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Common questions for debt relief with bankruptcy

Bankruptcy can be a frightening prospect for many people. Some people may view it as a failure or think that a bankruptcy filing will destroy their credibility, and even when people do file for bankruptcy, they may find themselves confused by the many different options. Depending on your circumstances, you may want to file for Chapter 7 bankruptcy or Chapter 13. The good news is that if you need debt relief, there is likely a bankruptcy option for you.

It is understandable that people filing for bankruptcy will have many questions about the process, including how Texas treats the process. The first thing to know is which bankruptcy filing is best for your circumstances: a Chapter 13 filing or a Chapter 7 bankruptcy. It is recommended that you meet with an attorney to determine for sure which filing you should pursue, but the general rule of thumb is that if you have a large enough income that you could eventually pay of your debts within three to five years, you will want to file for Chapter 13 bankruptcy.

If you cannot manage such payments because your debt is too extreme or your income is not enough, you will likely want to file for Chapter 7 and sell of your non-exempt property to pay your debts. Your exempt assets are protected from sale, so it is important to have an understanding of which assets will be exempt.

Ultimately it is the decision of every individual to file for bankruptcy, and bankruptcy is not necessarily the best option for everyone. However, if you are struggling with debt and you desperately need relief, then bankruptcy is an option you should probably consider. It is a legal form of debt relief that can help you get a fresh financial start.

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