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Bankruptcy Attorney
Helping People Of Waco
Find Debt Relief

Bankruptcy could be the debt relief solution you need

Whether they’re saddled with exorbitant student loan debt or struggling to pay their bills in these tough economic times, many people are seeking some form of debt relief. Unfortunately, there are a number of people looking to prey on desperate or unsuspecting individuals who are just trying to get their feet under them financially. One such predator comes in the form of debt-settlement companies, which asks for indebted people to pay them so that they can offer the creditors a lump-sum that is lesser than the amount of debt owed.

The idea is that creditors will be so happy to get the large sum that they will be willing to negotiate a lower deal to save them from having to hound their debtors for years. While this may sound like a reasonable debt relief plan, it’s a risky gamble at best. If creditors choose not to accept the deal, the lack of payment could increase interest and damage credit.

While this knowledge may save indebted individuals from falling even farther behind in their payments, it still doesn’t help them manage their debt. People could still be facing years of creditor harassment and debt repayment, so what’s the alternative? One alternative that you should consider is bankruptcy.

Bankruptcy may sound like a terrible option or an admittance of failure, but the reality of bankruptcy is that it is the debt-settlement plan for people looking to get out of debt. It’s not an instant fix, but Chapter 7 bankruptcy will allow you to discharge some of your debts completely and help you start on a road to financial recovery. A large concern for people considering bankruptcy is whether or not they will lose their assets, but Texas courts exempt many assets from liquidation, including houses and cars. Filing for bankruptcy can stop creditor harassment and help you manage your debt safely and legally.

Source: The Boston Globe, “No quick fix for those deep in debt,” Michelle Singletary, July 17, 2014

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