Many Texas residents can attest to the fact that struggling with debt is no picnic. Many households reach the point where they can barely afford the necessities, let alone pay any discretionary bills. At this point, they probably attempted to deal with the overwhelming amount of debt through other means before coming to the conclusion that filing for Chapter 7 bankruptcy would be the best resolution, but the unknown could be intimidating.
If someone tells a Texas resident otherwise, he or she should probably run the other way. While most people do receive a discharge from a Chapter 7 bankruptcy, there is no guarantee it will happen. However, knowing the circumstances under which one may not be given could help increase the likelihood of receiving one.
For whatever reason, you are no longer able to meet your financial obligations as you once were. Now, you have creditors calling you, sending you letters and making threats or following through with legal action. More than likely, you have tried everything you can think of to deal with your financial situation, but to no avail. Like other Texas residents, you probably did not automatically consider filing for Chapter 7 bankruptcy as a debt relief option, even though it could be your best option.
There is one debt relief option that some Texas residents may not explore out of fear of losing their property. The myths surrounding Chapter 7 bankruptcy include a story that anyone who files will lose all of his or her property. Fortunately, this simply is not true. Depending on the circumstances, some property may be surrendered to pay creditors, but more than likely, most people's property will fall under one or more exemptions.
The odds are that you have some sort of debt just like many other Texas residents do. You may also be like others who consistently perform the same balancing act each month just to stay above water. However, when that balancing act becomes too much to bear, you may turn to Chapter 7 bankruptcy for relief, just as many people before you.
Back in 2008, the banking and housing industries experienced a crisis that thrust the country into the Great Recession. Over the last 10 years, consumers' spending habits changed in response to it. For many Texas consumers, that meant filing for Chapter 7 bankruptcy as they experienced financial hardships.
Debt is an unavoidable part of American life, as many people can attest, but sometimes, it can get away from us. For Texas residents facing serious debt problems, there are multiple solutions available to help remedy the situation. However, it is important to understand the differences between these options, including debt consolidation and Chapter 7 bankruptcy.
Bankruptcy can be a complicated topic to discuss or learn about, both because of incorrect information disseminated through popular culture, and because it is a complicated process. Chapter 7 bankruptcy can help Texas residents recover from unmanageable debt, but it is critical that the individual undertaking the filing understands the process as best as possible. This is why the support of an experienced bankruptcy attorney can be so vital to a successful filing.
Many Texas residents find themselves dealing with overwhelming debt, but are unsure how to resolve the issue. One of the best things to come out of the Great Recession was the increase in acceptance of bankruptcy as a viable debt relief option. Even so, people still have trouble with the concept of filing for bankruptcy or have certain barriers to using it.
Bankruptcies in the United States are technically down compared to last year, but experts say this news comes with a caveat. The recent decline of 1.8 percent is the smallest in years, showing that things have somewhat plateaued since the recovery period following the Great Recession. With 790,830 bankruptcy filings last year, Texas individuals considering Chapter 13 or Chapter 7 bankruptcy are far from alone. Here are a few things people should know before taking this step.