No one wants to file bankruptcy. Yet, if you find yourself in dire financial straits, you may have no other choice but to do so. This process can be stressful, because you could face the prospect of parting with valuable assets. But this is often not the case in...
Year: 2020
What are your obligations under Chapter 13 bankruptcy?
Texas residents like you sometimes fall on tough financial times. It is difficult to see what you will do when you are in the middle of debt. But there are options available to you. Bankruptcy is one such option. Among the different types of bankruptcy, Chapter 13...
How soon can I begin to rebuild my credit score after bankruptcy?
Myths about filing a bankruptcy petition include losing your chances of having good credit again. While a bankruptcy stays on your record for up to 10 years, you may begin rebuilding credit after a discharge of your consumer debts. Financial institutions use...
Applying for a mortgage following bankruptcy
If you feel swallowed up in mounting debt, then the protection offered by personal bankruptcy may bring you welcome relief from the pressure put on you by creditors. However, as many of those working with our team here at Christopher Todd Morrison, P.C. can attest to,...
Can one spouse file bankruptcy and not the other?
Discharging debt through a Chapter 7 bankruptcy is one way to find relief. However, what if your spouse does not have the same liability? Do you both have to file? The law does not require spouses to file bankruptcy. When only one file, it may prove problematic for...
The risks of using a debt settlement company
Because bankruptcy carries a stigma in the minds of many people, some people try to resolve their mounting debt in other ways, such as hiring a debt settlement company to reduce or eliminate their debt. However, going with a debt settlement company carries some risk...
Frequently asked questions about credit counseling
When filing for Chapter 13 bankruptcy, credit counseling is an essential aspect of the process. The purpose of credit counseling is to ensure the person filing for bankruptcy has no other reasonable options in order to ease their debt burden. It also helps you develop...
What is the Texas homestead exemption?
Much of Texas culture is family culture. Your home is an important place to your life, livelihood and well-being. State law recognizes this. As a result, Texas has some of the best protections in the nation for homes during the bankruptcy process. A question of size...
How does bankruptcy affect an impending foreclosure?
When you fall behind on your mortgage or even receive a foreclosure notice, you have options. Some homeowners successfully request a mortgage modification. Others reorganize their debt and make a plan to keep their home by filing for bankruptcy. Learn more about how...
Building good credit after consumer bankruptcy
Many consumers who end up filing for either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy plan may wait a while before making the decision to do this. One reason for the hesitation is the fear that a bankruptcy will create long-term damage to a person's credit...