When individuals file for Chapter 7 bankuptcy, the filing fee is $200 in most cases. If filers are unable to pay the fee in full, they also have the option of paying the fee in installments. 

However, the full amount of the fee must be paid wthin 120 days of the filing, unless filers can receive an extension from the court. If filers do not pay the fee, then the case could be dismissed, and filers will not receive discharges. 

If you or anyone you know has questions about a Chapter 7 bankruptcy filing, contact the Austin Chapter 7 bankruptcy lawyers of Slate, Kennon, & James, LLP, at 512-338-1100. 

As the baby boomer generation begins to enter retirement and old age, the percentage of IRAs handed down to children is expected to increase. The question posed by creditors and heirs alike is: If an individual inherits an IRA from a parent and later goes bankrupt, can creditors seize the inherited IRA to apply its funds towards the debt owed?

A person's own IRA is protected under bankruptcy law, because this is money that has been saved for retirement. An IRA inherited from someone other than a spouse, however, is typically not protected by bankruptcy law and can be seized by creditors. A recent ruling in Minnesota suggests that bankruptcy protections may be extended to IRAs inherited from parents. A federal judge ruled that a woman who filed for bankruptcy has the right to keep a $63,000 IRA that her father left to her.

This change in the law may allow individuals to file for bankruptcy without putting assets such as IRAs at risk, even if the IRA was not originally their own.

If you are considering filing for bankruptcy and have questions regarding bankruptcy law, contact the Austin personal bankruptcy attorneys of Slater Kennon LLP, today at 512-338-1100.

Steven D. Goldberg's attorney filed for involuntary bankruptcy against Goldberg. The Chapter 7 petition was made on behalf of three companies, including NorAm Capital Holdings of Texas. 

Goldberg received 71 months in prison for a $3.3 investment scheme. The legal controversy allegedly convinced creditors to file claims against Goldberg. 

If you have considered filing for Chapter 7, contact the Austin bankruptcy attorneys of Slater Kennon LLP, at 512-338-1100. 

When spouses consider filing for bankruptcy, they must often decide whether they will file separately or jointly. This decision will often depend on whether the debts are separately or jointly owed. 

Under Chapter 7, if the spouses choose to file separately and one spouse is unable to pay his or her debts, then the other spouse may be forced to repay the debts. The rules for Chapter 7 are even further complicated in community property states like Texas, California, Idaho, Nevada, and New Mexico. 

If you and your spouse are considering filing under Chapter 7 bankruptcy, contact the Austin Chapter 7 bankruptcy attorneys of Slater Kennon LLP, at 512-338-1100. 

Arrow Trucking Company filed for Chapter 7 bankruptcy liquidation last week. The filing followed a fraud charge made by Transportaion Alliance Bank Inc., one of Arrow's lenders. 

According to the lender's lawsuit, the fraud charges allege that Arrow misled the lender about the company's financial condition and had not paid some taxes. The Tulsa-based flatbed carrier had been struggling financially for many months before the fraud charge and bankruptcy filing. 

If you or anyone you know is considering a Chapter 7 bankruptcy liquidation, contact the Austin Chapter 7 bankruptcy lawyers of Slater Kennon LLP, at 512-338-1100.

In 2005, the requirements for Chapter 7 bankruptcy changed due to Bankruptcy Abuse Prevention and Consumer Protection Act. This law required debtors to receive credit counseling six months before filing for bankruptcy. 

According to the statute, an individual cannot file for Chapter 7 if the househould income is greater than the state's median income. The statutue also allows filers to receive state exemptions if they have been residing in the state for more than two years. 

If you or anyone you know has considered filing for Chapter 7, contact the Austin Chapter 7 bankruptcy lawyers of Slater Kennon LLP, at 512-338-1100.

Many businesses in financial distress have the option to file for bankruptcy. This option is also afforded to consumers through Chapter 7 and Chapter 13 bankruptcy protection. 

According to government statistics, most consumers choose to file for Chapter 7. However, before filing for bankruptcy, most consumers are required to receive credit counseling from an approved agency. 

If you or anyone you know is considering filing for bankruptcy, contact the Austin bankruptcy attorneys of Slater Kennon LLP, at 512-338-1100.