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How do you know if you need to file for bankruptcy?

Financial stress can be overwhelming, especially when debts start to mount and you feel like you’re struggling just to stay afloat. Many people wonder if bankruptcy might be the solution, but deciding whether or not to file for bankruptcy can be complex. It is a big decision with lasting effects, and understanding when it might be appropriate to consider bankruptcy is essential. You should always talk with an experience bankruptcy attorney – they’ll help you understand your financial picture and assist you in choosing the right path forward. you should also watch for these common signs:

You are struggling to make minimum payments on debts

One of the first indicators that bankruptcy might be worth considering is when you are unable to make the minimum payments on your credit cards, loans, or other debts. Minimum payments are usually designed to keep you in good standing with creditors, but if even these are a challenge, it could mean your debt has grown unmanageable. While this situation does not automatically mean bankruptcy is the answer, it’s often a red flag that financial assistance may be needed. (more…)

By |2024-11-01T14:51:54-05:00October 30th, 2024|Bankruptcy, Bankruptcy Myths, Debt, Financial|

What is the difference between bankruptcy and debt relief?

If you are facing overwhelming debt, you likely feel like you have limited options – and you are not sure whether bankruptcy or debt relief companies are the right solution. While both paths appear to aim to help manage or eliminate debt, they are vastly different in terms of effectiveness, legal protection, and long-term outcomes. Bankruptcy is a legal process governed by federal law, providing significant protections for individuals, while debt relief companies often operate in a much more informal and less regulated environment. It is important to understand the key differences between bankruptcy and debt relief companies, so today’s post will walk you through each site and explain how they are different. (more…)

By |2024-10-17T00:22:45-05:00October 16th, 2024|Bankruptcy, Bankruptcy Myths, Debt, Texas Bankruptcy, Videos|

What is the difference between Chapter 7 and Chapter 13 bankruptcy?

When individuals or families find themselves overwhelmed with debt and unable to meet their financial obligations, bankruptcy can provide a legal avenue for debt relief – and a fresh start. The two most common forms of personal bankruptcy in the United States are Chapter 7 and Chapter 13 bankruptcy. While both options are designed to help individuals manage or eliminate their debts, they differ significantly in terms of process, qualifications, and outcomes. (more…)

By |2024-09-25T14:30:18-05:00September 25th, 2024|Bankruptcy, Debt, Financial, Personal Finance, Texas Bankruptcy|

Can you keep your property in a Chapter 7 bankruptcy?

Filing for bankruptcy can be a stressful and emotional experience, especially when it comes to wondering whether you will be able to keep your property and belongings. “Can I keep my stuff in a Chapter 7 bankruptcy?” is one of the most common questions when considering a bankruptcy proceeding. To understand the answer, it is important to understand the difference between exempt and non-exempt property under Texas bankruptcy law.

Understanding exempt and non-exempt property in Texas

When you file for Chapter 7 bankruptcy, a trustee is appointed to your case to liquidate your non-exempt assets to pay off your creditors. However, you do not have to lose everything – and often, you will not lose anything. Texas, like every other state, allows debtors to protect certain types of property using bankruptcy exemptions. The key is understanding what property is classified as “exempt” and what is “non-exempt.” (more…)

What is a gray bankruptcy?

a gray bankruptcy is a bankruptcy case filed by someone over the age of 65For the first time in a long time, the overall number of consumer bankruptcy filings increased last year, but gray bankruptcies have been increasing in number every year since 1991. A “gray bankruptcy” is the term for a bankruptcy filed by someone over the age of 65, and it’s a growing problem in America that needs more attention.

According to the National Consumer Law Center, people 65 and older have approximately four times as much credit card debt as people 25 and younger. This is not that surprising, if you think about it… Between increasing medical bills and the shrinking of social services, many older adults are experiencing increasing financial hardship.

It does not take much to send most Americans into a debt free-fall – unexpected job loss and medical bills are the two most common causes of bankruptcy cases. Once you have retired, you live on a fixed income, so a sudden large medical bill could result in financial disaster. Older Americans have had to turn to credit cards to simply make ends meet. (more…)

By |2024-05-20T10:59:09-05:00May 20th, 2024|Bankruptcy, Bankruptcy Statistics, Debt, Financial|

Does bankruptcy help with medical debt?

medical debt relief through bankruptcyOne of the most common reasons our clients file for bankruptcy is help with medical debt. A large, unexpected hospital bill can absolutely destroy the finances of most Dallas-area residents.

