${site.data.firmName}${SEMFirmNameAlt} ${site.data.firmName}${SEMFirmNameAlt}
254-633-2876 | fax 866-825-8786
Main Menu
  • Let
  • Help
  • Free No Obligation

Bankruptcy Attorney
Helping People Of Waco
Find Debt Relief

Waco Texas Bankruptcy Law blog

3 benefits of foreclosure that you may not realize

Foreclosure is sometimes difficult to handle. You've built a life and family in your home. You don't want to lose it because of a temporary financial situation.

While facing a foreclosure is hard and does have an impact on your credit score, it doesn't have to be completely negative. Foreclosures have many benefits that could help you when you need to bring financial balance back into your life. Here are a few reasons why a foreclosure can help.

The risks of taking out payday loans can't be ignored

If you've been short on cash in the past, one of the things you might have done is sought out a payday loan. If you have the income coming in to pay off the loan, it can be a good way to help you get through a difficult time. However, payday loans are often dangerous and can get you into deep financial trouble if you're not careful.

Payday loans are simple, short-term loans. You receive cash on the terms that you'll repay the loan when you get your next paycheck. Essentially, you can use the loan to get your next paycheck early. You have to post-date a check, sign a contract and pay any applicable fees. Is it worth it, though?

These signs might mean it’s time for you to file bankruptcy

If you live in Waco and feel like there is no way you will be able to get your debt under control, keep in mind that you have options. For some people, debt counseling is enough to help them get back on track. However, many others require additional help, such as bankruptcy, in order to reorganize their finances and pay down their debt.

While many people think of bankruptcy as a sign of financial failure and ruin, the reality is that bankruptcy is an invaluable tool that can help you out of an endless cycle of debt. If any of the following scenarios apply to you, take it as a sign that it is time to file for bankruptcy.

Credit card debt: How it impacts Americans every day

Credit card debt is something that most Americans live with. In fact, the average U.S. household has a balance of around $15,654. Including mortgages, the average household owes around $131,431.

With that kind of debt, it's not surprising that some people turn to bankruptcy when their finances get out of control. Losing a job, suffering from a disability or other life changes can result in serious financial losses that damage your credit and impact your ability to live comfortably.

How much equity in your home is exempt in Chapter 7 bankruptcy?

One of the most frightening things about filing for bankruptcy is the potential for your assets to end up liquidated by the courts to pay your debts. For those with lower incomes, who pass the state means test, Chapter 7 bankruptcy can offer relief from unsecured debts, including credit card debt and medical debts. However, the courts will look at your assets to see if you have the ability to repay some of those debts before granting a discharge.

It's only natural to worry about how filing for bankruptcy could impact your home equity or status as a homeowner in the state of Texas. Certain assets are exempt from the liquidation process in bankruptcy. Thankfully, Texas has some of the most generous homestead exemption laws in the country. If you qualify for Chapter 7 bankruptcy, your interest in your home or ranch is protected to a certain degree 

Here's why you should stop creating credit card debt

It's so easy to use a credit card to buy something you want now, rather than waiting until you've saved enough money. Want a new cellphone? Want to buy $1,000 of Bitcoin? You can painlessly purchase these items without a second thought by whipping out a tiny piece of plastic.

The problem is, the pain will eventually show up in the form of monthly payments and interest. If you're not careful, the debt can get out of control very quickly and lead to your financial ruin. But if this isn't enough reason to prevent you from holding debt on a credit card, keep reading.

Bankruptcy and taxes: Can I make my IRS tax debt disappear?

Did you skip paying your taxes for several or more years? Regardless of whether you're an employee or a self-employed business owner, it's easy to fall into a difficult financial circumstance that prevents you from paying your tax bill. Tax obligations like this can really add up over the years, and before you know it, your tax debt can become unaffordable.

Let's take a look at whether you can use Chapter 7 or Chapter 13 bankruptcy as a solution to your tax woes.

Forget morals: Bankruptcy is a business decision

Bankruptcy is a hard pill to swallow in some cases, but it's important to know when it's the right choice. Bankruptcies help people get out of debt and into a balanced financial situation. While they have negative impacts on credit scores, individuals get a fresh start.

Psychologically, bankruptcy takes a toll. Some people feel it's cheating or taking the easy way out. The truth is that bankruptcy isn't the easy way out of debt at all. While the process seems easy, the fact is that you've already been living a difficult life. You've tried and you need help. There's no shame in admitting that you need assistance in handling your finances.

The benefits of a Chapter 13 bankruptcy

When you look at your bank account, does it make you cringe? Do you wonder if you'll have money left over after you get paid? It's tiring to live paycheck to paycheck.

Fortunately, there are various solutions to that problem.One of the things that might work in your case is a Chapter 13 bankruptcy. Since you still work and have the ability to pay down at least some of the debts you owe, this kind of bankruptcy can help you stop treading water and begin to make a serious change in your finances.

National Association of Consumer Bankruptcy Attorneys The College of the State Bar Of Texas Greater Waco Chamber of Commerce Member Logo

Office Location

The Kehl Law Firm, P.C. 3715 Bellmead Dr Waco, TX 76705


Fax: 866-825-8786

Waco Law Office Map

Connect With Us

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy