We see in the media almost weekly another giant corporation or celebrity is filing for bankruptcy. You wonder how do people that make so much money lose control of their finances.
Filing for bankruptcy is a tough decision. One with far-reaching consequences for your financial future. However, if the possibility of losing your home, business or vehicle your best course of action may file for bankruptcy with an experienced bankruptcy attorney.
Personal bankruptcy is court ordered and protected plan to help those in financial crisis pay their creditors to the degree possible. It protects an individual from foreclosure, repossession, and other creditors legal action.
Under the court’s approval and protection, you can work out a plan that will satisfy your creditors and legally pay less each month than the full amounts owed before bankruptcy.
If you can answer yes to 2 or more of these questions, you may want to consider filing bankruptcy.
- Do you find yourself making minimum payments on your credit cards?
- Are you getting calls from bill collectors?
- Are you tried debt consolidation and you still owe more than you make?
- Are you unemployed?
- Do you have large medical bills?
Chapter 7 bankruptcy, Liquidation
Chapter 7 bankruptcy will liquidate your assets to pay off as much debt as possible. This form of bankruptcy offers a quick, fresh start.
If you have a property, you want to keep such as a family home or business, you may want to consider filing chapter 13 bankruptcy.
Chapter 13, Reorganization Bankruptcy
Chapter 13 bankruptcy, also called a reorganization bankruptcy, allows people to pay off their debts in 3 to 5 years. Any debt remaining after that is discharged.
To help you decide if filing bankruptcy is the choice for you, contact a Houston Bankruptcy Attorney to find out your options.