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personal bankruptcy Archives

The categories of bankruptcy

Personal bankruptcy in Texas can be a tedious, stressful and even an embarrassing experience, but there are ways to handle financial situations while maintaining the right to personal property. There are a number of options one can choose from when facing the repercussions of bankruptcy.

Young families should start these financial habits

As a young family, couples are often getting used to many financial changes. They may have recently bought property, purchased a vehicle, had a baby and acquired other necessities needed to get them started in life. It is during these times that families should start implementing key habits that will help them avoid devastating financial debt in the future.

Chapter 13 vs. Chapter 7: Which is best for your situation?

If you are considering bankruptcy as a possible way to eliminate debt from your life once and for all, you are not alone. Hundreds of thousands of Americans file for bankruptcy every year, and many are able to gain financial freedom from overwhelming medical expenses, mortgages, credit card debt and other owed funds. When filing for bankruptcy, you must choose which chapter to file. This step may be confusing, as each chapter has different benefits to people who are going through different situations. The two most popular types of bankruptcy, Chapter 13 and Chapter 7, have specific differences, and it is crucial that you make careful considerations before you choose which chapter to file.

What is debt reaffirmation?

When you file for a Chapter 7 bankruptcy, there are several factors that you may want to keep in mind when organizing your property. Chapter 7 is otherwise referred to as liquidation bankruptcy. The trustee presiding over your case may decide to repossess any unsecured assets and/or property that you have in order to repay a portion of your debt. For example, the trustee may decide to repossess your vehicle, sell it, then distribute the funds to unpaid creditors. There is a way, however, that you can keep your property and continue making payments on your loan.

Take a means test to figure out bankruptcy eligibility

There are numerous Austin residents who are struggling to keep up with their debt obligations. Overspending, loss of employment, health problems, higher education expenses and various other things happen, it's all a part of life. When it all becomes too much to handle on your own, you may start questioning what options you have to help your situation. For some, bankruptcy may be the best solution, but which type - Chapter 7 of Chapter 13?

How to rebuild your credit following bankruptcy

If you filed for bankruptcy, you are not alone. In 2016, more than 833,500 people found financial freedom by declaring bankruptcy in the United States. People who were overwhelmed with excessive credit card debt, medical expenses, bills, mortgages and other payments were able to clear or repay their debts through bankruptcy. Although this form of debt relief allows people to begin again, it often causes a giant red mark on your credit report for an additional 10 years once your bankruptcy is discharged. This negative credit report can make it difficult to qualify for loans, professional licenses and purchase a home for your family. Fortunately, there are several things you can do to rebuild your credit.

Credit counseling: A required course

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.

Report: With costs so high, clear why medical costs bankrupt many

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.

Understanding your debt relief options

If you face financial challenges and find yourself burdened with excessive credit card debt, medical bills and other types of expenses, you are not alone. According to the U.S. Bankruptcy Courts, over one million Americans filed for bankruptcy, and countless more are still struggling with debt. It can seem impossible to make ends meet when you are unable to make your mortgage payments and pay your monthly bills. At The Law Offices of Douglas J. Powell P.C., we understand how stressful it can be when you are forced to deal with mounting finances. Fortunately, there are many options for those who wish to find freedom from their debt. 

How to protect yourself from creditor harassment

If you have ever been in a situation where you are behind in making payments on an account, you may have been contacted by a creditor seeking to collect the delinquent funds. In some cases, creditor calls may be sporadic and involve people simply reminding you that you need to make your next payment as soon as possible. Some creditors may even be willing to work out a payment plan where they reduce your interest rate or minimum payment in an attempt to help you catch up. There are other creditors, however, that could be harassing and may infringe on your legal rights. At the Law Office of Douglas J. Powell, PC, we know that creditor calls may be intimidating and you may need an advocate to stand up for your rights in these types of situations.