Running your own business is challenging and rewarding. However, if money gets tight or debt becomes an issue, your business may not be the only thing to suffer. You may find your personal finances are in jeopardy too.
Chapter 13 bankruptcy allows debtors to reorganize their debt in such a way that they are able to repay their creditors within three to five years. As a result, people are able to save their homes from foreclosure, keep their vehicles and retain their property during the bankruptcy process. At the Law Office of Douglas J. Powell, P.C., we understand that going through a bankruptcy can be challenging. We also know that once a bankruptcy is discharged and the debts are absolved, people can regain their financial freedom.
People who file for bankruptcy in Texas and across the nation must fill out and submit all of the proper paperwork to the court. In addition to supplying crucial documents, such as a list of assets, debts and expenses, tax returns and a list of creditors, the debtor must complete a mandatory credit counseling course prior to filing for bankruptcy, as well as debtor education course after filing. Before the bankruptcy case can be discharged, the debtor must show a certificate of completion for both courses.
People who are looking for a way to unbury themselves from their surmounting debt may find relief in filing for bankruptcy. Once a Chapter 7 bankruptcy has gone through the entire process and is discharged, you will be given a clean financial slate and a second chance. Once you have filled out and submitted your initial bankruptcy paperwork, a trustee will be appointed to your case. These designated officials are crucial to the outcome of your case, and it is important to know their role in the bankruptcy process.
If you're like most of us, you flatly know that your medical outlays -- on everything from premiums, deductibles and so-called "out of pockets" to doctor visits, diagnostic tests and prescriptions -- are just about out of control, if not already unmanageable.
People who wish to purchase items or receive services regardless of whether or not their budget allows, may end up with hefty credit card bills. Credit card debt can build up rather quickly, as people purchase Christmas presents, electronics and go on vacations using plastic money. In some cases, these credit cards may have high interest rates and annual fees that add even more to the balance owed.