Happy Thanksgiving
Filing for Bankruptcy After the Holidays
Is There Any Benefit to Waiting Until the Holidays Are Over to File? You've lost your job. Maybe you've been hurt or sick, unable to work. There doesn't appear to be any prospect that your financial situation is going to change in the foreseeable future. But it's the holiday season. Do you really want to file for bankruptcy at Christmas? Is there … [Read more...]
Signs That It Might Be Time to Talk With a Bankruptcy Lawyer
Knowing When to Seek Protection in Bankruptcy Most of us struggle financially at some point in our lives. Maybe we've taken on a big mortgage, only to get caught in cutbacks at work. Maybe we've been hurt or contracted an illness, incurring substantial medical bills or limiting our ability to work and meet our financial obligations. In many … [Read more...]
Can You Discharge Secured Debt in a Personal Bankruptcy Filing?
What Happens in Bankruptcy When You Have Collateralized Debt? When you're seeking protection in a personal bankruptcy filing, you'll often have debt that's unsecured, such as credit card arrearages or medical bills, but you may have secured debt as well, including a mortgage or car loan. If you qualify to permanently discharge your debts in a … [Read more...]
Common Mistakes People Make When Taking the Means Test
Errors That Can Jeopardize Your Rights to Protection Under the Bankruptcy Laws When you've concluded that the best way to tackle your financial problems is by filing for protection under U.S. bankruptcy law, one of your first decisions involves the type of bankruptcy petition to file. If you seek protection under Chapter 7, you'll be able to … [Read more...]
Strategies for Keeping Assets When Filing for Bankruptcy
What to Do If You Can't Protect All Your Property Using Texas Exemptions Most states don't offer the generous property exemptions available under Texas law, so people filing under Chapter 7 risk the potential loss of substantial assets. In Texas, though, a person may discharge debts and still keep most, if not all, of their property. But what … [Read more...]
The Most Common Reasons People Seek Protection in Bankruptcy
The Factors that Lead to Most Bankruptcy Filings Have you lost your job or taken a cut in pay? Have you suffered an injury or illness that's caused you to incur substantial, unreimbursed medical debt? Did you take out an adjustable rate mortgage on your home and now find that you can't make the monthly payments? You're not alone—the same thing has … [Read more...]
The Potential Impact of a Bankruptcy Filing on Your Credit Score
Why Filing for Bankruptcy Protection Won't Necessarily Ruin Your Credit You may have lost your job or incurred substantial medical bills that are not covered by insurance. You've been reluctant to consider bankruptcy, as you're afraid it will permanently ruin your credit. How does a bankruptcy get reported to a credit agency? What are the short- … [Read more...]
Using Bankruptcy to Get Rid of Medical Debt
Can You Permanently Discharge Medical Bills? When Is the Best Time to File for Bankruptcy Protection? You've suffered a serious injury or illness. As a result, you've racked up substantial medical bills, many of which are not covered by your health insurance. You might be unable to work because of your health issues, but you also may be unable to … [Read more...]
Should You Always File for Chapter 7 If You Qualify?
When Should You Opt for Chapter 13 Instead? When you're considering filing for personal bankruptcy protection, you have two basic options. You can permanently discharge debts through Chapter 7, or you can restructure your debts (make new payment arrangements) under Chapter 13. You must, however, qualify to file a Chapter 7 petition. You might … [Read more...]