Out of control debt can be incredibly stressful – especially when bill collectors make aggressive collection calls at all hours of the day. Once the debt spirals out of control, it seems impossible to catch up.

Medical debt is one of the most common reasons for filing for bankruptcy. In a Chapter 7 bankruptcy case, the medical debt is eliminated. In a Chapter 13 bankruptcy, the debt is restructured into a payment plan that lasts several years.

Out of control debt can be terrifying, but there are options available for everyone. It is always best to speak with an experienced bankruptcy attorney, but we will explain as much as we can in this post to give you more insight before you call for your free consultation. (more…)

By |2024-04-30T14:28:43-05:00April 29th, 2024|Bankruptcy, Debt, Financial|

What happens with child support and alimony if you file for bankruptcy?

what happens with child support and alimony if you file for bankruptcy?Unfortunately, bad things can happen to good people. The government created the federal bankruptcy laws for that very reason – to protect people who have lost control of their finances due to unforeseen circumstances. Some of the most common questions we hear from potential clients revolve around child support and alimony – and how a bankruptcy case will affect them.

Child support and alimony are treated differently in a bankruptcy cases because they are not standard debts. If you are thinking about bankruptcy and are wondering how your filing might affect child support or alimony payments, you should call us today at 214-760-7777. Our experienced Dallas bankruptcy attorneys can give you specific answers about your unique financial situation. (more…)

By |2024-04-22T15:26:47-05:00April 22nd, 2024|Bankruptcy, Debt, Financial|

Can you file for bankruptcy more than once in Texas?

how many times can you file for bankruptcyOur bankruptcy attorneys have spent decades helping people in the Dallas area through difficult financial times. It does not take much to cause an uncontrollable downward spiral of debt – job loss, unexpected illness, severe injury, and even divorce can change your financial picture quickly.

Unfortunately, those unforeseen disasters can sometimes happen more than once to the same person. We often hear people ask if it’s allowed to file for bankruptcy more than once, and many people are surprised to hear that it is definitely allowed. There is actually no established limit for how many times you can file for bankruptcy. However, multiple bankruptcy filings can result in different rules and timelines. (more…)

By |2024-03-29T13:42:35-05:00March 29th, 2024|Bankruptcy, Debt, Financial|

What happens to your retirement account when you file for bankruptcy?

how bankruptcy affects retirement accounts in Dallas, TXWhen filing for bankruptcy in the Dallas area, whether under Chapter 7 or Chapter 13, it is crucial to understand how retirement accounts are treated, as this can significantly impact your financial planning and future security. Bankruptcy laws provide certain protections for retirement accounts to ensure that individuals have resources available for their retirement years, despite undergoing financial distress.

Chapter 7 bankruptcy and retirement accounts

In a Chapter 7 bankruptcy, also known as liquidation bankruptcy, a debtor’s assets are sold off to pay creditors. However, most retirement accounts are exempt from this process, since they are safeguarded by federal bankruptcy laws. This means that 401(k)s, 403(b)s, profit-sharing, and IRAs (both Roth and traditional) are protected up to a certain amount. The exemption for IRAs is indexed for inflation and offers significant protection for individuals’ retirement savings. (more…)

By |2024-03-20T14:14:01-05:00March 13th, 2024|Bankruptcy, Debt, Financial|

4 Easy Tips to Avoid Bankruptcy

For many Americans, debt is a way of life. When that debt continues to pile up, many people think that filing for bankruptcy is the only way to solve their financial problems. While bankruptcy can definitely help erase debts and start you on a fresh path,  it’s not always your only option. Many times, your financial situation might not be as hopeless as you think it is.

You should start by looking at your overall debt situation and assessing the status. If you’re not too far gone yet, these four tips can help you reduce your debt load and avoid bankruptcy. They’ll take time and dedication, but with some patience and hard work, you’ll be able to climb out of your financial hole and start over again.

1. Don’t add any more debt

When your debt spirals to the point where you can no longer pay it off, bankruptcy becomes your only option. The trick is to stop the downward spiral before it’s too late. Don’t add any more debt to your current load – no new loans, no new credit cards… nothing. If you need extra money, consider selling a few minor assets instead of taking out a loan or opening a new credit card.
(more…)

By |2024-03-06T17:05:18-06:00March 6th, 2024|Bankruptcy, Debt, Financial|
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