For Texas individuals and families in financial trouble, Chapter 7 bankruptcy can provide the help they need. In most Chapter 7 cases, all of the debtor's "unsecured" debts (e.g., credit card and medical bills) are eliminated. In fact, the vast majority of people that file Chapter 7 bankruptcy do so to get rid of high credit card debt and other consumer debts that can be nearly impossible to pay off. There are, however, some debts that cannot be "discharged" - these include student loans and court ordered child support payments, among other debts. There are certain income requirements that must be met before a Chapter 7 can be filed, so it's essential to consult with a lawyer before deciding on the best way to deal with your debt.
If your Texas home is in danger of being foreclosed on, or you are facing the respossession of your car or truck, a Chapter 13 bankruptcy may provide you protection while you "reorganize" your debts, allowing you time to catch up on your payments and keep your property. Chapter 13 allows debtors with regular income to propose a repayment plan for the repayment of both "secured" and "unsecured" debts over 3-5 years. By filing Chapter 13 bankruptcy, the debtor gets immediate protection. Creditors must cease any collection efforts and any foreclosure proceedings are immediately stopped. Chapter 13 will consolidate all of your debts into a single monthly payment, and may allow for the elimination of certain debts depending on the debtor's level of disposable income.
If you interested in learning more about the financial benefits of personal bankruptcy, call our office today and speak with a lawyer. We will evaluate your situation and guide you in the direction most suited to your needs. Maybe bankruptcy isn't right for you? Or maybe it's exactly the fresh start you need. Let's discuss your situation.
Call (817) 766-7818 today.