There are many reasons why a Texan might choose to consider filing for bankruptcy. Financial challenges and the need for debt relief can hit anyone at any time for a variety of reasons. It is important to remember that the law does not automatically grant a bankruptcy discharge. Understanding this reality can help people seeking to eliminate debt by avoiding mistakes that are made leading to the court issuing a denial on a granting of the discharge.
Dealing with a car loan in a Chapter 13 bankruptcy
While there are many issues that will come to the top of the list of concerns for Texans seeking debt relief through a Chapter 13 bankruptcy, there are also other factors that must be considered. One is what will happen to a car loan that still has payments due while the bankruptcy is in process. While it might be a secondary problem once the Chapter 13 gets underway, it must be dealt with at some point.
Financial challenges can arise for numerous reasons
There's often a perception that personal bankruptcy or other forms of bankruptcy available in Texas stem from an absence of proper planning and a lack of responsibility. The idea that people who are facing financial challenges through their own mistakes is valid in certain cases. However, financial challenges can arise without warning for a wide range of reasons.
Former Shkreli-run pharmaceutical company files for Chapter 11
For businesses in Texas and across the country, financial issues and business struggles can happen in an instant. In many cases, they happen due to unforeseen circumstances involving a high-profile business owner or substantial shareholder. Before anyone realizes what happened, it is necessary to move forward with a Chapter 11 bankruptcy filing to deal with the issues that seemingly came out of nowhere. Those who are experiencing business struggles, whether it is a large or small business, need to have a grasp on the benefits and facts of filing for Chapter 11 bankruptcy.
