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Options to eliminate debt and stop creditor harassment

Texas residents who are struggling to pay off their debts may be interested in some of the options available to eliminate debt. Depending on a person's situation, any of these options may be the key to ending creditor harassment.

One method to eliminate debt is to file for bankruptcy. Personal bankruptcy generally comes in two types: Chapter 7 and Chapter 13. Chapter 7 bankruptcy is for those with income under a certain threshold and involves the discharge of the debts at the time the bankruptcy is granted. In exchange, certain assets belonging to the person are liquidated to pay back creditors. Chapter 13 bankruptcy involves a three- to five-year payment plan, after which the remaining debts in the plan are discharged.

Other methods for getting rid of debt also exist. One is known as debt consolidation. This usually involves taking out a new line of credit, often with a lower interest rate, and transferring existing balances into it. Debt consolidation allows a single, more manageable payment every month. A debt management plan, on the other hand, involves negotiating with creditors to lower interest rates or to accept a lower amount each month. This can help those who can't open a new line of credit due to a bad credit rating.

For those who are looking to get a fresh financial start and eliminate debt, a Dallas credit card debt lawyer may be able to help. The attorney may be useful in negotiating with credit card companies to stop creditor harassment or in filing for bankruptcy. The attorney may also be helpful with general credit counseling to help their client better understand the benefits of bankruptcy and deal with their debt situation.

Source:, "Debt Consolidation Vs. Bankruptcy: Which Should You Choose?," Karin Price Mueller, March 29, 2015

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