When you come to the realization that you are in need of debt relief, you will find that filing for personal bankruptcy is a very viable option. But you want to make sure that you utilize the specific type of bankruptcy that best serves your needs.
Life is filled with myths that are passed off as common knowledge. And bankruptcy is a topic of which there are many misconceptions that need debunking. For example, perhaps you have been led to believe that if you file for Chapter 13 bankruptcy, you may never be able to get a mortgage loan. This is not only a falsehood but in some cases, it is 180 degrees opposite of the truth.
A house is often a family's most valuable asset. Of course, in monetary terms, this is almost always the case. And if property values should rise, your house may be worth more now than when you purchased it. But beyond the dollar value, your house is also a home; a place that provides shelter, security, and stability for you and your loved ones.
If you have assessed all your debt relief options and arrived at the conclusion that you want to initiate Chapter 13 bankruptcy proceedings, you need to understand the details of the process. One of the most important people who will be involved in your case will be your trustee. Your trustee comes into the picture after the court accepts your Chapter 13 filing. And moving forward, the trustee plays a key role in helping make your Chapter 13 a success.
Perhaps the strongest selling point of Chapter 13 bankruptcy is that it gives people what is commonly referred to as a "fresh financial start." You may have heard or read this term and wondered exactly what it means. Well, it is actually a rather all-encompassing phrase which refers to many aspects of the rebuilding process of your financial well-being.
Perhaps you have been considering filing a Chapter 13 bankruptcy as a solution to your present financial setbacks. Many Texans take advantage of Chapter 13 benefits every year and still others would likely reap benefits if they too decided to take the step. But sometimes people delay or even avoid filing because they fear the process itself would be too arduous.
Texans are proud people. We believe in giving an honest day's work for an honest day's pay. What's more, it is important to us to honor our commitments. And this is why it can be extra difficult when we suffer financial setbacks. As much as we may want to clear our debts, sometimes circumstances can make it impossible to do so.
The most well-known attribute of bankruptcy is that it can completely discharge some or all of your debts, allowing you to gain a fresh financial start. This is perhaps the most common reason that people file for bankruptcy, but in addition to providing debt relief, a bankruptcy filing can also provide other forms of relief and protections. Depending on your filing, your life could go from painfully stressful to peacefully blissful.
The decision to file for bankruptcy is never easy, but unfortunately even if you make the difficult decision, your hard choices do not end there. For many people, deciding what type of bankruptcy filing to pursue can be just as difficult or confusing as actually deciding to file for bankruptcy. This is especially true if you are not aware of the differences between Chapter 7 and Chapter 13 bankruptcy.