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Fort Worth Texas Bankruptcy Legal Blog

Do you wonder if bankruptcy is right for you?

When trying to deal with a difficult financial situation, you will likely face many hard decisions. You may wonder whether you should take serious action to address your debt balances, try to deal with the issues on your own or if you should seek help to get your affairs back on track. For each person, the decisions made in regard to debt relief can have lasting impacts, and understanding potential options could make the situation seem more manageable.

One of the biggest steps that a person could take in order to address their outstanding debts is to file for bankruptcy. Of course, simply the idea of following this route makes many people uncomfortable, and you may find yourself immediately pushing this idea away. However, most of the negativity surrounding bankruptcy comes from misconceptions. Still, if you wish, you could try other methods before deciding whether bankruptcy could suit your needs.

Facing legal problems because of medical bills?

Unexpected medical problems can quickly turn your financially stable situation into crisis mode. Many Texas residents have faced the situation where things are going fairly well financially, then an illness or injury occurs and leaves them completely financially strapped. It's no secret how expensive medical care can be, and if your injury or illness is moderate to severe, you will likely need repeated doctor visits, treatments, perhaps even surgery to rectify the situation. As you continue to seek all treatment necessary for recovery, debt may increase.

It's easy to fall way behind paying medical bills, especially if your insurance isn't all that great. It is one thing to get a few calls from an accounting department and quite another to receive notice that someone is filing a lawsuit against you. Even serious financial situations are often temporary, so it pays to remain as calm as possible when such problems arise. If you know how to access viable support, you may be able to get things back on track sooner rather than later.

Discharge medical debt and secure a better future with bankruptcy

No one in Texas should have to choose between seeking necessary medical care and affording their groceries, but this is the reality for many people. Even patients with health insurance struggle to pay back eye-popping bills after receiving care from a doctor.

For anyone who has received a medical bill, it may come as no surprise to learn that medical debt is the largest contributor to personal bankruptcy. It also becomes easy to understand why some people avoid seeking treatment even when they are suffering.

A broken heart doesn't have to lead to a broken bank account

Many divorces in Texas are messy. Depending on whether you have children, own a business or any number of other factors, you may be in for quite a challenge when it comes to negotiating a fair and agreeable settlement. Beyond your children's best interests, which of course is a central focal point for you, you may also be greatly concerned about the impact divorce may have on your financial situation.

It's crucial to know how to rectify such situations or, better yet, prevent them altogether. There are certain issues that often create financial struggles in divorce. If you are aware of the facts, know your rights and how to tap into available support resources when needed, you may be able to avoid major problems or, at least, get things back on track if they get out of hand.

Did you and your spouse become financial foes in divorce?

Texas residents are not immune to the various types of stresses and problems that often arise during the divorce process. If you recently navigated the system and it left you in a financial crisis, you may relate to that statement on a very personal level. Regardless which spouse filed for divorce, you likely understood at the time that the whole process was going to cost you money. In fact, if more people knew how to avoid the potential finance-related pitfalls of divorce, there might be an increase in amicable settlements.

Financial disputes are often key factors of contentious courtroom debates. Perhaps you are one of many who wound up in divorce court because of unresolved financial disagreements in your marriage. You may be able to overcome financial obstacles in divorce or at least rebound from problems that may arise if you research what options are available ahead of time and set up a strong support network to help you through the tough times.

Payday loans may not offer the debt relief you are looking for

As you stare down a considerable amount of consumer debt, you may feel as if you will never get out from under the financial burden. Though you act diligently and try to make payments on your outstanding balances as best as you can, those efforts may not have the desired impact. As a result, you may feel trapped in a never-ending cycle of accumulated interest and additional payments.

At some point, it may have crossed your mind to consider methods for better attending to your outstanding debt. One of those methods may have been a payday loan. You may have heard of this type of option before, but if you do not fully understand it, you could end up with more difficulties than anticipated.

You have alternatives to avoid repossession

You woke up in the morning and looked out your front window only to discover your car was gone. Or maybe you had just gotten off work or emerged from the store with a cart full of groceries. Your first thought may have been that someone stole your vehicle — until you remembered how far behind on your payments you were.

Car repossession is one of the most frustrating and humiliating experiences you can go through when you are struggling with your finances. You may be left stranded, unable to fulfill your obligations and forced into the tedious and expensive process of trying to get your car back.

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. 

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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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