Anyone that has ever gone through or are facing bankruptcy knows the agony that comes with going through the process. The thought of losing everything is almost unbearable for many. Bankruptcy seems like such a smear on one’s character, as well as upon the credit. However, bankruptcy is not all that uncommon. Many people end up filing bankruptcy in one form or another, and they are able to start over fresh, contrary to the popular misconception of being ruined. There is a Bankruptcy Attorney in Keller TX who helps clients with debt issues. These are some things to know about bankruptcy in the State of Texas.
In general, bankruptcy becomes an option for people when there is no other way to resolve the enormous debt. The two major forms of bankruptcies that are filed are Chapter 7 and Chapter 13. The first type is a complete erasing of the debts, except for those items which are not able to be written off. The second type of bankruptcy is for a reorganization of the debts, giving the debtor a certain amount of time to pay off the debts, and in a manner that is affordable. Usually, this is three to five years.
A major advantage in filing a Chapter 13 bankruptcy is that the debtor gets to keep the home and other property that he or she is behind on in payments. Credit counseling must be completed before being able to be approved for either type of bankruptcy. When the filing the Chapter 7 bankruptcy, the debtor might not be able to keep the home if it is part of the bankruptcy process. Only a qualified attorney can advise the debtor on the best way to go.
The Law Office of David S. Kohm & Associated has been offering debt relief and solutions for clients in the Keller, Texas area since 1990. The law firm will give the debtor the benefit of free consultation about the potential bankruptcy case, and is available 24 hours a day, seven days a week. If any debtors are interested in a Bankruptcy Attorney in Keller TX who can advise them, the law firm is available. Visit the website.
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