Houston TX Bankruptcy Law Blog

Lately, it seems that personal financial hardships go hand-in-hand with mortgage payments and foreclosure. Many people have gotten into mortgages that they can't handle, which coupled with unemployment has led many people to consider filing for bankruptcy. While filing for bankruptcy is a way to give someone a clean break from their creditors, it can be a scary process for many.

People often wonder if they file for bankruptcy if the bank will take their home. This is a legitimate concern, and it often depends on a few different variables. You can lose your home in a number of different ways, including while in Chapter 7 bankruptcy.

Put it on my card. That's what more and more Americans are now saying to healthcare facilities. A new report found that Americans are seeking ways to pay off their medical bills and credit cards are becoming more widely used to pay for their medical treatments.

Increasing medical costs in the United States are outpacing wage increases and inflation, causing companies to look for ways to cover the cost of health insurance for their employees. This most often leads to passing the cost on to employees. About one-quarter of Americans have troubles paying medical debt and two-thirds of that group is insured, according to one study.

This year, people may set a personal goal of getting out of debt. In a post last week we told you about how people in Houston are making New Year's resolutions to get out of credit card debt, and stay out of debt. In fact, it ranked second in people's financial resolutions for 2012.

The task of getting your credit cards paid off can seem daunting to many people. Taking a step back and organizing your approach can help you succeed at getting out of debt.

When you file a bankruptcy petition you are seeking a discharge of your liability on debts that you owe. However, creditors may object to the dischargeability of your debts for multiple types of misconduct. Some types of misconduct include: embezzlement or larceny; fraud; any willful of malicious injuries you have caused; concealment or destruction of property or financial records; false statements; withholding information; failing to explain losses; or failure to respond to material questions.

The bottom line is that the bankruptcy process requires you the Debtor to truthfully disclose your assets and debts. In the event a creditor may object and assert that you have engaged in any of the types of misconduct discussed above, then there is a chance that one of your debts may be non-dischargeable. And you will remain liable for a debt after obtaining your bankruptcy discharge.

A free consultation with our attorneys can help you determine whether you will face any of these dischargeability issues regarding your debts. Remember when you file bankruptcy, your creditors have lawyers too, and you surely do not want to litigate a dischargeability issue on your own.

Please have a happy and safe new year!