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Is Chapter 7 bankruptcy right for some Texas residents?

On Behalf of | Mar 18, 2018 | Chapter 7 Bankruptcy |

Facing the ups and down of financial instability can be beyond stressful. Any type of expense can suddenly send already limited funds even further into the red. Having to live this way can result in substantial stress and other negative impacts on Texas residents’ health. Though some may be considering Chapter 7 bankruptcy, they may not know whether it is truly right for them.

There are other ways that people may be able to address their outstanding debts. For instance, some creditors may be willing to negotiate outstanding balances because they would rather receive at least some of what they are owed rather than having the entire balance forgiven during bankruptcy. Of course, creditors may not be willing to come to a settlement even when the subject is broached.

If creditors have started garnishing wages, individuals may be in a more dire situation. Not only are they already struggling to make ends meet, but now their hard-earned money is being directly taken by creditors. In such cases, following through with bankruptcy can help stop garnishment and potentially even help in obtaining some of those garnished wages.

Though the idea of taking such a big step as filing for Chapter 7 bankruptcy can be intimidating, it can also be beneficial. Texas residents who are tired of struggling under mountains of debt and feel that creditors are going too far in attempts to collect on outstanding balances may want to learn more about this debt relief option. There are certain qualifications that need to be met, but speaking with experienced attorneys could help interested parties determine whether this could be the right course for their circumstances.

Source: thebalance.com, “Should You File for Bankruptcy?“, Latoya Irby, March 9, 2018