Page Law Firm

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Giving My Own Thanks During This Holiday SeasonIn my previous blog, I discussed the reasons that people in the U.S. can be thankful for our bankruptcy laws and the many attorneys and other professionals who help them through the process. As an attorney who practices in the areas of bankruptcy and family law, I have much to be thankful for myself. The Page Law Firm would not be what it is today – a source of legal solutions for people going through difficult situations –  without my many clients, colleagues, friends, and family members. In keeping with the spirit of the season, I would like to share what I am thankful for:

  • I am thankful for my clients who trust me to guide them through their financial difficulties and towards a better future. I know how crucial it is that you get the relief you need from the bankruptcy process.
  • I am thankful for my clients who trust me to help them make decisions about their marriages and children. I know first hand how those decisions impact today and the years to come.
  •  I am thankful to those same clients who refer me to their friends and family, allowing me to help them as well.
  • I am thankful for the laughter we share and the tears we shed throughout the process. The personal connections I form with you are one of the most rewarding parts of my job.
  •  I am thankful for my fellow lawyers who refer clients to me or contact me when they have questions. I am always happy to give answers and am grateful that you think of me when your clients need help.
  •  I am thankful for my friends who have referred their friends to me, putting their trust in me and helping me grow my practice.
  •  I am thankful for my family, who continues to support me on this journey called The Page Law Firm.

Help Is Here for Those in Need

Whether you are struggling to keep creditors at bay or have decided to divorce, you should know that you will not be alone in facing your challenge. At The Page Law Firm, we advise clients on whether filing for bankruptcy is the right solution for their debt problems and, if the answer is “yes,” guide them through the completion of the process. For those seeking a divorce, we provide compassionate legal support for sensitive issues such as child custody and try to create an amicable process whenever possible. To schedule a free consultation with a Frisco, Texas, bankruptcy and divorce lawyer at The Page Law Firm, call 214-618-2101 today.

Four Reasons to Be Thankful for BankruptcyThe holiday season is a time of year when people reflect on what they are thankful for. Family, friends and good health are often at the top of people’s lists. You are likely not thankful for financial circumstances that make filing for bankruptcy necessary, but you can instead be grateful for the bankruptcy laws and process that will help you get out of debt and on the path towards financial recovery. Here are just four reasons you may be thankful for bankruptcy:

  1. You Receive an Automatic Stay: One of the most stressful parts of being in debt is dealing with aggressive creditors and debt collectors. You may receive frequent communications, demanding repayment and threatening legal action and repossession. The first thing that filing for bankruptcy does is put an automatic stay on all debt collection efforts. That means no more phone calls or letters. If creditors are in the process of filing a lawsuit or foreclosing on your home, those actions will be put on hold.
  2. You Have Several Property Exemptions: Chapter 7 bankruptcy repays your creditors by selling your assets and distributing the proceeds. Fortunately, there are exemptions that will protect properties from being sold. In Texas, exemptions are pretty generous, which means in almost every case that your home, cars, jewelry, furniture, retirement, and pension plans are protected.
  3. You Can Discharge Your Debts: Once you have finished the bankruptcy process, most of your unsecured debts will be discharged. This means that you are clear of the obligation to repay any of these creditors. For secured debts such as home mortgages, the creditor may be able to repossess the secured property. However, if you want to keep the secured property, you can reaffirm your debt and keep making your payments on the remaining amount on the debt.
  4. U.S. Bankruptcy Laws Are Favorable to Consumers: There are many countries around the world that do not have bankruptcy laws or systems in place. Others have bankruptcy laws for businesses but not for consumers. Without a personal bankruptcy system, consumers in these countries have no protection against creditors if they become insolvent and default on their debts. The U.S. has federal bankruptcy laws that make the process consistent across the country, rather than having a process that may greatly vary by state.

Contact a Denton County Bankruptcy Lawyer

Consumers across the U.S. are fortunate to have experienced bankruptcy lawyers available to help them through the process. A Frisco, Texas, bankruptcy attorney at The Page Law Firm can discuss the advantages of filing for bankruptcy. To schedule a free consultation, call 214-618-2101.

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What to Do If You Lose Your Job During BankruptcyYour job income plays a major part in how you file for bankruptcy. Your current monthly income (CMI) determines whether you automatically qualify for Chapter 7 bankruptcy or need to take the Means Test. If your income is too high for a Chapter 7 bankruptcy, then you can file a  Chapter 13 bankruptcy, which uses your income and certain expenses to determine your monthly payments. Losing your job during your bankruptcy case could have a significant effect on the process. In this situation, it is critical to immediately inform your bankruptcy lawyer about your unemployment so you can discuss how you will respond.

