Cross Stone Law

Life doesn't always go as planned. Many seniors are working longer than ever, but overwhelming debt shouldn't stand in the way of your peace of mind. If you're struggling to make ends meet, a consultation can help you explore your options. Happy Grandparents' Day! Link in comments.

Today we remember and honor the lives lost on September 11, 2001, and the first responders who ran toward danger to help others. We hold their families and all those affected in our prayers. We will never forget. 🇺🇸

Does bankruptcy forgive every debt? Some debts — like student loans, recent taxes, and child support — usually aren't discharged. Chapter 13 may give you more time to pay them. Every situation is different, so talk to an experienced bankruptcy attorney.

Happy Labor Day from all of us! Our office is closed today and we'll reopen tomorrow. Leave a message or email us and we'll respond as soon as we're back. Enjoy the holiday!

The moment you file , something powerful kicks in: the automatic stay. With few exceptions, everything stops. Garnishments, repossessions, foreclosures, and those relentless collection calls all halt. It's the breathing room you need to recover.

Bankruptcy isn't one size fits all.

Most people choose between two options.

Chapter 7 is cheaper and faster, but you must qualify — usually best for credit card and unsecured debt.

Chapter 13 offers broader relief and helps you catch up on a mortgage or car loan.

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What type of bankruptcy will help you the most?

All the chapter numbers get confusing. For ordinary consumer cases, two are used: Chapter 7 (liquidating — must be able to protect assets) and Chapter 13 (wage earner plan — repay debt over time).

The chart shows the pros and cons of each:

Update on Payment Assistance for COVID-19 EIDL loans

The SBA will allow borrowers to lower payments by 50% for 6 months if experiencing cash flow issues. This can be done every 5 years. Interest does continue to run on the loan. If payment assistance is approved, you will have a balloon payment at the end of the loan to cover the remaining payments.

Payment assistance can be requested though your SBA portal.

Bankruptcy may discharge your personal liability on your loan. Many factors come into play in determining how your business assets and continuing to operate are handled.

Back-to-school shopping adds up fast — but this weekend can help. Texas Tax-Free Weekend runs Aug. 7–9. Clothing, shoes, backpacks, and school supplies under $100 are exempt from sales tax, in stores and online. Every little bit helps when money's tight. Happy shopping, Texas!

For more details, check the comments below.

One of the things that scares people considering bankruptcy the most is the hearing called 341 Meeting of Creditors. There is a misconception that all of the creditors show up at a hearing where the debtor is grilled. Not true at all. While certainly creditors may appear at the hearing and ask a limited number of questions, this hearing is primarily to verify identity and the paperwork. In Chapter 7, the trustee also asks questions about possible non-exempt assets to be seized, liquidated and divided up among creditors.

Check the comments below for links to some helpful videos.