Many people have had to turn to relief under the Bankruptcy Code in Collin County, Texas. Chapter 7 Bankruptcy is often the chapter of bankruptcy that many debtors choose if they pass the Means Test. Chapter 7 is often the most appropriate chapter if the debtor is current on the homestead, current on the cars, and has unsecured debt that is unaffordable.
Chapter 13 is often the solution if the debtor is facing foreclosure on a home that they want to keep, behind on a car they want to avoid repossession, or a large IRS back taxes debt.
Debt consolidation or debt settlement is often an option, but often times bankruptcy is a more beneficial option. Seeking the advice of an experienced financial attorney who has knowledge of the Bankruptcy Code is very often the first step in determining the best course of action for tackling a debt problem.