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Four Ways That Bankruptcy Can Lead Towards Financial FreedomObtaining financial freedom is part of the American dream for many people. Financial freedom means having the money and savings necessary to live the lifestyle you want and to secure your financial future into retirement. America was founded on ideals such as every person’s right to “life, liberty, and the pursuit of happiness.” Unfortunately, many Americans have not yet obtained financial freedom in part because of the debts that they owe. Bankruptcy is one way that millions of Americans have declared independence from their creditors. In honor of the Fourth of July, here are four ways that bankruptcy can help you achieve financial freedom:

  1. Bankruptcy Halts Debt Collection: It is hard to feel free when you are constantly worried about creditors contacting you demanding repayment or to threaten to take collateral property. The first thing that filing for bankruptcy does is put an automatic stay on debt collection efforts, which means stopping creditors from contacting you.
  2. Most of Your Unsecured Debts Can Be Paid Off or Discharged Through Bankruptcy: The bankruptcy process will discharge your unsecured debts if you are filing under Chapter 7. If you are filing under Chapter 13 you will have a repayment plan that may be a lot more manageable than what you are currently paying. That will provide debt relief.
  3. You Can Protect Your Home During Bankruptcy: Your home is a major part of your financial freedom, and falling behind on mortgage payments may mean that your home is at risk of foreclosure. Filing for bankruptcy gives you clear ways to protect your home. If you are behind on your mortgage payments, filing a Chapter 13 bankruptcy allows you to catch up on late mortgage payments with the repayment plan.   
  4. Bankruptcy Gives You a Fresh Start: Achieving financial freedom requires a plan that includes budgeting your finances and saving money when you can. Being swamped with debt makes it difficult to plan for anything other than trying to keep up with payments each month. By filing for bankruptcy, your debts can be cleared or made more manageable. With your new financial stability, you can implement long-term savings plans that will help you reach financial freedom.

Contact a Denton County Bankruptcy Attorney

The road to financial freedom may seem long if you are saddled with debts. Your first step is to talk to a Frisco, Texas, bankruptcy lawyer at The Page Law Firm, who can tell you more about the bankruptcy process. To schedule a free consultation, call 214-618-2101.

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What Does Bankruptcy Mean for a Single Dad?Being a single father is not easy. Even though you probably have a co-parent, it may feel like you are parenting alone.  Unfortunately, it can also put a strain on your finances. You no longer have your co-parent’s income to help pay for your living expenses, and a significant percentage of your income may be going towards child support. If your co-parent is no longer in the picture, you may be solely responsible for all of your children’s expenses, as well.  When you feel like you are drowning in debt, filing for bankruptcy may be your best option for relief. As a caring father, you should also know that bankruptcy will not prevent you from being able to provide for your child.

Why You May Need Bankruptcy

Single parents face financial challenges that can make it difficult to keep up with debt payments:

  • Your responsibilities as a parent may limit the hours you can work and cause you to pass up on job opportunities that could increase your income.
  • Supporting your children leaves you with less disposable income and you may have used a credit card to pay for necessary expenses.
  • There can be unexpected child expenses, such as a medical emergency.
  • Even though you are on a tighter budget, you want your children to have the same opportunities and experiences as their friends.

Filing for bankruptcy can give you a fresh start on your unsecured debts. Depending on the type of bankruptcy you use, you could discharge your unsecured debts or create a more manageable debt repayment plan.

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How You Can Help Your Dad with His BankruptcyIt can be painful to watch your parents struggle with debt, knowing how much they have supported you throughout your life. You may have relied on your parents as you were starting your young adult life, such as continuing to live with them or borrowing money. You are financially more stable, but now your parents are the ones who may need your support. For Father’s Day, it may be time to repay your parents by talking to them about how you can help with their debt problems, including the possibility of filing for bankruptcy. Supporting your parents does not have to mean giving them money. There are several ways you can help them:

