Most American adults have at least one credit card. If you count yourself among them, you may find your balance creeping up each month despite your good intentions. You are not alone in feeling like your credit card debt is spiraling out of control. Many people accrue...
5 myths about bankruptcy
Many people have understandable fears about filing for bankruptcy. However, those fears are often based on misinformation. These are five of the most common myths about bankruptcy. 1. You will not be able to get credit Your credit score may take a significant hit when...
Can we keep our family’s home if we file for bankruptcy?
You may be holding off on filing bankruptcy because you fear losing your home. The fact is, bankruptcy is actually one of the best ways to protect your home. Personal bankruptcy creates a legal barrier between your home and your creditors. According to Culture Map,...
3 immediate benefits of filing for bankruptcy
There should be more to life than the constant struggle to make ends meet. If you feel like you are living from paycheck to paycheck, you are far from alone. In fact, the average American has more than $90,000 in debt. Fortunately, with a bankruptcy filing, you may...
How soon after a bankruptcy discharge may I repair my credit?
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,...
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...
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...
