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.
Unexpected life challenges such as the loss of a job or medical expenses can result in debt that only adds stress to the lives of individuals who may already be struggling. Relief from debt and a fresh financial start can be available through bankruptcy options. There are two primary personal bankruptcy options to consider including Chapter 7 liquidation bankruptcy and Chapter 13 reorganization bankruptcy.
Public school teachers in Tyler, like their colleagues throughout the country, are accustomed to earning a modest salary. In many cases, salaries would rightly be called "low," especially for those working in schools in low-income areas.
We've spent some time over the past few weeks on our Tyler bankruptcy law blog discussing medical expenses, including the unexpected kind from out-of-network providers that many people fear even more than a serious illness itself. Even Tyler residents who understand that filing for Chapter 7 bankruptcy can eliminate debt like this may resist out of a fear of the unknown, or a fear of how bankruptcy will change their lives.