What Is Reaffirmation? When Is It a Good Idea? How Do You Reaffirm a Debt? You've lost your job or suffered an injury/illness that prevents you from working and meeting your financial obligations. You've submitted to the means test and qualify to discharge debts under Chapter 7. Are there good reasons not to discharge some of those debts, but to … [Read more...]
Converting a Chapter 13 Bankruptcy to a Chapter 7
September 8, 2023 by
Choosing Liquidation of Debt over Reorganization You've been experiencing financial difficulties and concluded that a personal bankruptcy filing is the best way forward. You wanted to keep all your assets, if possible, so you initially opted to file for reorganization of your debts under Chapter 13. It has become clear, though, that your financial … [Read more...]
Reestablishing Your Credit after a Bankruptcy Filing
July 4, 2023 by
The Best Ways to Rebuild Your Credit after a Chapter 7 or Chapter 13 It's possible to make your way in the world without access to credit, but it's extremely difficult. You'll likely never be able to own your own home, and you'll likely be limited to driving older vehicles. That's one of the reasons why, in the aftermath of a bankruptcy filing, … [Read more...]
Bankruptcy and Credit Cards
July 4, 2023 by
How a Personal Bankruptcy Will Affect Your Ability to Own a Credit Card Unmanageable credit card debt is a common cause of many personal bankruptcy petitions. It's rarely the result of fraud, but typically tied to the loss of a job, an unexpected illness or a divorce. Credit card debt may be discharged in Chapter 7, provided you qualify, and may … [Read more...]
Advantages of Filing Chapter 13 Bankruptcy
May 15, 2023 by
Why Chapter 13 May Still Be a Good Option When You Don't Qualify for Chapter 7 When you're facing personal financial challenges, there are generally two bankruptcy options that can give you a fresh start—a liquidation of debt under Chapter 7 and the reorganization of debt under Chapter 13. You must, however, qualify to discharge your debts under … [Read more...]
The Benefits of Taking the Texas State Bankruptcy Exemptions
May 15, 2023 by
Keep Most or All of Your Property in a Chapter 7 Filing in Texas When you file for protection under Chapter 7 of the American bankruptcy laws, you have the right to permanently discharge certain debts. In exchange, you must generally relinquish some of your assets to the bankruptcy trustee, so that they can be sold, with the proceeds distributed … [Read more...]
The Pros and Cons of Filing a Chapter 7 Bankruptcy in Texas
April 12, 2023 by
Liberal Texas Exemptions Let You Keep Most Property | Your Bankruptcy Will Be a Matter of Public Record With a Chapter 7 bankruptcy filing, as with almost everything in life, there are upsides and downsides. Ultimately, your decision comes down to weighing the benefits and the costs. Let's look at how a Chapter 7 can help you, as well as some of … [Read more...]
Debts that Are Difficult (or Impossible) to Discharge in Bankruptcy
April 5, 2023 by
Are Your Debts Primarily Child Support, Taxes or Student Loans? Chapter 7 May Not Be for You When you're looking at your personal options for getting a fresh financial start, the ability to permanently discharge debts under Chapter 7 can be extremely attractive. After all, wouldn't you rather rid yourself of the burden of those debts forever? … [Read more...]
Debunking the Myths Surrounding Bankruptcy
March 9, 2023 by
Correcting the Common Falsehoods about a Bankruptcy Filing You may be struggling to make ends meet, with no relief in sight, but steadfastly resisted the urge to file bankruptcy because of what "everybody says" about the process: You'll lose all your property You'll never be able to buy anything on credit again You won't qualify … [Read more...]
What Is the Automatic Stay in Bankruptcy?
March 2, 2023 by
How Does It Protect You? Can You Lose Its Protections? One of the most physically and emotionally exhausting aspects of struggling to make financial ends meet is dealing with the non-stop phone calls, letters, emails, text messages and other communications from creditors. Your heart can jump every time the phone rings and you can get a pit in your … [Read more...]
