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Bowling alley files for Chapter 7 bankruptcy

It is important for a business to keep up with paying its bills, especially rent for the business location. However, some businesses may find themselves struggling in a rough economy in Texas or in any other state. This could result in a company falling behind on bills such as rent. One bowling alley had experienced this situation, which resulted in a Chapter 7 bankruptcy.

How Texas residents can deal with excess debt and taxes

It's common for people to be overwhelmed with debt. Under these circumstances, lenders may forgive or cancel excess debt owed. Due to the debt cancellation, many Texas residents are required to report this as taxable income. With the Mortgage Debt Relief Act, cancellation of debt on someone's residence may be excluded from taxable income.

Cancer increases chances of filing for personal bankruptcy

Any type of unexpected medical emergency can land a person in serious financial problems. These financial difficulties generally stem from hospital bills and paying for costly medications in Texas or in any other state. Cancer is no exception to this issue. A recent study has revealed that being diagnosed with cancer makes it more likely for a person to experience financial difficulties or personal bankruptcy.

Texas congressman Ruben Hinojosa completes personal bankruptcy

Just about everybody feels some sense of duty to their family. Those who own and operate a family business that has been passed down through generations may feel a duty to do what they can to keep those businesses alive, even at the cost of their own financial well-being. One Texas congressman, Ruben Hinojosa, may have done this. That may have been one reason why he sought the protection of personal bankruptcy to address his financial concerns in a responsible fashion.

College football coach files Chapter 7 bankruptcy

Anybody can experience financial hardships, including celebrities and athletes. Generally, it is high-profile young athletes which are known to recklessly spend their money and end up in financial trouble. However, sometimes it is the older and wiser athletic figures who can end up with overwhelming debt due to bad financial decisions. It just goes to show that knowledge of sports does not translate into financial knowledge in Texas and elsewhere. This was the case with college football coach John L. Smith, who recently filed for Chapter 7 bankruptcy.

CFPB urges student debt discharge in personal bankruptcy in Texas

Debt became a focal point during the recent economic downturn that has affected much of the nation the last few years. Much of the focus was on credit card debt and mortgages, which were blamed for being significant factors in causing the financial meltdown in Texas and elsewhere. However, another type of debt which also contributed to the recession was student loan debts. These debts were especially troubling for students because it is extremely difficult to discharge this type of debt in a personal bankruptcy.

Various types of personal bankruptcy available in Texas

When considering bankruptcy, individuals should understand what options they have available. Bankruptcy laws in Texas and in every other state are made so petitioners can receive a brand new beginning and start their financial lives over again. However, the laws can be complex; therefore, self-education is important before proceeding with bankruptcy. There are a variety of different forms of personal bankruptcy to choose from, each with its own advantages and disadvantages.

Up to 1 million Americans too broke to file for bankruptcy

It may sound counter-intuitive to many Texas residents, but potentially up to a million Americans are too broke to go bankrupt. The news comes after a recent study conducted by the National Bureau of Economic Research. The study found that the cost of filing for Chapter 7 bankruptcy, which is the most common kind of personal bankruptcy, is more than $1,500 on average.

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