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Everything's bigger in Texas—but what about debt? If you're struggling with Lone-Star-State-size debt obligations, there is a legal option that may help.
Personal bankruptcy laws are designed to help you overcome your financial turmoil and find a fresh start.
Why wait? Talk to a Houston bankruptcy attorney today about your debt relief options, and learn if filing bankruptcy may be right for you.
U.S. Bankruptcy laws provide protection for individuals overwhelmed with credit card debts, medical bills, and payday loans. You may also be able to stop foreclosure proceedings and repossessions by filing bankruptcy, then work with creditors to reach a repayment agreement.
In Houston, the majority of individuals file either Chapter 7 or Chapter 13 bankruptcy. These two options provide different freedoms and protections, depending on your financial situation.
Chapter 7 bankruptcy is often used by those with high credit card debts, payday loans and other unsecured debts (those not tied to a specific item).
Chapter 7 cases move relatively quickly through the Houston bankruptcy court—by filing Chapter 7, you may be debt free in as little as four months.
Typically, Chapter 7 bankruptcy works by liquidating certain assets to repay creditors. Under Texas bankruptcy laws, however, you may be able to protect your most valuable property, such as your home, using federal or state exemptions.
Filing Chapter 7 bankruptcy involves passing a means test, which compares your income to the state median, and evaluates your disposable monthly income. Ask a Houston bankruptcy lawyer if you might qualify.
Chapter 13 bankruptcy is typically used for those who have mortgage debt or other "secured" debts that may be at risk of liquidation under Chapter 7, or for those who wish to repay their debts but are having trouble making ends meet.
Under Chapter 13 bankruptcy, you and your creditors create a monthly payment plan through the U.S. bankruptcy court. This plan, which typically lasts three to five years, allows you to make a single payment through the bankruptcy trustee.
No matter which chapter of bankruptcy you and your attorney decide may be best in your situation, you may be eligible to receive the protections of bankruptcy's automatic stay.
The automatic stay is a court order that prevents creditors from contacting you once your bankruptcy petition has been filed. It's protections put an end to foreclosure, repossession and debt-related law suits while your case is pending.
In many cases, you may be able to enjoy the protections of the stay for the duration of your bankruptcy case.
Don't spend another day worrying about how your debts might affect your future. Get in touch with a bankruptcy lawyer near you.
It's easy—just fill out the free bankruptcy case review form on this page and we'll connect you with a Houston bankruptcy attorney for a no-obligation consultation. Click below to get started.
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