Going through a chapter 7 bankruptcy can be stressful, but it is also ultimately freeing. Having the yoke of debt removed from you gives you the chance to start a new life. In fact, one of the first things that people wish to do once they finish the bankruptcy process...
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How much of your income can you lose to wage garnishment?
Once you start to accumulate debt, it is often difficult to dig your way out of it. If you have a debt with a particular creditor and fail to pay it, that creditor may sue you. If the creditor wins in court, your employer may have to garnish some of your wages to pay...
What you should know about credit counseling before bankruptcy
By law, you must obtain credit counseling before you file for Chapter 7, Chapter 11, Chapter 12 or Chapter 13 bankruptcy. The U.S. Bankruptcy Code mandates this for all individuals who file bankruptcy, even if the majority of your debts relate to your business. Per...
How does bankruptcy stop creditor calls?
Calls, emails and letters from creditors create anxiety when you face debt you cannot repay. When you file for bankruptcy, you receive relief from creditor attempts to collect on past-due bills. Review the terms of the automatic stay in Texas bankruptcy and learn how...
Should I reaffirm my car loan?
When you file for bankruptcy, you should list every debt you have. The court cannot discharge debts that you do not include in your paperwork. There may be situations where you do not wish to discharge a debt, such as your car loan. If you wish to keep your vehicle...
How do you avoid falling back into credit card debt?
While paying back your debt, it is important to avoid the habits and issues that got you into debt in the first place. Otherwise, you risk falling right back into the same trap even after you pay everything off. You can start by adjusting how you use your credit card....
Do you have obligations as a Chapter 13 bankruptcy filer?
Dealing with debt often feels like a heavy burden. Fortunately, you can have guidance every step of the way if you decide to file for bankruptcy. This allows you to focus on important things, like fulfilling your obligations under Chapter 13 bankruptcy. But what are...
Are you facing harassment from debt collectors?
When you are already buried beneath a pile of debt, any additional stress can seem like the end of the world. This is particularly true if your debt collectors are aggressive and relentless. But what if they are toeing the line? Under the Fair Debt Collection...
How do you rebuild a company after bankruptcy?
When your business is struggling financially, filing for Chapter 11 bankruptcy may be your only option. Because Chapter 11 allows you to continue running the company, you need to have a plan for the future. There are several steps you can take to help your business...
How Chapter 7 and Chapter 13 bankruptcies differ
Many Texas residents have had a tough year financially. If you count yourself among them, you may be considering your options and trying to find some relief. Chapter 7 and Chapter 13 bankruptcies are both personal bankruptcy types. However, there are some important...