Blog
Law Offices of Chance M. McGhee

Call Today for a FREE Consultation

210-342-3400

Recent blog posts

San Antonio Bankruptcy AttorneyIf you are considering bankruptcy, you are likely to be dealing with multiple types of difficult financial issues. During this time, the last thing you want to worry about is the possibility that you could lose your job or struggle to earn enough income. Fortunately, the bankruptcy laws provide some protection, and by understanding what employers can and cannot do in response to your bankruptcy, you can avoid uncertainty and continue working to achieve financial success in the future.

Can an Employer Fire Me for Filing for Bankruptcy?

Fortunately, Section 525 of the U.S. Bankruptcy Code states that an employer cannot terminate a person’s employment because they have filed a petition for bankruptcy or sought relief from their debts. Employers are also prohibited from taking any other discriminatory actions against an employee, such as demoting them or reducing their wages.

In fact, you generally will not be required to tell your employer that you are pursuing bankruptcy. However, your employer may find out about your bankruptcy on their own in some cases. For example, if your wages are currently being garnished because of a legal judgment against you by a creditor, this garnishment will cease when you file for bankruptcy. Your employer will also be notified if you owe them money for any reason, and you may need to address these debts during the bankruptcy process.

...

San Antonio Bankruptcy LawyerThe decision to file for bankruptcy is often not an easy one. This may be seen as a last resort for a person or family that is in dire financial straits. After making every effort to maintain financial stability, repay debts, and address other ongoing needs, a debtor may determine that bankruptcy is their best option for debt relief. Fortunately, the process of filing for bankruptcy does not have to be difficult, and by working with an experienced attorney, a debtor can provide the correct information and complete the required procedures to eliminate certain types of debts. Those who are preparing to file for bankruptcy will need to understand the different types of documents that they will need to provide, as well as any other information that will be required.

Financial Documentation and Related Bankruptcy Information

Proper planning is essential during the bankruptcy process, and by gathering all required documentation ahead of time, a debtor can ensure that they will be able to submit all of the proper forms at the right time while avoiding any complications that may delay their ability to discharge their debts. The following information will need to be provided when filing for bankruptcy:

  • Proof of income - The income earned by a debtor will be used to determine whether they pass the means test to qualify for Chapter 7 bankruptcy. Documentation related to income may include pay stubs, W-2 forms, and tax returns for the past few years.

    ...

Schertz Bankruptcy LawyerDebt is a significant issue for millions of people in the United States. In some cases, these debts may be manageable, and a person or family may be able to make affordable payments toward a home mortgage, auto loans, student loans, and/or credit cards while being able to cover their regular living expenses. Unfortunately, there are many situations where a family’s debts may become unmanageable, and they may begin considering bankruptcy. Because of the stigma surrounding bankruptcy, those who are in this position may feel that they will be looked down upon. However, understanding the reasons that people often file for bankruptcy can help a person realize that they are not alone and that they can benefit by receiving relief from their debts.

Bankruptcy Is Usually Based on Issues Other Than Financial Irresponsibility

The stereotypical bankruptcy involves a person who has engaged in reckless spending without considering the consequences of their actions. Many people believe that if a person files for bankruptcy, this is a sign that they have racked up large credit card bills, spent money on unnecessary luxuries, and generally behaved irresponsibly. However, in most bankruptcy cases, this is far from the truth. In fact, people are likely to encounter large debts because of issues such as:

  • Medical bills - Around two-thirds of all bankruptcy cases involve medical debts. Even when a person has health insurance, a medical emergency or a major procedure may result in tens of thousands of dollars in medical bills. These issues are often unforeseeable, and a family may find themselves in an impossible situation in which they owe huge amounts of money with no possibility of being able to pay off these debts. Using bankruptcy to wipe out medical debts is often the best solution in these cases.

    ...

Kerrville Debt Relief LawyerDebt is a significant issue that affects many families. Struggling to pay bills and fielding calls from creditors while also working full time–or more–and managing other family responsibilities can be incredibly stressful. While bankruptcy is often the best option for dealing with these situations, many people are hesitant to pursue this type of debt relief. However, the fears that people often have about bankruptcy may be unfounded. By understanding the bankruptcy process and how it will affect your life, you can make sure you are taking the right steps to regain financial stability.

Addressing Bankruptcy Fears

While there are multiple different reasons why your family may be struggling with debts, the option to file for bankruptcy is available regardless of your financial situation. As you consider whether bankruptcy is the right choice for you, it is important to remember that:

  • You have options to help you avoid losing your assets - For many people, the biggest concern related to bankruptcy involves the possibility that they will be required to surrender certain assets or that they may lose their home to foreclosure. However, depending on the extent of your assets and the type of bankruptcy you pursue, you may not be required to turn over any property. If you file for Chapter 7 bankruptcy, many of your assets may be exempt from liquidation, and you may even be able to complete a no-asset bankruptcy and avoid the loss of any property. If you are looking to avoid the loss of your home or the repossession of other property, Chapter 13 bankruptcy may be an option that will allow you to repay some of your debts without turning over any assets.

    ...

San Antonio Bankruptcy LawyerIssues related to money are a common source of stress for many people. Families can sometimes struggle to cover their ongoing living expenses, especially in times when prices for many products are rising and unexpected expenses can arise suddenly. These issues can be compounded by debts. If a family is struggling to pay what they owe while also meeting their ongoing needs, they may be receiving constant calls from creditors, and they may be concerned about how this will affect their overall finances and their ability to maintain ownership of their home or other property. In these situations, bankruptcy may be an option for debt relief, but filing for bankruptcy can add additional stress, especially when a family does not know what to expect during this process. If you are struggling with debts and considering bankruptcy, you can help alleviate your stress by following these tips:

  • Avoid blame - Debt is often seen as a personal failing, and those who are struggling financially may feel that they are to blame for their situation due to irresponsible behavior. However, in many cases, overwhelming debts occur because of circumstances that are out of a person’s control, such as serious health issues that lead to large medical bills while affecting their ability to work and earn an income. Regardless of the reasons for your debt, you can help avoid negative emotions by deciding to put these issues in the past and determine how to move forward and regain control of your financial situation.

  • Gain a better understanding of your financial situation - In many cases, stress related to debt is based on uncertainty about the extent of what is owed. It is often a good idea to obtain a copy of your credit report to make sure you fully understand your debts, and you can also take steps to address your ongoing expenses and determine how much disposable income is available to you.

    ...

Call Today for a FREE Consultation

210-342-3400

Facebook YouTube Blog
Back to Top