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Bankruptcy Attorney
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Debt relief options exist to help you manage debt

There are a lot of things most people probably don’t know about bankruptcy. For many, the word is an instant source of alarm, indicating financial failure. This is far from the truth, however, as there are many different types of bankruptcy that can be used under different circumstances for debt relief. For those who are facing insurmountable debt and see no way out, bankruptcy is a form of debt relief that could be the answer to their prayers.

Courts have recently approved more than $5 billion in bankruptcy loans to a Texas energy company. The company, Energy Future Holdings Corp., filed for bankruptcy back in April facing $42 billion in debt. The energy company is hoping to refinance senior bonds with the help of the loan while also dealing with early payment premiums.

Of course, no Texas residents can begin to comprehend what it means to owe $42 billion, but that doesn’t mean that debt isn’t an issue for many Texans. Whether you’ve lost your job, you’re living paycheck to paycheck or you’re worried that your house may be facing foreclosure, there is a debt relief option for you. Filing for bankruptcy provides protection in the form of an automatic stay that stops creditor harassment and repossessions, including foreclosure.

If you’re facing debt that you see no way of paying off, a Chapter 7 bankruptcy filing can eliminate some of that debt completely and get you headed toward a fresh financial start. If you have a steady income but your payments are beyond what you can handle, a Chapter 13 bankruptcy filing can give you a chance to reevaluate your payment plan and pay your debt off in a more manageable time frame. These are just some of the debt relief options you can take advantage of. You don’t have to let crippling debt cast a shadow over your life.

Source: Wall Street Journal, “Energy Future Holdings Wins Approval of $5.4 Billion Bankruptcy Loan,” Peg Brickley, June 6, 2014

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