Choosing to file for bankruptcy protection is a huge financial decision. When most of us make important life choices, we tend to second-guess ourselves. But, avoiding bankruptcy when you are in need of it can turn into a downward spiral that leads to worse and worse consequences.
Texas consumers can empathize with Paul Teutul when it comes to financial problems. In fact, the 69-year-old star of "American Chopper" filed a Chapter 13 bankruptcy back in Feb. 2018. Recently, however, the trustee on this case accused Teutul of failing to adhere to the court's and the trustee's requirements for the case.
Job losses, medical emergencies, divorce and more can easily adversely affect the financial lives of Texas residents. Many turn to credit cards in order to keep up with necessities, but soon, those bills become overwhelming as well. By the time credit card debt reaches a critical point, consumers may begin looking for ways to rectify the situation, but they need to exercise caution when doing so.
Financial problems are nothing unusual for consumers here in Texas and elsewhere. Debt can get extremely overwhelming and, for many people filing for Chapter 7 bankruptcy, could provide relief from the situation. What makes several of them hesitate is thinking that doing so would end their financial futures, but that is not true. In fact, it does not have to be an end, but instead, a beginning.
Bankruptcy protection can help those who are struggling with debt come out on the other side. Yet, some of the misconceptions around the practice can be off-putting.
By the time many Texas residents realize they have financial problems, the situation is already overwhelming. If you are one of these people, then you know how stressful, frustrating and even frightening the situation can be. You want to file for Chapter 7 bankruptcy, but you are not sure how to proceed. Fortunately, you do not have to go through the process alone.