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Chapter 7 BankruptcyLet’s face it: bankruptcy is a daunting prospect. Many first-time filers feel stressed, anxious and even overwhelmed at the idea. The truth, however, is that bankruptcy comes with many benefits: no more calls from creditors and no more worrying about losing your home, to name two.

When most individuals think of bankruptcy, Chapter 7 comes to mind. That is because it is the most common type of bankruptcy.

According to UScourts.gov, Chapter 7 allows for an immediate stop of wage garnishments, home foreclosure, phone calls from creditors and repossessions. A trustee will evaluate your assets to see if liquidation is an option, but in most cases, filers can keep their properties.

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elderly parents, bankruptcy, finances, Texas lawyer, Texas bankruptcy attorneySome baby boomers have done advance planning to help those who will care for them in their old age by buying long term care insurance or setting aside specific funds. A growing number of aging individuals, however, are facing mental and physical challenges by relying on their family members. Research shows that 40 percent of U.S. adults are helping to care for a family member with a major health issue. The cost of caring for elderly parents can easily spin out of control, but you can get on top of your finances again through bankruptcy.

According to the National Alliance for Caregiving and the Metlife Market Institute, adults taking care of elderly parents face an increased risk of poor health themselves and a tendency to shortchange their own finances in the process. Poor health can lead to individual medical bills for you and using your savings to help a family member can lead to reliance on credit cards or loans to purchase basic necessities.

Sometimes one child has to give up their own career in order to focus on taking care of a parent. A female who chooses to give up her employment to become a caregiver will lose over $324,000 in pension or Social Security benefits and wages over the course of her lifetime. Many of the women taking on this new role hope that they will only need to step out of the workplace for a short period but then find that their family member requires more or longer-term care than they anticipated.

If you have been struggling to help a family member with the process of aging, there’s no doubt you have felt the impacts of doing so mentally, physically, and financially. If you are buried in debt and need a fresh start to get your life back on track, contact a Texas bankruptcy attorney today.

bankruptcy exemptions, Texas, federal exemptions, Texas bankruptcy exemptions, types of bankruptcy, debtLosing your job or getting expensive medical bills can have devastating effects on your budget.  Without ample savings, it can be hard to make monthly payments, and eventually you may lose your car or even your home.

However, bankruptcy can stop foreclosure, repossession and wage garnishment through selling property or reorganizing existing debts if you are earning income. However, filing for bankruptcy does not mean losing all your worldly possessions. When filing your paperwork, you may choose to use either federal exemptions or the exemptions set out by the statutes of Texas.

Both the Federal and State exemptions allow the debtor to protect equity in their primary residence. This is called the Homestead Exemption and it does not provide any protection to rental or investment properties. Under the federal exemption, you can shield up to $22,975 of equity from a bankruptcy trustee. The homestead exemption in Texas is not limited by the amount of equity in the home, but the size and location of the property. It cannot exceed an acre if it is located in a populated city, village or town.  In rural areas, the exemption can be as large as 100 acres.

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Olympics, Olympic Rings, San Antonio bankruptcy lawyer, career athletes, bankruptcy, financeThe 2014 Winter Olympics has just wrapped up and all eyes were on the incredible athletes from all around the world who have spent their life training for the big event. Although the Olympics is a celebration of all their hard work, it’s easy to underestimate the amount of time, energy, and financing that goes into preparing an athlete. Whether it’s the Olympics or professional sports, there’s a lot of hard work to get to the top. Some athletes struggle financially before or after their sports career, many even filing for bankruptcy.

The list of professional athletes who have gone bankrupt is longer than you might think. There are several reasons why they get there, but a primary one is poor financial planning or a series of hardships that threw them off course. Especially for younger athletes, not knowing how to properly manage their money can be a challenge too great, leading them to financial struggle mere years after their wealth accumulates.

According to a 2009 study, NFL retirees have a higher average income than men in similar age brackets of the general population. When that study broke down by age, however, younger athletes had higher numbers of sports stars with income close to or below the poverty level. A quick rise to fame can be difficult for younger athletes. Celebrating their big payoff after years of hard work and investment might mean financial difficulty and bankruptcy down the road as a result of poor financial planning.

Financial problems can affect individuals of all income levels and backgrounds. When you’re buried too deep and feeling like you’ll never be able to get on top of your situation, bankruptcy can be there to help. Bankruptcy can give you the fresh start you need. If you’d like to discuss your options, contact a San Antonio bankruptcy attorney today.

Since the ball dropped on New Year’s Day, people have been trying to keep their resolutions. Whether that is quitting smoking, losing weight, or just improving quality of life, keeping up with resolutions can be a challenge. Another common resolution is to get out of debt, and 2014 could be the year for it.

eliminate debt IMAGEThe first step to tackling debt is to list all outstanding balances. Include everything that you might owe for your mortgage, student loans, auto loans, credit card bills, or other bills. It is also important to include the interest rates on these bills so that the most expensive debts are dealt with first.

The next step is to track your spending. Using a year’s worth of bank statements and credit card statements, find out what you spend each month. This will let you see which expenses are necessary and which are not. Use this as a starting point in creating a budget that you can live with, and stick to it. That will allow you to trim any wasteful spending and reallocate those funds to getting rid of debt quickly.

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