Blog
Law Offices of Chance M. McGhee

Call Today for a FREE Consultation

210-342-3400

Archive for the ‘Kerrville bankruptcy lawyer’ tag

Frequently Asked Questions About Texas Bankruptcy

April 12th, 2019 at 10:11 pm

TX bankruptcy attorneyBeing in debt can often feel like being in quicksand — the more you try to climb your way out, the quicker you sink further. Making the decision to file for bankruptcy is a very serious one and should only be made as a last resort. Because of this, most people who file for bankruptcy are in an overwhelming amount of debt. This can cause much uncertainty and may have you wondering how you should file, which type of bankruptcy is right for you and what your life will look like after your bankruptcy is done. Here are a few frequently asked questions about bankruptcy and their answers:

When Should I File For Bankruptcy?

This is a very personal question and because of that, the answer will never be the same for all people. There is a general rule of thumb when it comes to deciding when you should file for bankruptcy — it should be your last resort. Before you file for bankruptcy, you should try other ways of relieving debt, such as budgeting and consolidating your debt. If you feel that you are drowning in debt, it may be time to consider bankruptcy.

Which Type of Bankruptcy Is Right For Me?

For private consumers, there are two types of bankruptcies that you can apply for: Chapter 7 and Chapter 13 bankruptcies. A Chapter 7 bankruptcy is the most common type of bankruptcy where most of your debt is discharged and you are given a clean slate. A Chapter 13 bankruptcy utilizes a repayment plan to help you pay off your debts, rather than discharging them. The kind of bankruptcy that is best for you depends on a variety of factors — which you should talk to your attorney about.

How Will a Bankruptcy Affect My Credit Score?

It is never known for sure how exactly a bankruptcy will affect your credit score because beginning scores can range. If you have a higher beginning credit score, you will usually lose more points than a person with a lower credit score. Regardless, most people‚Äôs credit scores will fall within the same range after a bankruptcy — usually, somewhere within the mid- to high-500 range.

A New Braunfels, TX Bankruptcy Attorney Can Help

Filing for bankruptcy can be a long and confusing process. There are many things you must consider before you file for bankruptcy and there are many questions that come along with the process. This is where a skilled Kerrville bankruptcy lawyer can be extremely helpful. At the Law Offices of Chance M. McGhee, we can help answer all of your bankruptcy questions and we can also help you make the best decisions for your situation. Call our office today at 210-342-3400 to schedule a free consultation.

 

Sources:

https://www.bankrate.com/finance/debt/life-after-bankruptcy-1.aspx

https://www.investopedia.com/articles/pf/07/after-bankruptcy.asp

Debunking the Three Biggest Bankruptcy Fears

October 26th, 2018 at 8:25 pm

TX bankruptcy attorneyNearly 800,000 Americans file for bankruptcy each year, while millions more struggle with the decision filing. Often, those weighing the decision to file are doing so under the pressure of constant collection calls, the stress of impending foreclosure or repossession, and without all of the information necessary to make an informed decision. Let us help alleviate some of those fears:

Concern 1: My credit will be ruined.

While it is true that you will experience a decline in your credit score initially, also consider the impact late payments have on your credit score. While it may not be an immediate dramatic decline, the slow loss of credit from delinquency can be more harmful than bankruptcy.

As far as being able to apply for a credit card, a mortgage, or a car loan, all of these options will be available to you much sooner than you may anticipate. Many creditors are willing to offer you a credit card as soon as you complete your filing since they know you will be unable to file for bankruptcy again for an extended length of time. Furthermore, borrowers begin qualifying for new mortgages as soon as one year after the completion of a bankruptcy filing.

Concern 2: I will lose everything.

The thought of being homeless and without transportation often scares many families into coping with the onslaught of collection attempts. In reality, only 2% of debtors must turn over their personal property and real estate equity. According to the Texas homestead exemption, as long as you have lived in your home for 40 months or more, you will not lose your home, regardless of how much equity you have in it. If you live in a suburban area, you can keep up to ten acres of land, or if you are in a rural area, you can keep up to 200 acres per family or 100 acres for individual bankruptcy.

Concern 3: Everyone I know will find out I filed for bankruptcy.

We often hear of bankruptcy on the news, but rarely is it anyone we know intimately. While bankruptcy is a matter of public records, the only time it will potentially make headlines is if you have a high profile case. Many newspapers choose not to publish bankruptcy records now to save on publication costs.

A New Braunfels Bankruptcy Attorney Can Help

If you are one of the millions of Americans struggling to make ends meet, a Kerrville, TX bankruptcy attorney will help answer any questions you may have. Attorney Chance M. McGhee has over 20 years of experience with assisting clients to overcome the financial crisis. Call our office at 210-342-3400 to find out how we can help in a free initial consultation.

 

Source:

https://www.thebalance.com/the-three-biggest-bankruptcy-fears-316359

Call today for a FREE Consultation

210-342-3400

Facebook Blog
Back to Top Back to Top