In today’s tough economy, it’s easy to get into financial trouble – even when working more than one job to make ends meet. When debts pile up so high that there’s no longer any hope of repaying them all, sometimes bankruptcy is the only option. Although it can hurt your credit, it may provide a way to start over, and credit can be rebuilt.
If you want to learn more about affordable bankruptcy, the smart thing to do is to consult with a Texas bankruptcy lawyer. The expert legal staff at the Hixson Law Firm of Arlington, Texas will answer any questions
There is no shortage of attorneys and law firms who can offer to assist you with the processes and details of filing bankruptcy. With so many choices, you need to set certain criteria to help you narrow your choices down before making a final decision. Here are some suggestions to get you started.Hire a true bankruptcy expert
While most any attorney can handle a bankruptcy, you will gain an added edge by hiring an attorney or law firm that has regular experience in bankruptcy cases. You should ask what percentage of a lawyer’s practice is dedicated to bankruptcies and
If you fall behind on the payments for your car, the lender has the right to repossess your vehicle. Worse yet, the lender can also go after you for any loan deficiency, meaning that you’ll be stuck without a vehicle and could be facing an additional debt of hundreds or thousands of dollars.You have options to stop repossession
Laws will vary from state to state, but missing a single car payment does not automatically mean you are in default on your loan. Usually, your loan agreement will tell you when you are in default as part of your loan
Declaring personal bankruptcy is one of the biggest decisions you may ever make in your personal financial life, so it makes sense to consider all of the issues and factors that you’ll be facing if you decide to move forward. Here are some things to think about before you make a final determination:
Chapter 7 or Chapter 13? Depending on your personal situation, level of debt, income and other factors, you may only qualify for one type of bankruptcy. Chapter 7 is for people with few assets, and little income. It will wipe out many of your debts in 3
When you’re faced with the prospect of bankruptcy, the last thing you want to do is face addition burdensome costs when it comes to legal fees. The good news is that with some negotiating and pre-planning on your part, a bankruptcy can be more affordable than you might first suspect.Which type of bankruptcy you file will have an impact on when you must pay attorney fees
When filing for a Chapter 7 bankruptcy, your attorney will most likely require that you pay your fees in full prior to filing a case. This is because to qualify for a Chapter
Nobody enters into the purchase of a home expecting that they will have trouble meeting their mortgage obligations. However, sometimes life overtakes us with a series of unfortunate events, whether it’s a job loss, illness, divorce or any other number of incidents that undermine our financial security.
Falling behind on your mortgage payments for several months can put your homeownership in jeopardy, leading to a foreclosure process that could result in the loss of your home. Fortunately, there are several strategies that can be employed to stop the foreclosure process. Some can be accomplished on your own, and others with
The two most common forms of bankruptcy are Chapter 7 and a Chapter 13 bankruptcy. Depending on your financial circumstances, income, assets and other related issues, you may only qualify for Chapter 13 and not Chapter 7. Chapter 7 is reserved for people with few assets and little or no income. It discharges unsecured debt such as credit cards.
On the other hand, with a Chapter 13 bankruptcy, filers work out a restructured payment plan and then repay their debts over a three to five year period, sometimes at a discount, to a trustee.
While this is more challenging, the
In an effort to collect debts from you, some creditors may go to court to get a money judgment. This means the creditor sues you in court and wins the case or wins a default judgment which happens if you do not respond to the lawsuit.
After winning a judgment, the creditor will send documentation to your employer directing them to take a certain portion of your earnings and send it directly to them. If you want to prevent this from happening, you have the option of attempting to claim an exemption with the court.What you should know about
The bills keep piling up. Money going out is exceeding money coming in and you are in financial trouble, perhaps for the first time in your life. You should not become paralyzed by your situation, which will only make matters worse. But what should you do? The good news is, you do have options.Initial steps to take
You must be realistic about your current situation. That means you and your spouse must sit down, list all your debts and what the minimum payments are, along with what the due dates are. Next, you need to start calling creditors to
Whether we face the reality of a financial crisis or not, sometimes there’s no easy way out. Events can conspire to overwhelm you, and in the end, the only option you may have left is to file bankruptcy. Most bankruptcies in the United States are either Chapter 7 or Chapter 13 and deciding which one is right for you depends on your income, assets, debts and other financial issues.
Chapter 7 bankruptcy is a liquidation bankruptcy that wipes out all general unsecured debts such as medical bills and credit cards. To qualify, you must have little or no disposable income,