The bankruptcy petition that you file may affect the timeframe determining when you may begin applying for new credit. Before applying, however, your existing debts require a discharge, which occurs as soon as a judge signs a court decree. As noted by Forbes magazine,...
Year: 2020
Can I go to jail for my debt?
If you have significant debt in Texas, you may fear the consequences of failing to pay. Thankfully, you cannot go to jail for most debts. Understanding state law about this issue may help ease your mind or help you plan your next steps. Jail for debts As...
What should you know about exempt and non-exempt property?
Texas residents like you want to know everything about bankruptcy before you file for it. Each option has different pros and cons. For example, many people believe that Chapter 7's biggest con is having to liquidate your assets. But do you have to get rid of...
Understanding Texas bankruptcy exemptions
Filing for bankruptcy does not mean losing everything you own. In fact, Texas bankruptcy law allows you to keep most of your personal property. Review the available bankruptcy property exemptions in Texas if you have substantial debt you cannot pay and want to find a...
Considerations for bankruptcy after retiring
Financial challenges in retirement have become more common, even among those who begin with assets put back to sustain them. According to Forbes, the rate of bankruptcy filings among people 55 and older is on the rise. More older bankruptcy filers than in prior...
What is credit counseling in bankruptcy?
Whether you file for Chapter 7 or Chapter 13 bankruptcy, you can expect to undergo pre-bankruptcy credit counseling. This is an important step in the bankruptcy process. You may file for bankruptcy, but a court will not accept your petition if you do not complete a...
How can you manage expenses during bankruptcy?
Texas residents like you must manage expenses carefully when going through bankruptcy. This is particularly true of Chapter 13, in which you must stick to a debt repayment plan. If bad habits remain, you may struggle with additional debt on top of what you try to pay...
How can you avoid credit card debt?
Texas residents like you opt for Chapter 13 bankruptcy because a repayment plan works in your favor. But did you know that you still have to keep on top of secured debts that survive bankruptcy? You must make mortgage and loan payments throughout the bankruptcy...
Massive debts send Flywheel in to Chapter 7
Many people in Texas might think that Chapter 7 bankruptcy is only an option for individuals looking to have certain debts discharged. That assumption comes from the notion that a business experiencing financial struggles would rather seek a Chapter 11 case that would...
How are Chapter 7 and Chapter 13 bankruptcies different?
When medical bills, credit card bills or other debts become too much for you to manage, you may find yourself looking for ways to dig yourself out of financial turmoil. You may decide that filing for bankruptcy may be your strongest chance at getting your finances...