Face Your Fear The gloom and doom headlines are scary. Many families are behind on their home mortgages, and foreclosures are increasing. The “invisible bread line” of people on food stamps grows longer each day. Unemployment continues to soar. Worry and even fear is natural in these times. But worry or fear never helps. Looking [...]
Category Archives: economy
Bankruptcy Planning in Unstable Economy
Also posted in bankruptcy, chapter 7, foreclosure, job losses Leave a comment
Living with Student Loan Debt
With the declining economy and lack of jobs, more people are going back to school. They hope more education will qualify them for a higher paying job. They live on student loans and borrow to pay all expenses. Unfortunately, more education is no longer a guarantee of a higher paying job or even a job. [...]
Also posted in bankruptcy, chapter 13, chapter 7, job losses, student loans Leave a comment
The Means Test Gets Meaner for Texans
Qualifying for a Chapter 7 bankruptcy is getting ready to get harder. In a Chapter 7 bankruptcy, if you pass the means test, you are able to file a chapter 7 bankruptcy, and get rid of unsecured debt, such as credit cards and medical bills; or secured debt (if you want to surrender the item). [...]
How Small Business Can Prepare if Bankruptcy is a Possibility
The owner may need to file an individual bankruptcy and dissolve the company. Sometimes a bankruptcy for both the individual and the LLC is best. If the owner believes that the business would be viable if it didn’t have to service the overwhelming debt, starting over by filing a Chapter 7 and starting a new business may work. Meet with a qualified bankruptcy attorney before making any decisions on how to proceed. Pre-bankruptcy planning is essential.