If you are struggling to pay outstanding medical, credit card or other bills, you may feel powerless over your financial situation. Still, there are a few debt-relief options that may allow you to regain control. Chapter 7 bankruptcy is one of these. With Chapter 7...
Chapter 7 Bankruptcy
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...
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...
How can I avoid mistakes when filing chapter 7?
According to the Judicial Branch of the U.S. Government, filing for chapter 7 bankruptcy discharges a majority of debts for those who are eligible. It also stops creditors from persistently contacting you an in attempt to recoup money owed once the process is in...
Can you rebuild your credit after Chapter 7 bankruptcy?
Chapter 7 bankruptcy is a debt relief tool that many Americans turn to, particularly when medical and credit card debt becomes too overwhelming. Once you have been through bankruptcy, your credit score does take a hit. Credit scores do change, however. You can rebuild...
What is reaffirmation?
When filing a Chapter 7 bankruptcy, you run the risk of losing assets, especially those you do not currently outright own. It is common for someone filing bankruptcy to have a car loan, for example. If you have a car loan but you wish to keep the vehicle, then you may...
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...
What are the eligibility requirements for Chapter 7 bankruptcy?
Filing Chapter 7 bankruptcy may provide you with the relief from your debt that you have been seeking. If you qualify for Chapter 7, a trustee will gather and sell your nonexempt assets to pay off your creditors through a process called liquidation. Like other...
Will I lose everything in Chapter 7?
There are many myths associated with declaring bankruptcy, and the myth of losing literally everything is one of the most pervasive associated with filing Chapter 7. It is important to realize that, no, you will not lose everything you own if you choose this...