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...
Chapter 7 Bankruptcy
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...
Deferred payments may not avoid the need for a bankruptcy filing
Many Americans contact the companies servicing their secured and unsecured debts when they experience hardships. Borrowers often choose to apply for a temporary pause in monthly payments to get through an unexpected financial issue. As reported by CNBC, more than 25%...
End of eviction moratorium detrimental for renters
A recent overruling of Biden's eviction moratorium will impact renters across the nation including numerous Texas families. Without the federal assistance that many residents have relied on for the last year, an uptick in evictions is probable. While many families...
Will I lose my home if I file for Chapter 7 bankruptcy?
Your home can offer you and your family a great deal of stability. However, when people have struggled with debt and wonder whether bankruptcy can offer relief, it can leave them wondering whether they will lose their house in the process. Will you lose your house...
The options when debt spirals out of control
When you find yourself in a difficult financial situation, it is important to understand your options. Before you gain a sense of clarity, it is not uncommon to let your worries spiral out of control. In this way, you can actually make the situation worse than it is....
Exempt assets under bankruptcy law
If you are planning on filing for Chapter 7 bankruptcy, you may be wondering if you get to keep any of your assets or if you have to give up everything. Fortunately, there are some assets that the court considers to be exempt, which means you can hold on to them....
