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Options other than filing for bankruptcy in Texas


Consumer debt has exploded in Texas and the rest of the nation. An individual suffering under heavy debt due to loans and credit card debt may seek solutions to this problem under the state's insolvency laws. Although bankruptcy is considered to be a last resort, it does offer debt relief.

However, there are certain pitfalls when choosing bankruptcy. For instance, filing for bankruptcy means that that and individual's creditworthiness will be affected for some time. This is because information regarding bankruptcy remains on an individual's credit report for many years. This can hinder a person's ability to get a loan, find a job, obtain insurance and even get a home.

Individuals who are in debt may consider certain other options to them before filing for bankruptcy. This may include talking to their creditors about a payment plan that can be modified to suit the individual's situation. A person can also opt for credit counseling in order to formulate a proper repayment plan.

These counseling services require individuals to give them a certain amount of money each month which the service then pays to the creditors. These services are provided by certain organizations across the state and charge little or no fees for their service.

If none of these options are suitable, then an individual may consider filing for bankruptcy under Chapter 7 or Chapter 13 of the bankruptcy code which can provide relief. However, a person must consider all other existing options before filing for bankruptcy.

Source: Consumer.FTC.gov,"Debt Relief or Bankruptcy?"Accessed on Dec. 3, 2014

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