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Preparing for Personal Bankruptcy in Texas

December 31st, 2020 at 10:50 pm

TX bankruptcy lawyer, Texas chapter 7 attorney, The decision to file for personal bankruptcy is not one that is easily made. Moreover, the days, weeks, and months following the decision can also be difficult, as there may be feelings of fear or concern. Then there is still the stress of preparing for the bankruptcy process. The following may be able to help alleviate some of that stress and provide guidance on how to find the assistance you need.

Start by Contacting an Attorney

While there are many steps to take during the bankruptcy process, your first should be to contact an experienced bankruptcy lawyer. Not only does this help you prevent missteps during the bankruptcy process, but it can also expedite the next steps. By contacting a lawyer, you can get you on your way to less stress from the creditor calls and collection letters.

Cancel Your Automatic Payments

If you are like most consumers, you have automatic payments that are drafted from your account. Some might be for subscriptions while others might be with creditors, all should be eliminated. This can help you start to step forward and manage your debt more responsibly. It also gives you more control over what you are paying in the weeks leading up to the bankruptcy filing.

Start Working on Your Budget Now

Although you will have opportunities to develop a sound budget, the best time to implement one is right at the start. A budget gives you the power to start watching what you are making and what you are paying out. Ultimately, this helps you determine which bankruptcy option may be most suitable for your situation. Further, it gives you the chance to start practicing the skills you will need during and after the bankruptcy process has ended.

Watch Out for Frozen Funds, Seizures, and Repossessions

While the bankruptcy process does stop the collection process, there is still a lot that can happen up to the date you file. For example, your creditors may attempt to freeze your bank account to gain access to your funds. Further, it is important to understand that bankruptcy does not guarantee you will be able to keep certain assets that are on a lien. Mortgages, car payments, and other loans with collateral are all prime examples of assets that could be seized or repossessed.

Why Choose Our Experienced San Antonio Bankruptcy Lawyer?

With more than 20 years of experience, the Law Offices of Chance M. McGhee is a firm you can trust to assist your bankruptcy concerns. We provide not just counsel for the process, but also guidance for the future. Our skilled Texas bankruptcy attorney will give you the tools you need to make the most of your fresh start. Learn more about how we can assist with your case by calling 210-342-3400. Free consultations are available.



Medical Bills & Personal Bankruptcy: An Unfortunate Trend

April 9th, 2014 at 7:00 am

Affordable Care Act, Law Office of Chance McGhee, medical bill debt, medical bills, paying medical bills, personal bankruptcy,Texas bankruptcy attorneyEven though the enrollment deadline for healthcare under the Affordable Care Act just passed, it is clear that medical bills are still a big problem for many Americans. According to NerdWallet, one in every five Americans will have difficulty paying medical bills this year. Medical bills are actually the leading cause of personal bankruptcy filings, once individuals and families have used savings, credit cards, or attempted to refinance their homes.

While around 20 percent of people are struggling with medical bills in one form of another, three out of every five bankruptcies is due to medical bills. In fact, nearly 10 million Americans with year-round healthcare will still be unable to pay their medical bills. Many families look for ways to cut costs, including skipping vital prescription medications. Others will turn to loans, credit cards, or other financing methods. Some of those families, however, will find themselves facing bankruptcy.

One catastrophic medical event can set an individual or family back. An unexpected diagnosis or major accident can lead to many months or years of treatment, racking up bills. Those who are covered by health insurance may overestimate the extent to which their policy will help them, and some may find out too late that they are buried in bills that they can never hope to pay. And even when a good faith effort is made to pay down a selection of bills, it may still be impossible to catch up.

If you have accumulated medical bills and simply cannot afford to pay them, you are not alone. Even with health care coverage in place, many Americans across the country are struggling to pay off medical debts. You do have a way out. You do not have to continue living under the pressure of colossal bills. If you would like a fresh start, contact a Texas bankruptcy attorney today.

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