you not filing bankruptcy.

read moreMyth: The Chapter 7 means test will disqualify me from filing bankruptcy-or force me into a debt repayment plan. Fact: Most people with debt problems have no problem passing the Chapter 7 means test. With proper counseling from an experienced bankruptcy lawyer, even people who fail the means test can still qualify for relief. Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, you must undergo a means test to determine whether you are qualified to file Chapter 7 bankruptcy.

read moreFact: While there is more paperwork and more hoops to jump through, it's still easier to file bankruptcy than to deal with excessive debt. However, most people will need a lawyer's help. If not done properly, your bankruptcy case can be dismissed and you won't be able to discharge debt. Choosing to file bankruptcy is a serious decision that has consequences that last several years. Although the Bankruptcy Code does not require you to owe a certain amount of money before you can file bankruptcy, there are many situations that may not warrant a bankruptcy filing.