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Can You File for Bankruptcy if You Already Retired?
Retirement should be a time of stability and peace of mind. For many people, however, it brings new financial problems instead. Medical costs, limited income, and unexpected emergencies can leave even the most responsible retirees buried in debt. Some own their homes and have retirement savings, but still struggle with credit cards, personal loans, or old tax debt they simply cannot keep up with.
If you are retired or getting close to retirement and considering filing for bankruptcy in 2025, you need a firm understanding of how the process could affect your income, your home, and your future finances. At Law Offices of Chance M. McGhee, our Boerne bankruptcy attorney has over 20 years of experience helping clients find practical, lawful paths to debt relief. We offer free consultations to help you decide whether bankruptcy is the right choice for you.
Why Retirees Consider Bankruptcy
Many people assume bankruptcy is only for younger people or families with parents who are still working. In reality, it is also very common among retirees who are on fixed incomes. After leaving the workforce, there are fewer opportunities to earn additional income, and inflation or unexpected expenses can quickly burn through your savings.
Reaffirmation Agreement vs. Chapter 13
When you file for bankruptcy, one of the most important questions you face is whether you can keep your stuff. If you are considering bankruptcy in Texas, you may have heard about reaffirmation agreements under Chapter 7 or the option of filing for Chapter 13 bankruptcy to catch up on missed payments. Both paths can help you keep your property, but they work in very different ways. Understanding the difference is key to making the right decision.
Our New Braunfels, TX bankruptcy lawyer is experienced and very highly rated by previous customers. Find out why by scheduling a free consultation today at 210-342-3400.
What Is a Reaffirmation Agreement?
A reaffirmation agreement is a formal contract between you and a creditor in a Chapter 7 bankruptcy case. It allows you to keep secured property, such as a car, by agreeing to continue making payments on that debt.
What Happens to Your Cosigners if You File for Bankruptcy?
Filing for bankruptcy impacts everyone involved in the loan process, including a cosigner. If a friend, relative, or business partner cosigned a loan for you, they could still be responsible for that debt even after your bankruptcy is complete. If you never intended to place this person in any sort of financial difficulty, you might be wondering what you can do to protect them. The process can be complicated, but an experienced Schertz, TX bankruptcy lawyer will ensure you know what to expect and how to limit the impact on your cosigner.
What Are the Responsibilities of a Cosigner in Texas?
When someone cosigns a loan, they promise to take on your repayment duties when you cannot handle them. This means that if you stop making payments, the lender can demand money from your cosigner instead. The lender can also report missed payments on your cosigner’s credit report.
Under Texas Finance Code § 342.074, lenders must clearly explain a cosigner’s obligations in writing before finalizing a loan. The document must state that the cosigner may be required to pay the full amount owed and that late payments can negatively impact their credit score.
Debts Voluntarily Paid in Chapter 7
When considering bankruptcy, many people worry about their ability to pay debts that have personal or moral significance. Chapter 7 bankruptcy is often the best choice if your priority is to pay a specific debt while getting relief from others. Unlike Chapter 13, Chapter 7 allows you more flexibility to pay debts for personal reasons without a long-term repayment plan.
At the Law Offices of Chance M. McGhee, we understand how hard it is to make decisions about debt. Filing for bankruptcy can feel intimidating, but it does not prevent you from honoring debts that matter to you. If you are in Texas and want to discuss your options, our experienced Boerne Chapter 7 bankruptcy attorney offers free consultations to help you make informed decisions.
How Is Chapter 7 Different for Voluntary Debt Payment?
Most people know that Chapter 7 bankruptcy is best for wiping out debt like credit card debt or personal loans. But what about debts you actually want to pay, purely for moral or personal reasons?
Can You Get Rid of Child Support Debt with Bankruptcy?
Most parents who have fallen behind on child support know that once you miss one payment, it becomes much easier to miss the ones that follow. The debt adds up quickly, and interest and penalties make it even harder to catch up. Some people naturally wonder whether bankruptcy could help them wipe out child support debt the same way it can discharge credit cards or medical bills.
The short answer is no. Child support debt cannot be erased through bankruptcy. However, that does not mean bankruptcy is useless. Filing for bankruptcy can still give you powerful tools to manage your overall financial situation, making it easier to stay current on support or pay back arrears.
At Law Offices of Chance M. McGhee, you will work directly with our San Antonio consumer bankruptcy attorney who has more than 20 years of experience guiding clients through tough financial situations. We offer free consultations to review your circumstances and explain your options, including how bankruptcy might help with your child support problem.
