Is Filing Bankruptcy Right For You?
Our Houston Bankruptcy Attorney Can Advise You
In today’s economy, many families are only a paycheck away from financial disaster. Unexpected job losses, injuries and medical expenses can result in an average, middle-class, working family simply being unable to pay mounting debts. You may face debt collector harassment, mortgage foreclosure and other stressful situations that go along with financial hardship. Rather than risk losing your home or other important assets, filing bankruptcy may be the best solution for you and your family. To explore all of your options regarding bankruptcy and your finances, consult an experienced Houston bankruptcy lawyer who will take the time to sit down with you and guide you through the decision-making process. Contact the Law Office of Patrick T. Williams to decide whether filing bankruptcy is in your best interest, and, if so, which type of bankruptcy is right for you.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy proceedings are typically for those individuals who do not have the income or resources to pay largely unsecured debt, such as credit cards and medical bills. If your Chapter 7 is successful, the case will discharge all your eligible debts, including credit card debt, medical bills, personal loans and most utilities. The discharge eliminates your legal obligation to repay the debts, and creditors cannot take any collection action against you for the debts. You can keep your house and car if you are current on your payments and you can afford to keep making them, or you can walk away from your mortgage or car note without owing anything if you give back the house or the car.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy proceedings are an option for those individuals who have some ability to repay their debts or who do not otherwise qualify for filing Chapter 7. Under a Chapter 13 bankruptcy case, you repay your creditors in whole or in part over a three- to- five-year period. You propose a repayment plan; how you pay each creditor depends on the type of debt. If the creditors and the bankruptcy court approve the plan and you successfully complete the plan, you will receive a discharge of most of the remaining balances on those debts. Chapter 13 is also a potential means of safeguarding property such as real estate and vehicles; you can catch up on a mortgage or a car note and protect your non-exempt property.
If you are struggling through hard times, you should consider bankruptcy as a viable option for dealing with your debts, ending creditor harassment and eliminating your bills. Depending on your circumstances, filing bankruptcy also can enable you to stop mortgage foreclosure proceedings, catch up on your bills and avoid repossession of your vehicle. Your Houston bankruptcy attorney can advise you of all of your options and help you make the decision that is best for you and your family. Do not hesitate to explore the possibility of affordable bankruptcy now by contacting the Law Office of Patrick T. Williams as soon as possible.