Chapter 13 Repayment Plan

If you already qualified for Chapter 7 bankruptcy, becoming unemployed should not change your status. On the other hand, losing your job income will affect your ability to make Chapter 13 bankruptcy payments because you will have less disposable income. If you will not be able to afford your next monthly payment, you must not miss the payment without any explanation because the bankruptcy trustee could file a motion to have your case dismissed, allowing your creditors to take debt collection action against you. Instead, your bankruptcy attorney can help you through legal action, such as:

  • Converting your case to a Chapter 7 bankruptcy
  • Creating a new repayment plan with reduced monthly payments through a modification 

A modification will take into consideration your current income and expenses. Depending on the number of months initially proposed in your plan, you might be able to extend the time of your plan, but a plan cannot exceed 60 months. 

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When Should Senior Citizens Consider Filing for Bankruptcy?Senior citizens who are in debt may look at bankruptcy differently than someone younger. Their incomes are often lower than when they were working, making it more difficult to pay their debts on their own. They may also have a lot to lose if a creditor obtains a judgment against them and they have accumulated valuable assets during their lives. Bankruptcy may not be right or necessary for every senior who is struggling with debt, but many seniors could benefit from the process. If you are a senior citizen, here are three situations in which you should strongly consider filing for bankruptcy:

  1. Your Medical Bills Are Piling Up: It is an unavoidable fact that your medical expenses will increase as you get older. You will have more visits to the doctor to monitor your health and are at greater risk of needing an expensive medical procedure or your monthly medications are incredibly expensive. A run of bad luck with your health can leave you with outrageous medical bills that your health insurance does not completely cover. By filing for bankruptcy, you can potentially discharge those bills in a matter of months or enter a manageable repayment plan.
  2. You Are Still Working: Some seniors continue to work beyond the age that they expected to retire, usually because they need the income. Others start a second career at a new job to keep themselves busy after retirement. If your creditors receive a judgment from a court, the creditors can obtain writs of attachment and begin seizing assets as one of their means of enforcement. They cannot take from your social security money or retirement benefits that you have not withdrawn, but they can take from the income you are earning at your job. Filing for bankruptcy will put an automatic stay on collection activities.
  3. You Have Valuable Assets You Need to Protect: Seniors often have a large amount of equity in their homes and vehicles. If you are at risk of defaulting on your home mortgage or vehicle loan, bankruptcy can protect your equity in those properties. Texas’s homestead exemption allows you to exempt your total equity in your home during bankruptcy. Texas’s motor vehicle exemption allows you to exempt one vehicle per licensed member of your household or a vehicle used to transport an unlicensed household member. The second part of the vehicle exemption is relevant for seniors who are no longer allowed to drive but still own a vehicle.

Contact a Frisco Bankruptcy Attorney

Filing for bankruptcy is an important decision that you should discuss with a professional. A Denton County bankruptcy lawyer at The Page Law Firm can advise you on whether bankruptcy would be useful in your situation. Schedule a free consultation by calling 214-618-2101.

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How Bankruptcy Can Cure You of Medical DebtMedical bills are one of the top sources of unpaid debts in the U.S. According to a recent academic study, two-thirds of the people who file for bankruptcy cite medical issues as one of the key factors that led to their decision. Expensive medical treatment can have a compound financial effect on patients:

  • Patients may lack adequate health insurance coverage or savings to pay for an unexpected health problem.
  • The patient may lose income if the injury causes a temporary or permanent disability that prevents them from returning to work.

If your healthcare debt becomes overwhelming, bankruptcy allows you to discharge your unpaid medical bills or repay them perhaps at a reduced cost.

When to Consider Bankruptcy

If you have good credit and little debt other than your medical bills, you should explore repayment alternatives before choosing bankruptcy. You may qualify for an assistance program that will reduce what you owe. However, some hospitals do not offer assistance programs, while others may have strict income limits to qualify. You also must consider your ability to repay other debts, such as credit cards and a home mortgage. Bankruptcy is a means of managing all of your creditors at once and can be an excellent strategy to help get you back on track

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National Association of Consumer Bancruptcy Attorneys State Bar of Texas
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