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Post bankruptcy: Get the right tools to rebuild your credit.

Was last year one of your worst financial years yet? If so, you are definitely not alone as many Texas residents have struggled to overcome financial obstacles thrust upon them by a failing economy. Perhaps you determined that the most viable option for getting past your financial problems was to claim personal bankruptcy. Your credit score was no doubt greatly impacted by your decision. However, once you resolve the problems that led to bankruptcy, there's reason to hope for the future.

A bad credit score needn't be a permanent fixture of your financial portfolio just because you accessed an available debt relief option when money was tight. There are several ways to take steps toward restored financial stability that may also help you rebuild your credit.

The high-pressure tactics of new tax collectors

If you have fallen behind on your bills, you may already know the sinking feeling when the phone rings and creditors are on the other end, reminding you of your delinquency. You may try to be polite as you put them off or make promises you can't keep, but it's not always easy, especially when they threaten to make your situation even worse than it is.

Whether you owe for maxed-out credit cards, medical bills, car payments or a mortgage for your home in Texas, you probably feel like you're on the losing end of every call from a creditor. However, if you have received calls about your overdue taxes, you may be especially concerned.

What happens during the Chapter 13 bankruptcy process?

Dealing with overwhelming debt can feel like a hopeless situation. While you may feel helpless to do anything to make the constant harassment from creditors stop or catch up on your outstanding balances, there are actually options available to you. If you are behind on your mortgage and are facing threats of losing your Texas home, you may consider the benefits of Chapter 13 bankruptcy. 

Filing for bankruptcy can be a frightening prospect. There are many misconceptions about this process, but ultimately, it can be a positive way for you to confront debt and save your home from foreclosure. It can be useful to understand more about how this process works and what you should expect after filing. 

Will I lose my personal property if I file for bankruptcy?

The decision to file for bankruptcy is not an easy one, and it is rarely the first choice for many Texas consumers. However, if you find yourself overwhelmed by debt and harassed by creditors at all hours, it may be time to consider this option as a way by which you can reclaim your financial future.

Many people are afraid that filing for bankruptcy could mean that they will lose all or most of their personal property. These misconceptions are quite common, and while Chapter 7 bankruptcy is known as liquidation bankruptcy, that does not mean that you will have to give up your stuff if you file. In fact, many Texas consumers who choose this option find that they are able to keep much more of their property than they originally assumed. 

Fight back against creditor harassment

Most people, whether they reside in Texas or elsewhere, struggle financially at some point in their lives. Things happen, debt accrues and paying it off can seem impossible. Then it begins, creditor harassment. The constant phone calls, the threatening letters, it can all be too much to bear.

If you are a victim of creditor harassment, what can you do? What legal protections do you have?

Bankruptcy – Chapter 7 vs. Chapter 13

Millions of hardworking Americans experience financial difficulties every year. Perhaps it’s a loss of a job or maybe credit card debt gets out of control, and then suddenly you are on a downward financial spiral. Filing for personal bankruptcy may be hard to accept, but it is truly a viable solution that will bring an end to harassing phone calls, letters from creditors or even people showing up at your home.

The most common choices for individuals under the U.S. Bankruptcy Code are Chapter 7 and Chapter 13. Both provide protection, but there are major differences. Below is a quick reference guide to see if one of these could provide financial relief for you:

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Steele Law Firm, PLLC
3629 Lovell Ave, Ste. 100
Fort Worth, TX 76107

Phone: 682-990-9372
Fax: 866-292-2348
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