Dealing with financial hardship is an overwhelming and stressful experience. It is not uncommon for individuals to find themselves drowning in debt, struggling to make ends meet, and facing the constant pressure of creditors. In such challenging times, bankruptcy can...
Smith County Bankruptcy Blog
Can bankruptcy help me with my student loans?
Student loans and the burden they place on millions of Americans have been in the news lately as politicians and courts debate whether President Biden has the power to forgive them. Meanwhile, if you are considering Chapter 7 or Chapter 13 bankruptcy, you could be...
Everything you need to know before choosing Chapter 7 bankruptcy
If a debtor's income is sufficient, they probably will not be able to file for Chapter 7 bankruptcy. This is a method for people who are drowning in debt. These people might consider out-of-court options before they file for bankruptcy. However, when out-of-court...
Why might a court dismiss your bankruptcy case?
Debt resolution is often necessary for those needing a fresh financial start. However, it is essential to note that not all bankruptcy filings go according to plan. Sometimes courts dismiss bankruptcy cases, leaving borrowers in a difficult position. As you consider...
How may bankruptcy protect retirement accounts?
Financial problems can strike anyone, even people in their older age. As someone nearing retirement, you may worry about creditors claiming your retirement accounts. Fortunately, senior citizens can avail themselves of the bankruptcy system and possibly hold on to...
Is bankruptcy the only way to stop a home foreclosure?
When you take out a mortgage loan to finance the purchase of a home, you put up the property itself as collateral for the sake of protecting the lender's interests. If you struggle to keep up with your mortgage payments, then, the lender has every right to force the...
What are some fraudulent debts in bankruptcy?
One way bankruptcy helps people in dire financial straits is by discharging certain debts. This means you are not obligated to pay them off. However, judges will not allow the discharge of debt if they suspect the debts are fraudulent or that the debtor is trying to...
How to rebuild your credit score after money problems
Credit scores are a vital part of determining access to rental properties, financing and even insurance. Employers often run credit checks during the hiring process as well. Facing financial challenges can lead to poor credit score, which can interfere with your...
Navigating the means test in Chapter 7 bankruptcy
Bankruptcy offers an escape route when debts become overwhelming. If you consider filing for Chapter 7 bankruptcy, you need to pass the "means test." This examination determines whether you qualify to have your debts wiped out or discharged. The means test is crucial...
Most common reasons people need to file for bankruptcy
Filing for bankruptcy is a significant financial decision that individuals may undertake when they are unable to repay their debts. Here are some of the reasons people decide to file for bankruptcy. Medical expenses and healthcare costs One of the leading causes of...
