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Law Office of Gordon Mosley
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Posts tagged "Chapter 7"

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?

Tyler residents should be wary of debt settlement offers

Offers from debt settlement companies can seem so alluring to those in Texas struggling with unmanageable debt. For one lump sum payment, these companies offer to work with a debtor's creditors to forgive the remaining debt. Unfortunately, oftentimes these offers are too good to be true.

Debtors filing for bankruptcy must undergo financial counseling

In general, when a person in Texas decides they want to file for bankruptcy, within 180 days of doing so they must complete a credit counseling course. Also, before a person's debts can be discharged through bankruptcy, the debtor must complete a debt management course. These courses are designed to help ensure that debtors make sure they truly want to file for bankruptcy, and also to provide them with the information needed to hopefully deter having to file for bankruptcy a second time.

Does the Chapter 7 discharge clear me from my debts?

Texans whose debts have reached the point where they decide to file for Chapter 7 bankruptcy often have a hard time believing that their debts can be made to go away through simply filing for bankruptcy and following through with the process. Those who are asking if the Chapter 7 discharge really clears their debts should know how the discharge process works and what debts are dischargeable. Individual debtors who have a successful Chapter 7 bankruptcy will be freed from liability for most debts. Subsequently, creditors can no longer act to collect on the debt.

Linda McMahon, example of the power of bankruptcy


Texans who are struggling with their finances may have trouble seeing a bright future. After all, creditor harassment, foreclosure, and repossession, in addition to the possibility of wage garnishment, can leave an individual totally overwhelmed and not knowing how he or she is going to make ends meet. Although individuals in this situation may be well-aware of the bankruptcy process, they may find themselves concerned that pursuing bankruptcy will permanently scar their financial record, preventing them from securing the financial freedom that they ultimately want.

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