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Law Office of Gordon Mosley
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Chapter 7 Archives

Many fear serious illness less than serious medical expenses

Tyler residents who are worried about their health care expenses are not alone. Roughly three in four Americans have experienced an increase in the cost of health care in recent years, leading to concerning statistics about their ability to stay on top of medical costs.

Student loans, Chapter 7 and the Brunner rule

We recently wrote about the concerning rates of student loan default in America today, and the important fact that bankruptcy cannot eliminate this kind of debt as it can others. Let's take a look at how this reality has played out for one Texas resident who filed for Chapter 7 bankruptcy, and the very narrow (virtually impossible) exceptions to the student loan rule which some are advocating to change.

Nation's credit card debt ballooned in 2017

Many Tyler residents likely made a new year's resolution to get a handle on their credit card debt. The phenomenon is occurring across the country: a recent study projects that Americans added a total of $50 billion in credit card debt over the course of the past year. Collectively, we owe $1 trillion in credit card debt.

Unemployment could be the cause behind Chapter 7 bankruptcy

We have all had that friend, family member or co-worker who was suddenly let go from their job. It can be a shock, both emotionally and financially. Sometimes, despite a person's best efforts, it can cause a term of unemployment. With many people living paycheck to paycheck to begin with, a bout of unemployment can have catastrophic consequences.

Exemptions under Chapter 7 bankruptcy

Chapter 7 bankruptcy, also known as liquidation bankruptcy, permits a debtor to sell of items of property in order to satisfy their outstanding obligations to their creditors. Some Tyler residents may be wary of this process as it may seem as though they will be left with nothing once their financial obligations are fulfilled. However, through the permissible use of property exemptions a debtor may protect certain items of property for their lives after they have received their Chapter 7 discharges.

Default on student loan in Texas, lose your professional license

A phrase with which Tyler residents struggling with financial challenges will likely be all-too-familiar is "pull yourself up by your bootstraps." The idea that one should simply work more - longer hours or an extra job - to pay off debt is hard-wired into many minds. But especially for individuals struggling with student loan debt, working may actually become more difficult or even impossible.

Model act aims to help those with overwhelming medical expenses

A serious illness or injury can strike anyone in Texas without warning. When this happens, a person may need treatment in a hospital along with ongoing care even after they are released from the hospital. This is when the bills start rolling in. From the ambulance ride, to the radiology and lab tests, to the surgical procedures to the anesthesia, having a serious injury or illness can take its toll not only physically, but also financially.

Rebuilding credit after Chapter 7 with a secured credit card

People in Tyler may want to file for bankruptcy, but may be concerned about how it will affect their credit. While it is true that a person's credit score will take a hit after filing for Chapter 7 bankruptcy, it is not something that cannot be overcome with time. In fact, it may even be possible to obtain a credit card after completing the Chapter 7 bankruptcy process.

Is debt settlement better than filing for Chapter 7 bankruptcy?

Sometimes, if a person in Texas is facing overwhelming debt, they may be tempted by a debt settlement offer that claims it will protect the debtor from bankruptcy. However, sometimes these offers are too good to be true. Are there circumstances in which filing for bankruptcy is preferable to a debt settlement offer?

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Law Office of Gordon Mosley

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