Christopher Todd Morrison, P.C.
Affordable Bankruptcy
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June 2018 Archives

Waiting to file for bankruptcy could make problems worse

Timing could make a big difference in the outcome of a bankruptcy. The longer a Texas individual or couple waits to file bankruptcy after they know they are in financial trouble, the harder it could be to recover. According to data from the Consumer Bankruptcy Project, two-thirds of the people who eventually file for debt relief struggle for more than two years with bills they are not able to pay.

Study sheds light into credit card debt

During the first quarter of 2018, Americans paid off $40.3 billion in credit card debt. However, many Texans are still in the red. A report by WalletHub, which used data from the credit agency TransUnion, the Federal Reserve and the U.S. Census Bureau, found that although the second largest amount was paid off since the beginning of 2009, credit card debt remains at the second highest point since the end of 2008.

Chapter 13 bankruptcy may allow for additional financing

As many people in Texas know, it is sometimes necessary to file bankruptcy. Things happen that cause financial hardship, and debtors need relief. Chapter 13 bankruptcies can span three years or five years, sometimes creating a challenge for debtors who find themselves needing to purchase an automobile during this time.