Is Your Debt Overwhelming You?–Houston Bankruptcy Lawyer

Financial problems can quickly spiral out of control, leaving you with creditors contacting you day and night or, worse, repossessing your possessions and threatening to sue. When you are facing debts that you are not able to pay, a Houston bankruptcy lawyer can help you to explore your options and to take positive steps to resolve your financial issues.

How Does Bankruptcy Work?

There are two different chapters of bankruptcy you may be able to file with the help of a Houston bankruptcy lawyer. A chapter 7 bankruptcy will allow you to wipe the slate clean and walk away with many of your debts discharged, but you will need to make below the state median or pass a means test to qualify. Some of your assets may also be sold to generate funds to repay creditors. A chapter 13, on the other hand, allows you to restructure your debts and repay over time.  You’ll need to create a 3-5 year repayment plan, but you will get to keep all of your assets.

A Houston bankruptcy lawyer can help you to review these different options–as well as other chapters of bankruptcy such as chapter 11–and make the right choice for you.

Should I File for Bankruptcy?

In many cases where you are drowning in debt, bankruptcy is actually the best thing you can do. Your important assets such as home equity and retirement accounts are protected when you file for bankruptcy, and you can immediately stop collections activities such as car repossessions or home foreclosure.

While your credit score does often go down, this won’t always happen and in some cases you can actually improve your score by filing for bankruptcy and getting the negative reporting to stop.

Getting Help from a Houston Bankruptcy Lawyer

Bankruptcy isn’t the right choice for everyone, but it is the best choice for many who are struggling. Contact a Houston bankruptcy lawyer today to learn more about whether bankruptcy is the best option for you!