Many people in Collin County are having to seek their debt relief options due to the recent recession and awful employment rates. Often people who previously had a mid to high paying job were forced to take a pay cut or were even laid off. If they were previously able to service their debt repayment plan, they may no longer have the ability to do so with their reduction in income.
Chapter 13 bankruptcy is the Chapter of bankruptcy we typically recommend if someone is eligible. It is the cheapest, easiest, quickest and it usually allows you to re-establish your credit score very quickly. However, if you want to save your house and you are facing foreclosure, or your car is in danger of repossession, or if you owe a lot of back taxes to the IRS, then a Chapter 13 bankruptcy may be right for you.
Sometimes, a debt settlement or negotiation plan is the most favorable avenue. These options need to be discussed with an experienced debt attorney if you have a lot of debt.