If you’ve been struggling to make ends meet with credit card payments, car payments, your mortgage, and other living expenses, it can be extremely challenging to try and find a way out of that stressful situation. If you fail to pay creditors, those bills are sent to collections agencies who will increase the pressure and cause your heart to sink when the telephone rings.
When the debts or financial pressures have become insurmountable, filing bankruptcy in Texas is often the best way to get rid of debt or reorganize debt for many people.
Every month in the state of Texas, there are many who file for Chapter 7 bankruptcy in order to eliminate credit card debt or medical bills. While others in Texas may choose to file for Chapter 13 bankruptcy in order to stop foreclosure, repossession, or so they can restructure their debt to pay it back in part.
While there are other types of bankruptcy available, the majority of people will file under Chapter 7 or Chapter 13 in the state of Texas. Bankruptcy is also where people will turn when non-bankruptcy debt relief options don’t work, or can’t stop a foreclosure, repossession, lawsuits, wage garnishment, and so forth.
Filing bankruptcy can put you back in the driver’s seat when it comes to your financial future and allow you to take control once again. Depending on your situation and what type of bankruptcy you file, you can either eliminate your debt, significantly reduce your debt, or reorganize your debt to make it more manageable.
Chapter 7 Bankruptcy
If you are eligible to file for Chapter 7 bankruptcy, then you can usually eliminate all of your unsecured debt, which means all of your debt that does not use property as collateral. In many cases you can get rid of credit card debt, personal loans, lawsuits, medical bills, certain taxes, and a number of other unsecured debts.
Chapter 13 Bankruptcy
If you are eligible to file for Chapter 13 bankruptcy, then you can usually make creditors to take repayment of secured debt based on your disposable income, and force creditors to accept payment for unsecured debt based on the disposable income you have left over after paying the priority debt which is often pennies on the dollar.
Bankruptcy is often a mysterious and misunderstood legal process because it is not an everyday occurrence, but it is an important legal recourse when someone is facing a severe financial emergency or has chronic debt problems that need to be tackled. If you need debt relief or are facing a financial problem that requires prompt attention, then filing bankruptcy might be the best option for you.
Filing bankruptcy, however, isn’t as simple as filling out a few forms and then signing your name on the dotted line. There are important points to consider regarding eligibility, residency requirements, property requirements or exemptions, timelines to consider, and a number of other legal hoops to jump through. If you are considering filing for bankruptcy, it’s important to get help from an experienced Dallas bankruptcy firm.
If you live in Texas, then contact the experienced Texas bankruptcy lawyers at Fears Nachawati. Having a bankruptcy attorney to turn to can help you decide if filing for bankruptcy really is the best option for your situation and how to go ahead with the process if so.
Give them a call at (866) 705-7584, or visit one of their offices, available in Houston, Dallas, Austin, Fort Worth, and San Antonio.