If you find yourself overwhelmed by the debt you are facing, it may be time to consider filing for bankruptcy. Deciding to file for bankruptcy may be one of the hardest decisions you have to make, so it is important to thoroughly research all your options before you officially file. A bankruptcy attorney in Texas can review your case and help you make the decision that is best for you and your family.
Filing for bankruptcy is never an easy decision, but one many elderly people are forced to make. A recent study by the Social Science Research Network revealed that from 1991 to 2016, the rate of Americans over 65 filing for bankruptcy has increased approximately 204 percent. Out of all the people that filed for bankruptcy over this period of time, the number of elderly people increased five times.
At the end of the bankruptcy process comes the debt discharge which allows the filing party to enjoy debt relief. Because of how important the debt discharge is to enjoying a fresh financial start, which is the reason the filing party likely filed for personal bankruptcy protection, it is important for those considering filing for bankruptcy or who have filed for bankruptcy to understand what the debt discharge process is like.
When facing any financial crisis, it is important to be familiar with the personal bankruptcy options available to struggling consumers. Because there are requirements to qualify, and different options to consider, it is best to understand eligibility requirements and which option is best for then needs and circumstances of the filing party.
Understanding Chapter 7 bankruptcy exemptions can help provide peace of mind for individuals struggling with mounting debt and seeking debt relief. Because Chapter 7 bankruptcy is a liquidation bankruptcy process, an individual considering Chapter 7 bankruptcy should also be familiar with Chapter 7 bankruptcy exemptions and the protections they provide.
Tyler residents aged 65 and older who are struggling financially are not alone. Data show that more senior citizens are seeking debt relief by filing for bankruptcy than ever before.
Owning a car is a necessity for most Tyler residents these days. It's not unusual for families to need more than one car, when parents need to drive to work, take the kids to schools and activities, and run errands at nights and on the weekends. With those cars frequently come auto loans, and when borrowers run into trouble with their loan payments, repossession can result. Let's take a look at some basic auto loan and repossession facts according to the Consumer Financial Protection Bureau.
A major factor in any Tyler resident's decision whether or not to file for bankruptcy is the impact it will have on one's credit score. To be sure, bankruptcy does negatively impact a credit score, but it's not the only thing that does -- and it may be worth it in the long run. Let's take a look at how long it takes to improve a credit score, not as specific legal advice, but so that our readers will have a stronger background on credit scores as they weigh their options.
When Tyler residents are struggling with overwhelming debt, the law provides an option from them to obtain a truly fresh financial start. Chapter 7 bankruptcy allows debtors to eliminate many debts that are unsecured (i.e., not associated with property like a mortgage or a car loan). We say that the debt is discharged -- that is, it no longer has to be repaid.
In Texas today, almost no one is immune to financial challenges. In fact, the mayor of one Texas town recently made headlines when she filed for Chapter 7 bankruptcy.