Making the difficult decision to file for bankruptcy involves a lot of thought. But when you are in a position in which you have mounting debt and lack the finances to pay anything off, it can sometimes be the right option for you. Filing for either Chapter 7 or Chapter 13 bankruptcy can help you…
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How Will Filing for Bankruptcy Affect Your Student Loans?
Student loans are the second-largest type of debt, with about one and a half-trillion dollars owed by more than 44 million people. The numbers are astronomical. When you find yourself with crippling student debt, it can greatly impact your financial health and make it much harder to make ends meet. Unfortunately, student loans are not…
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Self-Employed? What to Know About Filing for Bankruptcy
Whether you are a sole proprietor or independent contractor, running a business is no easy task. With so many factors in play, sometimes you may find yourself low on income and high on debt. When this happens it’s likely that you’ll want to protect yourself from creditors who will undoubtedly come after you for their…
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Can Credit Card Debt Cost You Jail Time?
As the coronavirus pandemic continues to plague the world, many things have changed in an effort to protect the safety of American citizens. One thing that you may have noticed is that many businesses are now requesting that you use a debit or credit card for purchases. Additionally, with the increase of online purchases over…
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Who Can File for Chapter 7 Bankruptcy?
Chapter 7 bankruptcy has the potential to give a debtor a fresh start. A fresh start means a new financial beginning free from most, if not all, of your outstanding debts. This can be an appealing option, especially in today’s climate. After an individual debtor receives a Chapter 7 bankruptcy discharge, the only debts that…
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What Property is Exempt in Texas Bankruptcy Proceedings?
Texas is one of the most debtor-friendly states in the country when it comes to bankruptcy exemptions. Filing does not mean losing everything. State law protects your home, vehicles, most personal property, and retirement savings from creditors and the bankruptcy trustee. For most Dallas residents, the reality is that they keep the majority of what…
Continue reading…Medical Bills in Bankruptcy
Even though debts such as credit cards, student loans and taxes are the most common sources of financial difficulty for our clients, many of our clients also have a considerable amount of medical debt. Here’s the good news – whether your file for Dallas Chapter 7 bankruptcy or Texas Chapter 13 bankruptcy, bankruptcy can get rid of these…
Continue reading…Listing Creditors in Bankruptcy
It is almost universal when our clients give us the paperwork to prepare their bankruptcy case, they make notations next to 1 or 2 of their creditors, usually credit cards, saying “do not include” or “I want to keep this one.” Unfortunately, you’re not allowed to simply not list creditors in bankruptcy. Whether you file Chapter…
Continue reading…Tax Returns and Refunds in Chapter 13 Bankruptcy
Tax returns and potential tax refunds can be problematic whichever chapter of bankruptcy you file. In Chapter 7 bankruptcy, for example, a refund for a return that has been filed but the refund not yet received is an asset that must be listed in your bankruptcy schedules. In Dallas Chapter 13 bankruptcy, refunds may need to be…
Continue reading…Are Filing Bankruptcy and Insolvency the Same?
Bankruptcy and insolvency are very similar concepts. In many cases, being insolvent can often lead to someone filing for some form of bankruptcy. However, even though they are related, they aren’t necessarily the same, which can be confusing as both situations deal with your credit, finances and debt load. Is Filing Bankruptcy Insolvency: Not necessarily. Insolvency…
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