The filing of a bankruptcy case immediately stops creditors, including mortgage companies, payday loan companies, bill collectors, the repo man, even the IRS, from pursuing you. This absolute relief from your creditors gives you an opportunity to sort things out, so you can deal with your debts in the most favorable way allowed by the law.
You may choose to file a Chapter 7 bankruptcy, or a Chapter 13 bankruptcy, whichever is better for you. You may keep your property and assets that you want and need, and that you can afford. You may give up things that you no longer want, or can no longer afford. You and your bankruptcy lawyer will tailor the Chapter 13 payment plan to fit your budget.
With the guidance of a good and experienced bankruptcy lawyer, you will know exactly how your bankruptcy case will unfold before you file the case. There will be no surprises, and no anxiety. This is different than being at the mercy of your creditors or the IRS, with little protection from the law, and just hoping for a good outcome.
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To speak with an experienced Texas bankruptcy attorney, contact Patrick T. Williams, Attorney and CPA.