bankruptcy blog

The term “bankruptcy” is often met with enough fear, and adding the word “involuntary” makes it almost seem like it is forced. What is an involuntary business bankruptcy, you may ask? In a sense, it is business that is forced into filing bankruptcy; but, that doesn’t always mean a bad thing. In fact, filing for  … Read more

It is estimated that 70 percent of all bankruptcy filings are caused in large part to overwhelming medical debt. Medical debt is one of the most unique forms of debt because it originates from circumstances that are often unavoidable such as an accident or sudden illness.  In many cases the illness or injury has two  … Read more

As the holiday season approaches many people worry about their holiday shopping budget, but for many small business owners the season could be the difference between going out of business or staying on track for a stronger financial year in 2017. However, there are still many companies out there facing growing debt burdens and shrinking  … Read more

This is a great question, especially from individuals that haven’t had an attorney before or who are considering bankruptcy for the first time. Depending on where you live there can be a number of options, finding a Houston bankruptcy attorney is important for the outcome of your case. Here will add a few caveats that help put you  … Read more

There are two main types of consumer bankruptcy in the United States: Chapter 7 (the most common) and Chapter 13. Chapter 13 bankruptcy is commonly referred to as the wage earner’s plan in that you will have a certain amount of income coming in that you can use to eventually pay down all your debt.  … Read more

Debunking Bankruptcy Myths: Part 1 is the beginning of a series offering facts about bankruptcy. People often forget that bankruptcy is a legal process, which means that it is complex and full of intricate details. For this reason, most  people know very little about the process or how the laws work in their state. A  … Read more

You may have heard terms like “credit counseling” or “debtor’s education”, but may not know exactly what those terms mean. These terms refer to a course that teaches about money management, debt relief options and financial planning. Although more commonly thought to be only for people seeking bankruptcy or in significant financial stress, these courses  … Read more

When it comes to credit scores most people ignore them until a problem arises. Credit scores and your profile speak volumes to lenders about your borrowing risk, so it is important to keep a close eye on your standing. How well do you know your credit? Whether you pay for a credit monitoring service to  … Read more

A big question that many individuals ask is: what happens to my credit card after filing bankruptcy? Can I keep a credit card or will I have to get rid of it? Well in most cases you’ll be able to keep your credit card is isn’t highly advised. The reason being is that credit card  … Read more

When your business is unprofitable, it may be time to look at filing a business bankruptcy. Will a business bankruptcy hurt my credit score is a common question. The answer largely depends on the type of business you own (LLC, Partnership, sole proprietorship, etc.), if you personally guaranteed the loans, and what type of taxes the  … Read more