Financial difficulties for Texas residents can range in magnitude, making it important to evaluate your options as you take on a specific situation. When those challenges extend to many debts or involve an extreme life change, you may find that filing bankruptcy becomes a serious consideration. However, bankruptcy isn't always the best solution. Even when you do find that bankruptcy appears to be the route to take, it is important to have solid counsel to ensure that your filing is accurate and appropriate.
One of the biggest challenges before filing for bankruptcy may be determining whether Chapter 13 or Chapter 7 will best meet your needs. In some cases, you may not be eligible for Chapter 7, making Chapter 13 the best choice. There are many areas in which consumers are unclear about the outcome under a Chapter 13 bankruptcy, making it important to obtain reliable legal advice about the process. Chapter 13 is particularly appropriate for those who are facing the foreclosure of a home or the repossession of a vehicle. It may also work well for those who are dealing with back taxes.
Consumers tend to believe that Chapter 13 won't eliminate unsecured debt that is of low priority. Additionally, there may be a fear of damaged credit ratings because of bankruptcy. However, the point of bankruptcy is the ability to start afresh in building your credit and in dealing with your finances.
If you aren't sure of the best approach to tackling overwhelming debt, it may be helpful to begin with the advice and counsel of a bankruptcy lawyer. You may find that bankruptcy is not necessary, and we can assist as you make these important decisions. Read more about the options on our page on filing for Chapter 13.