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Common Concerns & Questions About Bankruptcy

Understanding what leads to filing for bankruptcy

| Jun 2, 2016 | Personal Bankruptcy |

For those in Texas who have medical expenses, mounting credit card debt or other bills they are unable to pay, the fear and concern can be overwhelming. They might believe they have nowhere to turn and nothing they can do to get themselves out of their situation. However, it is important to know that the bankruptcy laws are in place just so those who are having financial problems can have a way out and get into a better position to move on with their lives. Financial woes do not discriminate and they can happen to anyone. For most people it is not a sign of irresponsibility to consider filing for bankruptcy.

There are many reasons why a person’s financial circumstances can grow out of control. A person in the family getting sick or suffering a disability can be a financial disaster. The economy has struggled in recent years and it is not unusual for a person to lose his or her job without warning and with no good options to get another job. Even if one is able to keep one’s job, reductions in work time and pay can result in the inability to pay bills.

Other situations, like divorce, can cause financial turmoil. Credit card interest rates can easily mount to the degree that a person can no longer keep up with the payments. These are all viable reasons to think about Chapter 13 or Chapter 7 bankruptcy. Considering the option is a wise decision that can be bolstered by gathering the proper information.

A troublesome financial situation need not dominate the rest of a person’s life. Knowing the bankruptcy laws are in place to help those who are dealing with financial problems can be a lifeline to start over again. With this in mind, those who have nowhere else to turn to pay their debts need to know what steps to take to consider bankruptcy and whether it is the right choice for them. Speaking to a qualified bankruptcy attorney can help.