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Refusal to grant discharge when filing for bankruptcy, Part II


Texans are not immune to unexpected life changes and the need for debt relief. Filing for bankruptcy is a method with which financial challenges can be mitigated and a person can get back into a better position to move forward. There is the possibility that there will be a refusal by the court to grant a discharge. Part I discussed some of the circumstances in which a discharge might be refused. This post will discuss the remaining reasons under the law.

Refusal to grant discharge when filing for bankruptcy, Part I


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.

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.

How filing for bankruptcy affects a credit score


A Texan who has accrued enough debt that filing for bankruptcy is a viable and necessary option need not be ashamed of what the person is going through. Bankruptcy is a useful tool to assist with debt relief when unexpected issues -- both personally and professionally -- arise. That, however, does not diminish how a bankruptcy proceeding can have certain negative influences to a person's life. One particular issue that frequently arises is the decline of a credit score.

What is Chapter 12 bankruptcy and who is eligible?


There are certain bankruptcy chapters that are well-known to the layperson in Texas and across the country. There are other potential options that many eligible people might not realize can be used. One is Chapter 12 bankruptcy. This is a specific chapter that is available for family farmers or family fishermen who earn a regular annual income from those endeavors. This allows people who meet the criteria to be placed in these categories to use this bankruptcy chapter to deal with financial challenges, a struggling economy, unemployment and stop foreclosure on their home.

Medical expenses a leading cause of bankruptcy


Many Tyler residents never imagine that they will need to consider filing for bankruptcy. For a large number of people, personal bankruptcy also equates to a personal failure. They do not want to be "that person" who doesn't pay his or her debts and decides to find a legal way of avoiding them. However, the reality is that there are numerous reasons why a person might face financial difficulty. There could be unexpected life changes, a failed business or medical expenses that make it necessary. It is only then that they realize that bankruptcy is a strategy rather than an avoidance.

Filing for bankruptcy and when discharge occurs


At times throughout the past decade or so, the struggling economy in Tyler, and across the country, has meant that many people needed to seek various methods of debt relief. Although Texas's economy has done well recently, many people still find themselves in a troublesome financial situation. While filing for bankruptcy is always an option regardless of their personal circumstances, there are certain issues that many people do not fully understand when they make the decision to eliminate debt via bankruptcy. For example, many might not know what a discharge is and when it is completed.

Bankruptcy filing in a community property state like Texas


Residents of Tyler, and other parts of Smith County, probably know that Texas is among the nine community property states in the country. In a community property state, both spouses have equal rights over assets that are acquired during the course of their marriage. The same rule applies when it comes to debts. Therefore, it is important for all Texas residents to remember that in the event of a personal bankruptcy filing, those community property laws play a major role.

Student debt relief crucial for the rest of the person's life


Several Texas students who wish to pursue advanced studies in order to get better jobs often do not have sufficient funds to pay for their education. In addition to the various odd jobs that a person does in order to earn money to pay for their education, student loans are one of the most sought-after funding options for students.

Guidance is necessary when filing for personal bankruptcy


Attorney Gordon Mosley has worked on personal bankruptcy cases for decades. For Texas residents who wish to file for personal bankruptcy, it is not only a financial and legal challenge but can also be personally and socially stigmatizing. A person may be compelled to file for personal bankruptcy due to the various debts that he or she has incurred for a variety of reasons, such as student loans, a mortgage or a car loan.

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