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Bankruptcy Attorney
Helping People Of Waco
Find Debt Relief

Filing for bankruptcy could be the new start you need

When debts begin to pile up, it can quickly become stressful. You might consider loans, or transferring balances to lower rate credit cards, but all of these options can quickly get out of hand, driving you deeper into debt. To make things worse, creditors may have little sympathy for your situation. The regular phone calls and threats of legal action only serve to add to your distress.

Unmanageable debt can be seriously detrimental to your day-to-day living, your health and even your family life. But what can you do if you simply are not earning enough to make the payments? Debt management companies can come with hefty fees and could exacerbate your situation. Yet if matters progress too far, you could risk losing other assets, such as your house. Fortunately, all is not lost. Chapter 13 bankruptcy might be the answer you seek.

This form of bankruptcy involves the formulation of a plan to help you repay your debts, either partially or in full. One of the major benefits of this form of bankruptcy is that it can allow you to prevent the foreclosure of your home. Chapter 13 has the added bonus of protecting you from direct contact with creditors. Your payments go to a trustee who then deals with your creditors, distributing payments accordingly.

Of course any major financial decisions should be carefully considered before you go through with them. An attorney may be able to advise you on any areas you are unsure about. However, it is important not to be deterred by the stigma attached to bankruptcy by some people. It is a fresh start, a chance to clear your debts and try again.

It is easy to see why many individuals in Texas decide to handle their debt problems by filing for bankruptcy. Sometimes there is no other way to deal with the rising costs. Our page on Chapter 13 has more information on the benefits of this form of bankruptcy and how to go about commencing proceedings.

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