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Chapter 13 Bankruptcy Lawyer Llano and Cypress, TX

chapter 13 bankruptcy lawyer Texas

If you’re stuck under crushing debt, a chapter 13 bankruptcy lawyer in Texas can help you finally get free. While many people don’t have a plan in place when they need to file for bankruptcy, taking the time to speak with an attorney and to figure out your next steps is an essential part of the bankruptcy process, and could make the difference between continuing to sink beneath debt, and finally getting the financial freedom you’ve been missing for so long. While there are many reasons to declare bankruptcy, how do you know it’s right for you, and how can it help you get out from under your debt?

Is Declaring Bankruptcy Right for You?

The ideal end result of declaring bankruptcy is enticing. Most Americans accrue debt over a long period of time, whether it’s because of home loans or mortgages, medical bills, car payments, or anything else. The truth of the matter is that many of us are paying off debts in some way, shape, or form, and when there is enough debt piled up, it can be overwhelming. Sometimes it becomes impossible to finally get out from under debt, and like a financial game of whack-a-mole, you end up throwing money at dozens of different debts before you can even think of providing for yourself. Filing for bankruptcy is a way out, but how do you know if it’s right for you?

There are pros and cons to everything. While filing for bankruptcy seems like an enticing way out from under debt, you need to remember that you’re still making a sacrifice. The main downside to filing for bankruptcy is the hit your credit takes. Credit takes a long time to build up, and if you have to declare bankruptcy, it will take even longer to get it back to a goo

d score. Having a low credit score means a more difficult time when you want to apply for loans, purchase a home, and more. Additionally, some types of bankruptcy can stay on your financial records for up to ten years – so make sure you plan accordingly and weigh your options before you make your decision.

Different Types of Bankruptcy

Bankruptcy is not a cut and dry process, and if you’re considering filing bankruptcy, you need to remember that there are a few different options. You may be familiar with different “chapters” of bankruptcy, particularly Chapter 11 bankruptcy. While Chapter 11 bankruptcy is specific for businesses and corporate restructuring, personal bankruptcy falls into certain categories as well: primarily Chapter 7 bankruptcy and Chapter 13 bankruptcy.

Chapter 7 is also known as a “liquidation bankruptcy”, and involves selling off your assets to pay off your creditors. It’s more drastic, and usually involves losing many assets and items (even family heirlooms) to pay off your debts. Filing for Chapter 13 bankruptcy is also known as “reorganization bankruptcy”, and is a good way to avoid having to sell off your assets. Unlike Chapter 7 bankruptcy, filing for Chapter 13 bankruptcy gives you time to develop an in-depth plan to save your hard-earned assets.

Contact a Chapter 13 Bankruptcy Lawyer Today

Filing for bankruptcy is a difficult and frustrating process. There are many twists and turns that you have to be aware of when trying to get out from under debt. Fortunately, at the Winfrey Law Firm, PLLC, we make sure our clients have as much information as possible before choosing to file for Chapter 13 bankruptcy.

Debt can be suffocating, and filing for bankruptcy can be a way out. However, it always pays to get in touch with a legal professional that can help you determine whether filing for bankruptcy is right for you. Contact us today for more information.

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