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Chapter 7 bankruptcy could be the debt relief you need

When you find yourself struggling with debt, your best option to get a fresh financial start may lie with bankruptcy. Filing for Chapter 7 bankruptcy is the quickest and most common way to get debt relief through bankruptcy. It allows people who have come under more debt than they can handle to manage their finances by reducing some debts, eliminating others entirely or helping them find ways to pay the debt off. In some cases, it may require you to liquidate some of your assets to achieve this reduction to debt, but Texas laws exempt some personal assets.

Even people who have a history of managing their finances well can find themselves in a tough situation. With the economy only just recovering from a recession, it’s no surprise that some businesses are struggling to stay afloat. This includes businesses that have been open for over a decade. While not in Texas, one such example is the owner of a furniture store in Michigan who has recently filed for Chapter 7 bankruptcy.

The furniture store opened in 1999. Unfortunately for the owner, he amassed between $500,000 and $1 million in debt owed to 73 different creditors. Rather than let this debt crush him, he filed for Chapter 7 bankruptcy to get the debt relief he needed. A trustee will collect his assets and sell non-exempt items to help him pay the debts off.

Fortunately for Texans, the exemption laws are different depending on the state, so don’t let out-of-state bankruptcies frighten you into thinking your property will be forfeited. Texas law exempts property such as homes, car, boats and more. If you are facing debt or creditor harassment, you can file for Chapter 7 bankruptcy. This will stop creditor harassment and allow you the debt relief you deserve.

Source: MLive, “Ann Arbor store closes after business owner files for Chapter 7 bankruptcy,” Jeremy Allen, March 5, 2014

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