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Fort Worth Texas Bankruptcy Legal Blog

Understanding the automatic stay in bankruptcy

Perhaps you've traveled a long road to find the right debt relief option to help you with your financial struggles. If you are like most Fort Worth residents, you tried other options before reaching the conclusion that bankruptcy would provide you with the best outcome.

Perhaps you heard that an automatic stay goes into effect once you file your petition. You need to know what this does and does not do for you as your case progresses.

Payday loans can be a nightmare if you default

Taking out a payday loan may not have been your ideal solution, but it provided just the right amount to get you through until your next paycheck. Perhaps it worked so well for you that you used it a second time, or maybe when the due date came, you rolled the balance into a new loan.

Whatever the steps that got you to where you are unable to repay a payday loan, you realize now that your situation is even more serious than it was the day you first walked into the payday lender's office. It is important that you understand what happens when you default on one of these short-term loans and how to deal with the aggressive tactics such lenders often use to get you to pay.

How you can keep your possessions in Chapter 7 bankruptcy

The choice to file for bankruptcy is not an easy one to make. Chances are that you have been dealing with past-due balances, phone calls from creditors and constant contact from debt collectors for a while. Perhaps you have even lost hope that there is a better financial future out there for you.

If you feel this way, you are not alone. Thousands in Texas find themselves struggling with debt and strained financial situations for various reasons, but there are options available to you. By filing for Chapter 7 bankruptcy, you can deal with certain types of debt and make contact from creditors to stop -- but what will happen to your personal property?

Is there life after bankruptcy?

Financial difficulties can quickly become overwhelming. It does not take much for expenses to spiral out of control. An unexpected repair, medical bill or job loss can have a devastating effect on your bank account. The next thing you know, you have maxed out your credit cards and are struggling to make the minimum payments.

If you are like many in Texas who are considering filing for bankruptcy, your hesitation may be rooted in the uncertainty of the future. While the bankruptcy may relieve you of your current debt burden, how can you be sure you will never end up in the difficult situation of drowning in debt again? While nothing is certain, you can take certain steps to reduce the chances.

Filing bankruptcy before divorce: Things you should know

Not every Texas marriage is going to last a lifetime. In fact, yours may be among hundreds or thousands that end in divorce before 2019 comes to an end. Child-related issues may be among your highest priorities in such circumstances. However, like many spouses, you might also be quite concerned about finances. Some spouses file for bankruptcy before heading to divorce court.

Laws regarding such actions vary by state. If you're considering immediate debt relief as a viable option in your current situation, you'll want to seek clarification ahead of time of the regulations that govern such matters in this state. If it's your spouse that is threatening to file bankruptcy, perhaps claiming it as a means to keep you from obtaining certain assets in divorce, you may also want to speak with someone well-versed in Texas property division laws, so you know how to protect your rights.

Are you struggling with medical debt?

If you are struggling to keep up with bills from a recent medical emergency or procedure, you are not alone. After suffering an injury or dealing with a prolonged illness, you may find it more difficult to pay your regular bills and debts while managing what you owe to doctors, surgeons, specialists and hospitals. In fact, you may be at the point where your creditors are beginning to contact you about past due accounts.

The last thing you need so soon after your recovery is the stress of financial burdens. If you are considering filing for bankruptcy to gain some relief from your debt, you should know that medical issues are one of the most common factors that lead to bankruptcies in Texas and across the nation.

Facing the threat of losing your vehicle? You have options.

One of the most unfortunate consequences of having a significant amount of debt is the threat of repossession. If you are behind on your car payments, it is likely at some point you will receive a notice that your lender is moving to repossess your vehicle. This is a significant threat because if you do not have your personal vehicle, it could limit your ability to work and make your financial situation worse. 

It can be stressful and overwhelming to get phone calls and letters from creditors and lenders about past due balances. You may feel hopeless and unsure if there is anything you can do to limit the damage, keep your car and eventually secure a better financial future, but there are options available to you. It could be in the interests of Texas readers to understand more about the repossession process and how to deal with their debt. 

Your debt burden and managing holiday spending

As Texas readers know, the holidays are an exciting time of spending time with loved ones, going to parties and exchanging gifts. It can be an expensive time of year as well, and the financial impact can be significant, especially if you are already struggling with managing your payments. In fact, many Americans will go into debt this month. 

Spending during the holiday season will likely not be the reason your financial situation spirals out of your control. However, Christmas spending could be the proverbial straw that breaks the camel's back, leaving you with even higher credit card balances you cannot pay. If you are overwhelmed by what you owe and unable to catch up, it may be prudent to consider the benefits of bankruptcy.

A bankruptcy trustee will play a significant role in your case

Choosing to file for bankruptcy is a major step in getting your finances back on track. If you have already begun this process, you should feel proud for taking responsibility for your situation and doing your best to get out from under outstanding debt.

During your bankruptcy proceedings, you will likely have several people involved in your case. You may understand that your creditors, your attorney and a judge will play their roles, but you may wonder how other individuals will fit in. In particular, you may want to gain information on what a bankruptcy trustee does during the legal proceedings.

How badly will bankruptcy hurt my credit score?

Whatever the circumstances that led to your current financial crisis, chances are you are exploring every possible option for getting yourself out of it, including bankruptcy. You may know that a successful bankruptcy can provide a path to a debt-free future. However, you may also have heard that if you file for bankruptcy, your credit score will take a major hit.

It is wise advice to keep an eye on your credit score. After all, your credit rating is a critical part of obtaining a loan you may need to buy a car or to get a mortgage on a house. While you may be in no position to consider either of those purchases, you may hope to be in the future, and a negative credit rating could prevent you from reaching your goals. However, do you know where a credit score comes from?

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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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