The Surprising Benefits: Keeping Your Vehicle Lease under Chapter 13
When financial struggles feel like too much to bear, one of the first concerns many people have is whether they will lose their car. Reliable transportation is essential for work, school, and daily life. If you drive a leased vehicle, the good news is that bankruptcy does not automatically mean you must give it up. Under the right circumstances, Chapter 13 bankruptcy can give you powerful tools to keep your leased vehicle while also providing broader financial relief.
At the Law Offices of Chance M. McGhee, our Boerne, TX bankruptcy lawyer uses his decades of experience to guide clients through the unique challenges of bankruptcy. We want you to understand the full picture, including the benefits, the risks, and the rules, so you can make good decisions that suit your situation.
Car Leases in Chapter 7 Bankruptcy
In a Chapter 7 bankruptcy, you may keep your leased vehicle by assuming the lease. To do so, you must be current on your payments and agree to continue abiding by the lease terms. If you are caught up and intend to keep making payments, most lessors allow you to assume the lease without issue.
Bankruptcy for Career Athletes and Wealthy Individuals
When most people think of bankruptcy, they imagine a family struggling with credit card balances or an individual weighed down by medical bills. The truth is that bankruptcy is not limited to everyday households, however, and people from every walk of life find themselves needing this essential legal protection.
Many high-earning professionals, including professional athletes, entertainers, and successful entrepreneurs, eventually face debt problems that are too large to manage on their own. Sudden career changes, high-value property, and complex financial portfolios make these cases different from a typical consumer bankruptcy.
At Law Offices of Chance M. McGhee, our New Braunfels bankruptcy attorney has more than 20 years of experience helping clients in high-stakes situations. We offer free consultations and, because we see first-hand how overwhelming it can feel when financial stress follows a once-prosperous lifestyle, we offer a judgment-free, solutions-oriented approach.
Year-End Bonuses, Holiday Spending, and Bankruptcy
For many families in Texas, the holiday season brings mixed emotions. There is joy in gathering with loved ones, but also stress from gift-giving expenses, travel costs, and financial pressures that build as the year ends. For those already struggling with debt, a year-end bonus or a surge of holiday spending may complicate decisions about bankruptcy.
Although it is only the end of August, Christmas 2025 is coming up fast and these financial pressures may already be weighing heavily on your mind. But planning ahead is a good thing in this regard. If you are considering filing for bankruptcy in the next year, you will need to understand how factors like a bonus could affect the bankruptcy "means test" required by the U.S. Bankruptcy Code. This test determines whether your income is low enough to qualify for a complete discharge of unsecured debts under Chapter 7 or if you must file Chapter 13 and repay your debt over time.
Understanding Wage Garnishment Laws in Texas
Most Texans carry some form of debt, whether from credit cards, medical bills, personal loans, or other obligations. While many households manage to keep up with payments through careful budgeting and financial planning, unexpected life events, such as job loss, illness, injury, or divorce, can quickly throw even the most responsible person into financial distress.
When debts add up, some creditors may pursue aggressive collection tactics. One of the most disruptive is wage garnishment, which is taking money directly from your paycheck to satisfy a debt. In Texas, wage garnishment laws are much more restrictive than in many other states, but there are important exceptions that can still impact workers. Understanding these rules is essential for protecting your income and knowing your legal options.
With over 20 years of experience helping individuals and families overcome financial challenges, our Boerne consumer bankruptcy lawyer at Law Offices of Chance M. McGhee provides skilled guidance to good people throughout Central Texas who need help. Our firm offers free consultations so you can understand your options, including how bankruptcy can stop certain types of wage garnishment.
Can Bankruptcy Help With Past-Due Homeowners Association Fees?
If you live in a community with a homeowners association (HOA), falling behind on your dues can quickly lead to serious consequences. Late fees accumulate, liens can be filed against your property, and in some cases, you could even face foreclosure. For many homeowners in Texas, HOA arrears are part of a larger financial struggle. Bankruptcy may offer relief, but the rules are not always clear-cut.
Attorney Chance McGhee is a Schertz, TX personal bankruptcy lawyer who has been helping clients for over 20 years. As the current director of the San Antonio Bankruptcy Bar Association and one of the three best-rated bankruptcy attorneys in the city, he brings both legal skill and local insight to every case. If you are behind on HOA dues and considering bankruptcy, our firm offers free consultations to help you understand your options.
Filing for Bankruptcy When You Owe HOA Fees
Many people are surprised to learn that HOAs have real legal power, including the ability to place a lien on your property and foreclose, even if your mortgage is current. This is common in Texas, where HOA covenants are enforceable under both state and federal law.
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