Coming to the decision to apply for bankruptcy is a major decision to make, and it can have a major benefit in an applicant’s future. While this decision is important, it is not the only decision they need to make. Something that many people may not realize is the...
FORT WORTH TEXAS BANKRUPTCY LEGAL BLOG
How unemployment can help you discharge debt
Unemployment can be an extremely stressful time for a person. With no income, bills and other financial responsibilities keep coming in, and you have no way to pay them off effectively. Using your credit card to pay these debts can make things worse in the long run....
Chapter 7 Bankruptcy: The Basics
You may have suffered an injury that resulted in mounting medical bills you can’t afford. An unexpected job loss could have wiped out your income and savings (something happening to lots of hard-working Texans during these unprecedented times). A contentious divorce...
What is the means test and how does it work?
The bankruptcy means test is a two-step process to determine whether a person qualifies to file for Chapter 7 bankruptcy. The test assesses income, expenses and household size to gauge whether someone has enough disposable income to pay their debts. While the means...
What are some positive results of bankruptcy?
Too many people are conditioned to view bankruptcy as a final option - a last resort that somehow means they were ineffective at managing their personal finances. Unfortunately, many Americans don’t have the savings in place to cover financial emergencies such as...
America’s ‘missing bankruptcies,’ and why waiting isn’t always the solution
Many recent news reports about personal bankruptcy focus on the fact that filings are well down this year compared to 2019. In the second quarter of this year, filings were just 60 percent of the average over the previous five years. The government's response to the...
What is bankruptcy counseling?
Filing for Chapter 7 or Chapter 13 is a big decision, but it can also be the best option to eliminate overwhelming debt and get your financial house back in order. Bankruptcy can be a long and complicated process, and consulting with an experienced attorney is the...
Obtaining and using a credit card after bankruptcy
Bankruptcy can damage a person’s credit. However, rebuilding it over time is still possible. Having good credit is in any consumer’s best financial interest. Even if they have a low score, there are plenty of ways to get back on top. One of the simplest ways to do so...
What kind of debt can Chapter 7 bankruptcy discharge?
Bankruptcy is a powerful resource that thousands of Americans rely on to free them of financial hardship every year. There are a lot of misconceptions about what bankruptcy does, and what it gets rid of. Chapter 7 bankruptcy does not eliminate all forms of debt;...
Who can file for Chapter 7 bankruptcy?
Now more than ever, families are struggling to make ends meet. As the past due bills continue to pile up, people may be at a loss – trying to figure out what to do next. For many, Chapter 7 bankruptcy may be an option. Unlike some other forms of bankruptcy, Chapter 7...
