Steele Law Firm, PLLC - Bankruptcy Lawyer
Fort Worth, Texas: 682-990-9372

Fort Worth Texas Bankruptcy Legal Blog

Are you one of many Texas residents considering bankruptcy?

There are certain words in the English language that are typically associated with negative stigmas. Bankruptcy is one of those words. How much do you know about it? The first question to ask yourself is whether you really know anything about it, as in actual facts, or you simply have heard some things from others, most of which were negative. Have you heard, for instance, that filing for bankruptcy in Texas means you are entering financial ruin?

Maybe people told you that you'll never be able to restore financial stability or get a loan if you seek this form of debt relief. You might have also heard that filing for Chapter 7 or Chapter 13 becomes part of your credit history and will always be on your financial record. If this is the type of information you have received regarding bankruptcy, then you have been misguided.

Resolving to get debt free in the new year?

If 2019 presented you with many challenges, you may be happy to see it go. The end of one year often provides promises for better opportunities in the coming year. However, if you are bringing a mountain of debt with you into 2020, you are probably not too optimistic that your situation will improve just because you turn the page on the calendar.

Perhaps you are like many in Texas who make resolutions at the beginning of each new year. Resolutions for getting control of your finances may be on your list again this year. You may already know that it won't be easy, but there are steps you can take to get yourself on the right track.

How to know if your debt is a problem

Debt isn't always a bad thing. Not many people can own a home without going into debt. Many entrepreneurs take out lines of credit to start their businesses. Student loans allow people to obtain an education that opens new opportunities for their futures. However, it is very easy to allow debt to become a burden.

You may think your debt is under control because you can make all your payments on time. However, you may have constructed a house of cards that could topple when the first unexpected expense comes along. In other words, you may not realize how dangerously close to financial crisis you are living.

Sudden job loss can come with difficult repercussions

Some events in life can seemingly come out of nowhere. You may have believed that you were on the fast track in your career and anticipated a promotion at any moment. You did everything you could to be a model employee. Unfortunately, when your boss asked to see you, it was to let you go rather than promote you.

You may have felt shocked at first and questioned what you did wrong. In the end, the company may have let you go for one of any number of reasons other than your performance, including simply having to lay off employees due to budgetary issues. Still, whatever the reason, you felt blindsided by your sudden unemployment.

One of the first steps in the consumer bankruptcy process

Are you overrun by medical bills? Are you hopelessly behind on your credit card payments? Have you received notice of foreclosure on your home? If you answered yes to any of these questions, you understand the mental and emotional toll that a difficult financial situation can have on a person's life. For you, bankruptcy could be a smart choice that may allow you to have a better future.

If you are thinking about bankruptcy, do you know which chapter is the best for your situation, either Chapter 7 or Chapter 13? The means test is the first step in the bankruptcy process, and the results will help you understand which one is the best option for you. You might want to learn more about the means test and the differences between the two types of consumer bankruptcy.

Unexpected medical bills are leaving many Americans in debt

When you need surgery or end up in a Texas emergency room for necessary treatment, you may be wondering how much it will cost you. You may also think that because you have insurance that you won't be left with many medical bills. Unfortunately, you may find yourself dealing with unexpected medical debt.

Surprise medical bills are one of the leading causes of debt. Many people who thought they had coverage for a procedure they needed often find themselves getting unexpected medical bills in their mailboxes weeks later. This catches people off guard, and many patients are unable to pay these bills. The issue of unexpected medical debt is so serious that Congress is considering legislation to ease the burden on overwhelmed consumers. 

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.

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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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