The chapter 7 bankruptcy process is also known as liquidation bankruptcy. This means that you might sell — or liquidate — some of your property to settle your debts. Naturally, you might want to keep some of this property. One example is a car that helps you get...
Chapter 7 Bankruptcy
Does filing bankruptcy discharge medical debts?
No one wants to consider the possibility of falling into debt. However, with medical costs as high as they are, it is possible that anyone with a health emergency could also enter into a financial emergency at the same time. Bankruptcy often feels like a scary point...
What is the difference between exempt and non-exempt assets in Chapter 7 bankruptcy?
If you are bracing for Chapter 7 bankruptcy in Texas, you may be wondering how the state classifies exempt and non-exempt assets. Understanding the difference between the two can help you better prepare yourself for bankruptcy proceedings. What do exempt and...
Can Chapter 7 bankruptcy release me from my timeshare?
If you are considering filing for Chapter 7 bankruptcy in east Texas and you own a timeshare, you may be wondering where the timeshare will end up in the mix. Timeshares are notoriously tough to relinquish, so it can be helpful to understand how this type of...
3 things to know before filing for Chapter 7 bankruptcy
If you have a low income and few assets and cannot pay your bills, you may consider filing Chapter 7 bankruptcy. Up to 63% of those who filed for bankruptcy in 2019 chose Chapter 7. Chapter 7 bankruptcy can result in the dismissal of any of your unsecured debts while...
4 steps to filing Chapter 7 bankruptcy
Chapter 7 bankruptcy may be a good option for you if you do not have enough money to pay off your debts. In theory, the idea behind Chapter 7 bankruptcy is the liquidation of your assets, i.e., selling them to pay off your debts. However, there are exemptions for...
How the bankruptcy means test determines Chapter 7 eligibility
Once your finances start to spiral out of control in Texas, it becomes increasingly difficult to regain control over them. If your financial situation has gotten to the point where you do not see a realistic way to pay off your debts within the next few years, you may...
Three times when bankruptcy may make sense.
The prospect of bankruptcy can be daunting for Texas residents who can not manage mounting debt. As a result, many people shy away from this step because they fear it will damage their credit. However, these are three times when declaring bankruptcy may help you...
How may bankruptcy affect my employment and future job prospects?
Federal laws protect your right to remain in your current position regardless of your financial status. As noted by the Society for Human Resource Management, the U.S. Bankruptcy Code's section 525(b) prohibits private employers from firing or discriminating against...
3 myths about filing for personal bankruptcy
If you are like many Americans, you may view bankruptcy as an absolute last resort. From feelings of personal failure to anxiety over losing your home or car, fear may keep you from even considering the option. In fact, financial analysts have found that only a...
