William H. Lively, Jr

January 2020 Archives

Avoiding bankruptcy after accumulating medical debt

According to Bernie Sanders, roughly 500,000 people have gone bankrupt because of medical debt. This figure is based on a study conducted in 2019 that analyzed 910 bankruptcy cases between 2013 and 2016. It revealed that 65.5% of those bankruptcies were caused by medical debts. However, researchers are unsure as to whether the debt itself is to blame for Texas residents and others filing for bankruptcy. Instead, it may be the lost income after experiencing an injury that leads to financial distress.

Determining exempt property for a Chapter 13 bankruptcy

Some Texas residents who are overwhelmed by their financial obligations may wonder whether they should file for a Chapter 7 or Chapter 13 bankruptcy. A Chapter 7 bankruptcy involves liquidating non-exempt assets while in a Chapter 13 bankruptcy, a person creates a payment plan to repay creditors over a period of three to five years. This allows the person to keep some assets.

Can you recover from bankruptcy?

One of the most common misconceptions about bankruptcy is that you can never recover. Yes, it gets rid of your debt, but then you have that bankruptcy on your record. You can never shake it, you can never really get a fresh start. It feels like giving up on your financial future.

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William H. Lively, Jr


William H. Lively, Jr
432 S Bonner
Tyler, TX 75702

Phone: 903-920-0008
Phone: 903-593-3001
Fax: 903-595-3715
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