Blog
Law Offices of Chance M. McGhee

Call Today for a FREE Consultation

210-342-3400

Subscribe to this list via RSS Blog posts tagged in filing for bankruptcy in Texas

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.

...

filing bankruptcy, filing for bankruptcy in Texas, filing for bankruptcy, Texas bankruptcy attorney, realistic budget, financial crisis, financial stressFiling bankruptcy as an individual or a married couple can be difficult to handle. In order to improve your situation following bankruptcy, you will need to perform a couple of tasks that can help restore your finances and your emotional state. Bankruptcy not only affects your wallet, it also affects your state of mind. However, there are steps you can take to rebuild your credit and your life.

End the Feeling of Guilt

When a person files for bankruptcy, he or she will undoubtedly struggle with their emotions. For instance, they might feel like a failure or that they are worthless. The more negative thoughts you have about the situation, the harder it will be to move forward with your life. Look to the future and think positive. When you begin to do this, everything will start to fall back into place.

...

If you are considering filing for bankruptcy in Texas, there are several things to consider before filing. While bankruptcy is a great way for many Americans to discharge or reorganize their debt, it could actually be a detriment for some families. In the wake of the Great Recession, the number of personal bankruptcies rose, according to a report from the Columbia Law School. In 2011, according to the report, bankruptcy filing “totaled about 5,800 per million individuals, meaning about one in every 175 Americans filed for bankruptcy protection.” This number was even higher in 2010, during which one in every 150 Americans filed.  Signing testament

Now that the Recession has receded, many families that were close to insolvency are now on solid financial ground. Because of bankruptcy’s prevalence, however, many people who could otherwise solve their debts differently may think bankruptcy is their only option. The first step to determine if you should file for bankruptcy, according to the USA Today is to determine if you are judgment proof. “If you’re judgment proof,” according to Lawyers.com, “creditors can do virtually nothing legally to obtain money or property from you.” Examples of individuals who are judgment proof are those who have no assets to be collected, have insufficient property to pay a creditor’s claim, or who are protected by laws “that exclude wages and property from being used to pay a debt.”

Another factor to consider when you are contemplating bankruptcy, according to the USA Today, is to know if your state allows wage garnishment. Texas does NOT allow wage garnishment, except for child support, alimony, taxes, and student loans, according to the office of the Texas Attorney General. You should also consider whether or not you qualify for mortgage modification, according to USA Today. In many cases, once a family had the opportunity to modify their home loan to one that was more affordable, filing for bankruptcy was no longer necessary.

...

Call Today for a FREE Consultation

210-342-3400

Facebook YouTube Blog
Back to Top