  1. Figuring Out Their Financial Situation: Before deciding whether to file for bankruptcy, it will help to have a complete picture of your parents’ financial situation. Your parents’ assets and debts have been building for years, and it may be difficult to see the complete picture if your parents are unorganized with their records. You can start by tracking down and organizing records of assets and debts, which may be a mix of physical and digital records. You may need the assistance of a financial advisor to tell you what records to look for and analyze your parents’ finances.
  2. Coming Up with a Budget: Whether you choose bankruptcy or not, creating a budget will be necessary as a long-term solution to your parents’ debt problems. Your parents may need help with this if they have never been good at budgeting their finances. Go through their expenses to determine whether there is anything unnecessary that they could cut. You can also consider whether there are assets they would be willing to sell, but you should hold off on selling assets if you are considering bankruptcy. By filing for bankruptcy, your parents may be able to keep those assets and eliminate their debts.
  3. Finding a Bankruptcy Lawyer: If your parents are considering bankruptcy, they should talk to a bankruptcy lawyer to learn more about the process. It is important to choose an attorney who understands the needs of people at your parents’ age and in their situation. You can offer to research bankruptcy lawyers in their area to find someone who you think would be a good fit for them. From there, your parents can contact the lawyer and set up an initial appointment, or you can even do that for them.

Contact a Denton County Bankruptcy Attorney

Discussing debt and bankruptcy may be an uncomfortable topic for Father’s Day but may lead to a better life for your parents. This could be a better gift than a tie. At The Page Law Firm, we are prepared to help your parents through the bankruptcy process while protecting their financial future. To schedule a free consultation with a Frisco, Texas, bankruptcy lawyer, call 214-618-2101.

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Do Your Parents Need to File for Bankruptcy?Mother’s Day is coming up this Sunday, and many adult offspring may be wondering what they should do to celebrate the occasion. One nice gesture could be to offer to help your parents with their finances in case they are having trouble with debt, which has become an increasing problem for older adults. According to recent studies, the number of adults age 65 and up who have filed for bankruptcy has tripled since 1991. Your parents may not want to burden you with the knowledge that they are struggling with debt, but their ability to support themselves may be at risk if they do not try to alleviate their debts.

Systematic Problems

One reason that some older adults do not tell others about their financial problems is the social stigma attached to being heavily in debt. There is a misconception amongst some people that personal debt is mostly the result of poor financial decisions. However, many economists have concluded that the rising debt among older adults is because of systematic changes to retirement and healthcare over several decades that have shifted costs and risks to individuals:

  • Many employers have switched their retirement plans from company-backed pensions to 401(k) plans.
  • The age at which people can qualify for Social Security has risen.
  • Health insurers are expecting the insured to pay more of their own medical expenses, while the average cost of those expenses increases.

With these changes, older adults may be forced to take on debt in order to pay for basic expenses, which can make them vulnerable if they have a sudden decrease in income or increase in expenses.

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Adulting Includes Considering Filing for BankruptcyThe Page Law Firm is proud to be celebrating its 18th anniversary this April. We all remember how much of a milestone it was when we turned 18. It was the age when we legally became adults and gained all of the rights that come with adulthood. While becoming an adult is exciting, it also means taking responsibility for yourself in ways you did not have to before. The term “adulting” has become a popular way to describe actions and behavior that relate to adult responsibility. Learning fiscal responsibility can be one of the toughest adulting lessons for some young adults. When in a financial bind, responsible adults may need to make tough decisions, such as whether to file for bankruptcy.

Understanding Bankruptcy

You may be familiar with bankruptcy as a term but misunderstand what it really is. References to bankruptcy in popular culture can give you the mistaken idea that bankruptcy is something to be afraid of. Maybe your introduction to the word “bankruptcy” was watching “Wheel of Fortune,” where landing on bankruptcy meant losing all of your winnings. The truth is that filing for bankruptcy:

  • Does not mean you will lose all of your money
  • Does not mean you were irresponsible with your finances
  • Does not make you a failure
  • Does not mean that your credit score is ruined

Bankruptcy is a way to protect your financial assets while clearing your unsecured debt and your secured debt if you want to surrender the collateral that secures the loan. Hundreds of thousands of people in the U.S. file for bankruptcy every year and most of them are responsible people who went through unfortunate circumstances. Filing for bankruptcy will not cripple your credit rating. Filers can start rebuilding their credit scores soon after their case is finished.

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National Association of Consumer Bancruptcy Attorneys State Bar of Texas
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