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Fort Worth Texas Bankruptcy Legal Blog

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?

Waiting too long and other bankruptcy mistakes

Substantial debt may play a major role in your worst nightmares. Unfortunately, it plays a role in your waking life, too. While you certainly hope that one day you will have the ability to get out from under your outstanding balances, you may feel that you do not have the financial stamina to make the payments necessary to relieve yourself of that debt.

Fortunately, other options for debt relief exist other than having to pay back creditors on your own. Bankruptcy is often a viable route for many Texas residents facing overwhelming debt issues. However, you may also be among the many people who feel that bankruptcy causes more harm than good.

Avoid financial pitfalls in divorce

When your friends and family learn that you are getting divorced, you'll likely start hearing all sorts of advice. Some, you might welcome, while other tips come unsolicited. When it comes to finances, you'll want to be quite selective as to whose advice you take. In fact, some well-meaning spokespeople can indirectly cause you serious financial problems if they steer you off-course.

The financial aspects of divorce can be tricky. If your spouse is willing to play fair, then you can simply be proactive and cooperate to achieve an amicable settlement. There are several things to keep in mind, however, to avoid common problems that can wind up leaving you broke after divorce. You'll want to build a strong support system from the get-go to help you overcome any obstacles that arise.

Seeking advice on how to reduce or eliminate credit card debt

While a person can experience periods of financial struggle under a variety of circumstances, credit card debt remains one of the leading causes of personal financial problems. If you are dealing with high amounts of credit card debt, the accompanying financial strain could be leaving you in search of some much-needed relief.

While many companies offer frequent promotions that can include periods free of interest, once these periods come to an end, the rates on your accounts may skyrocket. You may be wondering how you can rid yourself of credit card debt and protect your financial future, but the process can be intimidating.

Complicated bankruptcy situation? Read this

Perhaps you're among those in Texas whose finances took a big hit in recent years, maybe due to loss of income, medical emergency or divorce. If so, you're definitely not alone in your struggle. The good news is that many people have successfully overcome their financial problems by petitioning the court for bankruptcy. If you think this may be a viable option in your situation, there are several things you'll want to know before navigating the process.  

Rarely are financial problems permanent. How swiftly and fully you are able to resolve your current financial issues may hinge on the type of support resources you access. There are several types of bankruptcy and eligibility requirements for each that you must satisfy before applying. Knowing what kinds of obstacles can arise and who can provide crisis support can help secure debt relief and lay the groundwork for stronger financial future.  

Debt settlement may not offer the help you desire

You may have been feeling a sense of panic over your financial debt for some time. In the beginning, you may have had some hope that you could pay down your balances and get everything under control on your own. However, you may now realize that this option no longer seems plausible.

As a result, you have been exploring various debt relief options that could potentially help you address your liabilities and get back on stable financial footing. Of course, when considering such options, you may want to ensure that you have the right information.

Completing bankruptcy does not mean you will never gain a loan

Though you want to take the best measures possible to address your considerable debt, you may feel hesitant to jump right into a major process like bankruptcy. You, like many other Texas residents, may feel held back by the stigma that comes along with the process as well as misinformation about how completing bankruptcy will affect your future finances.

Because you may believe that bankruptcy will leave your financial record with too much damage despite helping you discharge your debts, you could find yourself discounting this route as a viable option. However, before you completely throw out the idea, you may want to ensure that the information you have is accurate.

Confirmation of repayment plan plays major role in Chapter 13

Taking a major step to address your outstanding debt liabilities can feel overwhelming. Of course, it can also feel as if you are making progress to get out from under these financial burdens, which could lead to a less stressful life. If you qualify for Chapter 13 bankruptcy and feel that it could work in your best interests to follow this path, you may want to understand specific aspects of the process.

Because Chapter 13 involves repaying your debts over time through an approved repayment plan, you must have a feasible plan to work with. Rather than the court telling you what to do in this regard, you create a proposal and present your plan to the court in hopes that it gains approval. This part of the process is known as confirmation.

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.

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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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