Bankruptcy Attorney in Houston

Life can have some unexpected twists and turns – especially in the financial department. Sometimes, we find ourselves in situations where the financial burdens are so overwhelming that it may seem like there’s no way out. Don’t go down that mental path. If you feel that you may not be able to pay off your debts, you may want to consider filing for bankruptcy. With a bankruptcy attorney in Houston at your side, you will have the choice to start new, financially.

First, there are different types of bankruptcy that you can choose from. The most common and applicable bankruptcy types in Houston are Chapter 7 and Chapter 13 bankruptcies that both have their own benefits and downsides. A Chapter 7 bankruptcy is where you will no longer have any debt or owe money to any creditors (thus stopping their harassing phone calls). This means that you can start anew without any lingering debt to pay. Of course, the flip side is that you may lose your house, car, and other pieces of property that will be sold and then given to different creditors to make up for their losses. Although there are “exemptions”, which are types of property that cannot be taken or sold, you need to be ready to lose important pieces of property if you want to have a Chapter 7 bankruptcy. The other option, a Chapter 13 bankruptcy, is where you must file a payment plan that will last for the next three to five years that will help you pay down all of your debt. The benefit of this is that you will be able to keep your house, your car, and other pieces of property that are important to you. With a Chapter 13 bankruptcy, you will no longer have a fear of the unknown.  Instead you’ll have the confidence of knowing that you will be debt free in a few short years.

Keep in mind: no matter what type of bankruptcy, there are certain debts that must be paid. This includes child support, alimony, student loans, criminal fines, etc. Despite this, filing for bankruptcy will set you on the right track to overcoming your financial burdens. With an experienced bankruptcy attorney, you will be able to start anew debt free.

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