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December 2015 Archives

Evaluating bankruptcy as a solution to debt

Although credit cards can be helpful for addressing short-term expenses, many Texas residents find that as interest accrues, payments become increasingly difficult to manage. This is especially true if there are many accounts in question. Medical bills and other debts can exacerbate the problem of managing debt, and bankruptcy may offer a consumer an avenue of escape. However, filing for bankruptcy can involve many negative consequences, making it important to carefully evaluate the pros and cons.

How bankruptcy and divorce can be intertwined

Many Texas marriages founder due to adverse financial circumstances. When people decide to end their marriage as well as seek bankruptcy protection, they need to be aware of some important factors that may change the order in which they should file the two cases. If they are not careful, they may be prevented for getting a discharge through Chapter 7 simply because of filing order problems.

Texas energy firm files bankruptcy after falling oil prices

Energy & Exploration Partners of Fort Worth and an affiliate filed for Chapter 11 bankruptcy protection after the Texas firm was unable to pay millions of dollars in debt, citing changes to the world oil market. The supplier and service companies filed late on Dec. 7 after Schlumberger Technology, Baker and Hughes and Cactus Pipe and Supply filed for involuntary bankruptcy against Energy & Exploration Partners on Nov. 25. The firm is one of several companies that are seeking debt restructuring due to the dramatic fall in oil prices.

Ways to improve financial status

As Texas residents may know, being able to control debt makes it easier to take out a loan, rent a home or purchase a vehicle, among other things. According to NerdWallet, the average credit card holder owes slightly more that $16,000, and about $155,000 is the average amount owed on home loans. A few tips may help an individual to control and pay down debt.

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1312 14th Street, Suite 100
Plano, Texas 75074

Phone: 972-608-0335
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905 North Travis Street
Sherman, Texas 75090

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Dallas, Texas 75206

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