Bankruptcy isn't the only option to deal with execessive debt, and in some cases, there are better options. If you see yourself buying a new house or car in the next few years, a bankruptcy may prevent you from getting the credit you need. Some jobs won't hire an applicant with a recent bankruptcy filing. Some licenses and security clearances may also be denied or revoked.
In other words, you need to consider ALL of your options when determining the best way to get out from under excessive debt. In some situations, a creditor may be persuaded to let you pay only portion of the debt you owe if it means they will get something, rather than nothing if you file bankruptcy. You may also be able to extend the repayment period of a loan (e.g., from 4 to 6 years), making payments more affordable. This approach has some risks, such as stubborn creditors, and it can negatively affect your credit (to a much smaller degree than bankruptcy in most cases), but for many people it is preferable to declaring bankruptcy.
Contact Us to discuss your situation and find out what your options are. It is free, there is no obligation, and we can speak over the phone.
Chapter 7 - Total discharge of debt
Chapter 13 - Discharge of debt after payment plan
Principal office located in Addison, Texas
If you have questions or want to schedule a consultation, please fill out the contact form. Your email will be sent directly to an attorney and responded to within one business day.