Saving Your Home When Facing Bankruptcy

Stay put while you start fresh A bankruptcy can be stressful enough without worrying about uprooting your family. When you file for a Chapter 7 bankruptcy, the majority of your assets—including your house—may be sold by the bankruptcy trustee in order to pay your creditors. However, there are a few circumstances in which you may […]

After bankruptcy, rebuilding credit is important

The decision to file for bankruptcy is a big one, and those who understand the implications of a filing do not take it lightly. Probably the biggest reason to be cautious about filing for bankruptcy is the impact a filing has on one’s credit. While a bankruptcy filing may not have an immediate drastically negative […]

U.S. Supreme Court weighs in on bankruptcy exemption question

If you’re a Texas resident who is besieged by high debt levels brought on by factors beyond your control, you are undoubtedly pursuing debt relief. In doing so, you have perhaps considered filing for bankruptcy, wondering while thinking about the process whether certain of your assets will be shielded from creditors. The short answer to […]

Bankruptcy alternatives for hard-pressed consumers

As we have previously noted for our readers throughout Texas, consumer bankruptcy can owe to one or many interrelated factors, with every case being unique. In recent years, those factors have been on firm display across the country, with tough economic times highlighting the stiff challenges that many individuals and families nationally are facing across […]

Bankruptcy exemptions in Texas exist for you to use them

Owning a business can be one of the most rewarding experiences. Although owning a business comes with a lot of benefit, it also comes with a big financial risk. Owners often put their “all” into the company they own, and this often includes equity from their home. Debt can quickly become overwhelming, but thankfully there […]

Deja vu all over again: filing bankruptcy more than once

“Deja vu all over again” is one of the paradoxical expressions associated with the baseball legend Yogi Berra. The statement could be applicable in almost any context where someone is going through something they have been through before. How would apply, however, in the context of a bankruptcy filing? In the wake of the Great […]

Drain a 401(k) to deal with debt? Bankruptcy may be better option

People who are struggling with debt often consider taking some money out of their retirement accounts in order to keep creditors at bay. Debtors often believe they must do everything they can to pay their bills now, even at the cost of raiding their retirement funds. To a degree, this is understandable, especially if creditors […]

Debt and divorce, part 1: is a joint bankruptcy filing possible?

Divorce and bankruptcy often go hand in hand. After all, financial problems can contribute greatly to breaking the emotional bonds that underlie a marriage. And in a sense, divorce and bankruptcy offer the same thing: a fresh start. With divorce, this takes the form of recast relationships. With bankruptcy, it takes the form of debt […]

Debt and divorce, part 2: mortgage debt and bankruptcy

Let’s pick up the thread we began exploring last week regarding the effect of a divorce proceeding on liability for joint debts. A divorce settlement may assign one party to the settlement to pay certain debts that the couple had. But what does really mean in practical terms? After all, mortgage companies and other creditors […]

Don’t Be Afraid of Bankruptcy

Filing for bankruptcy is never an easy decision. Most of us see it as a last resort to all of our financial troubles and the coward’s way out. This is absolutely untrue. Bankruptcy is nothing to be ashamed of and it happens more often than you know. Approximately 1 out of every 212 people in […]

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