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Schertz Bankruptcy LawyerThere are multiple options available to those who are struggling with debts. In many cases, bankruptcy is the best way to eliminate debt, and Chapter 7 bankruptcy is often the preferred option. This type of bankruptcy will allow most debts to be completely eliminated within a few months. However, filing for bankruptcy can be a complex process, and it is crucial to work with a skilled attorney to ensure that all of your requirements will be met. By understanding the basics of the Chapter 7 bankruptcy process, you can be sure you will be fully prepared to take the correct steps to eliminate your debts.

Steps Followed in a Chapter 7 Bankruptcy Case

Prior to filing for Chapter 7, you will need to gather all of the necessary documentation. This will include information about your income, the assets you own, and all of your debts. Pay stubs, tax returns, and other documents can be used to show the income you earn and ensure that you pass the means test to qualify for Chapter 7. Listing all of your assets will help determine what is exempt from liquidation and what assets you may be required to turn over during the bankruptcy process. By listing all of the debts you owe, you can ensure that the requirement to repay these debts will be discharged once you have completed the bankruptcy process.

Once you are prepared to file for bankruptcy, you will need to complete the following steps:

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Boerne Bankruptcy LawyerDebt can be a touchy subject for many people. Some forms of debt are unavoidable, such as the requirement to take out a mortgage loan in order to buy a home. Other debts are considered to be frivolous, such as using credit cards to purchase items that a person would not normally be able to afford. Many debts fall in between these two extremes, and while most people have some debts, they will often be able to manage their finances in a way that ensures that they can make affordable payments. However, debts may become unmanageable, and this is often due to unforeseen circumstances, such as the loss of a job or a serious illness. 

If you are in this type of situation, bankruptcy may be able to provide relief. However, you may encounter significant stress and other emotional issues as you determine your options for dealing with your debts. By understanding the best ways to address these issues, you can make sure you will be able to move forward successfully and maintain financial stability. Here are some tips on how you can address your emotional concerns as you work to eliminate your debts:

Remember That Financial Issues Are a Common Problem

Everyone is likely to encounter financial setbacks during their life. While you may worry about how others will perceive you due to your choice to file for bankruptcy, you can rest assured that you are not alone. Many people encounter debts for a variety of reasons, such as a costly divorce or medical bills related to a chronic illness or serious injury. Rather than worrying about the past and feeling negatively about the choices or circumstances that led to this situation, you can focus on the future and look forward to the elimination of stress related to debt.

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Schertz Bankruptcy LawyerFor most people, owning a vehicle is necessary to ensure that they can travel to and from work and complete other daily activities. Unfortunately, this means that if a person is struggling with debts and cannot make payments on an auto loan, they may be put in an even more difficult position due to the repossession of their vehicle. Anyone who has an auto loan should be sure to understand the types of situations where repossessions may be performed. Those who are facing a repossession may be able to address these issues and avoid the loss of their vehicle by filing for bankruptcy.

Repossession Laws in Texas

In cases where debtors have secured debts, creditors have the right to take possession of the collateral used to secure these debts following a default. This means that if a debtor misses a single payment on an auto loan, the lender may take action to repossess the vehicle. A debtor will need to be sure to understand how the terms of their loan address repossessions so that they will be aware of whether missed payments may result in the loss of their vehicle.

Texas law does not require creditors to seek court approval to proceed with repossessions in most cases. A “repo man” may take possession of a vehicle while it is on a public street or parking lot or in any other situations where they can avoid a “breach of peace.” If a vehicle is located in an inaccessible area on private property, such as in a garage or behind a fence, a creditor may need to take legal action to repossess the vehicle. In these cases, a debtor may be ordered by the court to turn their vehicle over, or the local sheriff may enforce a repossession order.

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Boerne Bankruptcy AttorneyA person or family may accrue multiple types of debts. When debts become overwhelming, or when financial difficulties make it impossible to repay what is owed, bankruptcy may be the best option, since it will often allow for the elimination of certain debts. For those who are considering bankruptcy, it is important to understand how different debts will be handled, including those that are considered to be priority debts.

Priority Debts in Chapter 7 and Chapter 13 Bankruptcy

Bankruptcy allows some debts to be discharged, eliminating the debtor’s requirement to repay the amounts owed. Secured debts such as home mortgages or auto loans generally will not be discharged during bankruptcy, since this would lead the creditor to repossess the collateral used to secure the loan. However, unsecured debts can usually be discharged once the bankruptcy process is completed.

Certain types of unsecured debts are considered to be priority debts. These debts usually cannot be discharged, and any past-due amounts will be given top priority when payments are made to creditors during the bankruptcy process. Priority debts include:

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Schertz Bankruptcy AttorneyIf you have encountered financial difficulties that have affected your ability to repay your debts, it is likely that you are experiencing regular calls from creditors. Dealing with these calls or other forms of communication can be very stressful, especially if you are already struggling to cover your regular living expenses. Fortunately, you have protections against creditor harassment under the laws of the United States. By understanding your rights and your options for addressing your debts, you can take the correct steps to stop harassment from creditors as you determine how to return to financial stability.

The Fair Debt Collection Practices Act

Unfortunately, creditors have a reputation for taking inappropriate actions as they attempt to collect debts, and they can often engage in harassing behavior. To address this issue, the federal government has put the Fair Debt Collection Practices Act (FDCPA) in place, and this law details how creditors can contact debtors and attempt to collect debts, as well as the actions that debtors can take to address harassment. 

Provisions of the FDCPA include:

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