Probate, the administration of an estate following an individual’s death, is handled differently in Texas than most of the rest of the country. The state has two kinds of formal probate. One is a procedure, called independent administration. The other is a court-supervised process, called dependent administration.
In 2016 alone, the United States saw 770,946 personal bankruptcy filings. Although there are many reasons a person may file for bankruptcy, medical debt continues to be a leading cause of this debt relief option in Texas and across the country. Contrary to popular belief, those who are insured may also experience high levels of this type of debt.
Many people considering filing for bankruptcy are unfamiliar with the multiple "types" available for personal filers. More people filing for personal bankruptcy in Texas will fall into the category of Chapter 7 or Chapter 13 bankruptcy. It is a good idea for individuals thoroughly understand both types to pick the right option for their particular situation.
One of the most well-known consequences of filing for bankruptcy is the mark on a credit report. Texas individuals may worry about access to credit following a bankruptcy filing, as a lower credit score can impact the ability to qualify for a loan. However, while getting a personal loan may be more challenging following Chapter 13 or Chapter 7 bankruptcy, it is not impossible.
Those holding debt in many different places often struggle with deciding who to pay off first. This is especially true when facing credit card debt from multiple Texas credit card companies, juggling the many balances owing with factors like interest rate. On top of this, people need to understand what they can afford to pay off without struggling to make ends meet in life.
It's a fallacy that creating a will is difficult, complicated and overwhelming, but many people don't seem to want to address this issue because it also touches upon their mortality. Many think they will live forever, or put off estate planning for another day because they say, "There's always tomorrow."