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TX bankrutpcy lawyerMany people who are struggling with overwhelming debt often hesitate to file for bankruptcy because they are concerned that the bankruptcy will have a significant impact on their credit score for a number of years. They worry that the bankruptcy will prohibit them from ever owning their own home someday. While it is true that bankruptcy will show up on a person’s credit report, it is important to keep in mind that consistently having late payments, missed payments, and charged-off accounts hurt a person’s credit score and their chance at owning a home more than filing bankruptcy will. As long as the person who files for bankruptcy follows these tips, homeownership is likely closer than they think.

Review Your Credit Report

Once your bankruptcy has been complete and debt discharged, you will want to obtain a copy of your credit report to make sure that there are no incorrect debts that should have been discharged showing up. The major credit reporting agencies are required by the federal government to provide people with a free credit report once a year. If you see any discrepancies, make sure to contact your bankruptcy attorney.

Rebuild Credit

Once all your debt has been discharged through bankruptcy, it is important to focus on rebuilding your credit. Remember, your credit was not damaged overnight and it will take time to rebuild.


TX bankruptcy lawyerWhen most people think of student loan debt, they usually picture someone who has recently graduated from college within the past few years, who, along with that diploma they earned, now owes thousands and thousands of dollars in student loans. Many young adults can be so overwhelmed with student debt, with threats of wage garnishments and other heavy-handed collection tactics, that they are unable to pay their other bills. Quite often, the only option they have to get out from all that debt is to file bankruptcy. Although student loans cannot be discharged in bankruptcy, other debts can, and this may free enough income for them to be able to afford their monthly student loan payments.

But it is not just young adults who are being buried with student loan debt. More and more older people, including the elderly, are struggling with it. It is estimated that approximately seven million Americans over the age of 50 have student loan debt.

Can the Department of Education Seize Social Security Benefits?

Not only can the Department of Education seize tax returns and wages of people who are delinquent in student loans, but they can also withhold money from a person’s Social Security check. Social Security disability checks can also be garnished.


TX bankruptcy lawyer, Texas chapter 13 lawyer, Texas chapter 7 lawyer, For most people, filing for bankruptcy is a last resort. It can be easy to dig yourself into a pit of debt that you are unable to climb out of. Once the bills start becoming due, it can feel like an ocean wave washing over you, with you struggling to stay above water. Not paying your bills can cause creditors to resort to collections actions, such as wage garnishment and repossession. Once you file for bankruptcy, however, all of those collections actions must stop. This is what is known as the automatic stay.

Understanding the Automatic Stay

The automatic stay is a provision in the U.S. Bankruptcy Code that temporarily halts collections attempts from all creditors. The automatic stay goes into effect immediately after you file for bankruptcy and prevents any and all creditors from contacting you about debts you may have with them. The automatic stay does not last forever. As soon as your bankruptcy case is finished, the automatic stay is lifted.


BankruptcyTexas bankruptcy attorney, TX chapter 7 attorney, TX bankruptcy process, is the legal process of determining whether or not a person or business is actually unable to pay their debts and if their debts should be discharged. For individuals, there are two main types of bankruptcies -- Chapter 7 and Chapter 13. In a Chapter 7 bankruptcy, typically the filer has their debts discharged or forgiven at the end of the process. In a Chapter 13 bankruptcy, the filer’s debts are reorganized and a repayment plan is entered for three to five years to pay off as much of the debt as possible.

According to statistics from the Judiciary Data and Analysis Office, the most common type of bankruptcy that is filed is Chapter 7 bankruptcy, which made up around 60 percent of all bankruptcy filings in 2017. If you are thinking about filing for a Chapter 7 bankruptcy, it is important that you understand the process.

Before You File


Posted on in Credit Score

Texas bankruptcy attorney, TX chapter 17 lawyer,The American Dream is the belief that anyone can succeed in life as long as they work hard and persevere. For many, success includes purchasing and owning their own home. The process of buying a home can be a confusing process and includes many financial and legal procedures. For those who have gone through bankruptcy at some point in their lives, purchasing a home can be even more difficult and confusing. There may be limitations to how much you can borrow from a lender or how soon you can buy a home, but it is not impossible.

Check Your Credit Report

Before you begin to apply for mortgages, you should pull a copy of your credit report. Your credit report will contain detailed information about your credit history, including your borrowing history and information about your bankruptcy. You should carefully look over this report to make sure that everything is correct on the report and that there are no mistakes that could make your report look more unfavorable than it really is.


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