Bankruptcy has a reputation for being tantamount to financial ruin, and while filing for bankruptcy may not be most people’s first choice, it’s preferable to struggling with debt for years and years. Some people may not know that they’re eligible for bankruptcy, but there are different types of bankruptcy for different situations and circumstances. If you have debt, there’s almost certainly an option for you. One of the most common types of bankruptcy is Chapter 7 bankruptcy, which can be used by small businesses or individuals who are struggling to pay off their debt.
Bankruptcy is a debt relief option which the law affords to people, but many in Waco may not know that there are different types of bankruptcy, each offering different protections or plans to handle serious debt. By far the most common type of bankruptcy is a Chapter 7 filing. It is available to almost everybody, including people who are current on their debt or have a substantial income. Still, most Chapter 7 bankruptcy filings are from individuals or small businesses who have accrued a substantial amount of debt that they are unable to pay.
Texas residents may be interested in the bankruptcy filings by the former operator of a mobile home business based in La Feria. Doing business as the Park Girl, the operator is facing civil suits and criminal charges alleging that she deceived customers and stole from them. The criminal charges involve between $100,000 and $200,000. The woman has placed cashier's checks totaling $100,000 with the court to settle claims.
Filing for personal bankruptcy protection is a serious decision. Knowing this, those who plan to file can benefit from making sure they have all of their financial affairs and documents in order before making a move in court. Failing to appropriately report certain assets and expenses can be a major hindrance in achieving debt relief.