Many Texas residents experience financial hardships. However, not all of them need to risk losing some of their assets through the filing of a Chapter 7 bankruptcy. Instead, they may qualify to file a Chapter 13 bankruptcy in which most people retain most or all of their assets while reorganizing their financial lives and making payments on debts through a repayment plan.
Like other Texas residents, you recently came to the conclusion that fixing your financial situation is beyond tightening your budget or looking for more places to cut costs. You need a real solution, and you have decided that filing for Chapter 13 bankruptcy could provide you with the debt relief you need. Your only question: Is this is the right path for you to take?
It seems as though debt sneaks up on Texas residents. Their lives are busy, and even though it may take months for the situation to become dire, many wake up one morning to realize they are overwhelmed by their financial situations. One of the debt relief options they may pursue is the filing of a Chapter 13 bankruptcy.
When Texas residents are faced with overwhelming debt, they often search for debt relief options that provide them with the most bang for their buck. In many cases, this turns out to be bankruptcy. Depending on income levels, many of those people will end up filing a Chapter 13 bankruptcy, which comes with numerous responsibilities for the filers.
Many people considering filing for bankruptcy are unfamiliar with the multiple "types" available for personal filers. More people filing for personal bankruptcy in Texas will fall into the category of Chapter 7 or Chapter 13 bankruptcy. It is a good idea for individuals thoroughly understand both types to pick the right option for their particular situation.
Deciding to take the steps necessary to get finances back on track is a big deal. It can take immense effort to accept that the situation will not get better on its own or even with help from an individual alone. Fortunately, Chapter 13 bankruptcy may be able to help qualifying Texas residents get their affairs in order.
When Texas residents feel that the time has come to face their financial struggles, it can be frightening. However, individuals should feel proud that they are willing to address their problems rather than allowing them to get worse. For some, Chapter 13 bankruptcy may be the avenue that helps them get back on track with their finances.