Is Bankruptcy Right For Me?

Many families are facing the harsh reality of financial disaster with options running out.  With  many debt relief options available, it isn’t uncommon to be unsure of which solution is best for you. While debt consolidation loans and settlements are an option for managing financial problems, they may not be the right for your current situation. Similarly, filing for bankruptcy can be a great tool for alleviating your debts and protecting your assets; but first, be sure bankruptcy is the right choice for you.

One-Size Doesn’t Fit All

There are several ways to get out of debt and stop credit collections, but they are not all created equal. In fact, selecting the right one is highly dependent on your financial situation. You may be able to alleviate your debt burdens by contacting your lender directly to work out a payment plan.  A debt consolidation loan can roll several payments into one, allowing you to avoid the interest charges on multiple accounts. You may also be able to work with a credit counselor to gain additional skills in managing finances.  However, these solutions do have limits.

If you are currently being harassed by debt collectors or have received communications from a lender regarding consequences for your unpaid bills; now is the time to consider filing for bankruptcy. In bankruptcy, all debt collections, repossessions, evictions, garnishments, and foreclosures must stop! This swift action to prevent the loss of collateral and assets can be crucial for families wanting to save their property and get out of debt correctly. Be sure to consult with a Houston bankruptcy lawyer can walk you through the process and help you make an educated decision about your debts.