Don’t Let Financial Problems Dominate Your Life
People sometimes think of bankruptcy as an option only when they are no longer earning an income and have overwhelming debt. Job loss is one of the most common reasons for bankruptcy, as a household budget may no longer work without steady earnings – even if it was a...
Personal debt often accumulates slowly. People who cannot pay their balances in full every month may carry over a small balance to the next month. The outstanding balance increases over time until the minimum monthly payments are substantially higher than they used to...
Chapter 7 bankruptcy is often described as a financial reset for individuals overwhelmed by debt. It is governed by federal bankruptcy laws and is designed to give qualified filers relief from unsecured obligations they can no longer manage. Before pursuing this...
Car loan defaults are reaching historic numbers. Reports looked at subprime borrowers who were at least 60 days behind on their payments and found that it applied to 6.65% of these borrowers. That is the highest number in decades, according to some rating systems,...
When overwhelming debt leads to considering Chapter 7 bankruptcy, questions about life afterward naturally follow. Housing security is often a top concern, particularly whether this "fresh start" prevents you from finding a new place to live. You are not banned from...
Chapter 7 bankruptcy and Chapter 13 bankruptcy are a bit different. With Chapter 7, you have debt waived after you liquidate nonexempt assets and pay off as much of that debt as possible with the proceeds. With Chapter 13, you generally do not waive any of the debts,...
Chapter 7 bankruptcy can be a lifeline for individuals ready to start over financially. Still, a few missteps before you file can delay your case, block your discharge or even lead to legal trouble. Steer clear of these mistakes to keep your fresh start within reach....
If you are facing overwhelming debt and you start to miss payments, lenders may want to reclaim the assets that you have purchased. For things like credit card bills, there may not be any assets, as these are unsecured debts. But with other types of debt, there is a...
There are multiple ways for people to address major financial responsibilities. People with credit card debts may try consolidating what they owe or even transferring the balance from one credit card company to another. In some cases, they might work with a private...
An inheritance can feel like a lifeline during financial struggles, but bankruptcy may change how that gift is handled. In Texas, whether inherited money or property is protected depends on both timing and the type of bankruptcy filed. Below are some crucial points to...