How Can You Get a Fresh Start With Bankruptcy?

With thousands filing bankruptcy every year just in Texas, you may wonder what really is going on. Why do so many have to sell off everything… lose homes and cars… and can’t even pay the most basic of bills? Well, these are some of the myths about bankruptcy. You can truly get a fresh start with by filing — catching up on bills, keeping assets, and losing creditor harassment. You don’t sell off everything, the majority lose no assets including homes and cars, and with the right Chapter 7 discharge or Chapter 13 repayment plan, you can afford those basic bills.

What Bankruptcy Means for Debt

Bankruptcy is a fresh start because you can rework all your debts. With Chapter 7, you can discharge thousands in debt in a matter of months. For Texans, this can wipe out those credit card debts you could not pay, keep you solvent after losing a job, and save you from paying a huge medical bill. For debts owed, it means you are no longer under the gun with creditors. You can be entirely free of most all debts, either in months or years, either at no cost with Chapter 7 or at an affordable cost with Chapter 13. That’s how bankruptcy helps.

How You Get a Second Chance Financially

You get a second chance by filing bankruptcy. They call it a fresh start, but maybe “second chance” is better. Because, with the right bankruptcy lawyer, with the right strategy for discharging debt, you can keep most everything and be free and clear.

Why Texas Chapter 7 Bankruptcy?

Texas is no different economically in the past years in some ways, especially when it comes to credit, medical, and mortgage debt. These debts sometimes become impossible to pay. Texas has been hit by foreclosures less, but with many having to pinch pennies because of high interest credit cards and impossible medical debts. Chapter 7 bankruptcy can protect you and your family’s future.

Why Texas Chapter 13 Bankruptcy?

While it’s true that Texas homes have some of the lowest foreclosure rates of all 50 states, with only one in 316 homes being foreclosed (the national rate is 136, very high) it’s still a problem of note. If you want to keep your home, if you believe you have the means to pay some of it, it’s time to discuss Chapter 13 bankruptcy with an experienced lawyer. This can get fairly technical, but Chapter 13 can effectively help you keep your home instead of losing it. If credit and medical debts are hitting you hard, Chapter 7 is smart. If you have valuable assets like a home and some income, Chapter 13 can be better.

How a Lawyer Helps

These are not news breaking ideas, but it’s good to remember how the bankruptcy process can literally start over your economic situation with the opportunity to support a family, home, and car. If you’re still unsure, consulting with an experienced Texas bankruptcy lawyer is invaluable. He or she can educate you on the good, bad, and ugly when it comes to bankruptcy, though most of it’s good.

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