Debt makes up a significant part of our economy. Individuals in Texas may struggle when they suddenly lose their job, or they may incur substantial medical expenses with the onset of an unexpected medical condition. Regardless of the reason for such financial hardship, those who are subjected to it can find themselves overwhelmed, stressed on a daily basis and fearful for their future. Although these emotions are understandable, those facing seemingly insurmountable debt may be able to obtain debt relief.
One way to do this is to file for Chapter 13 bankruptcy. Under this portion of the bankruptcy code, an individual who earns a certain amount of income may have anywhere from three to five years to comply with a repayment plan to repay creditors. Once the payment plan is completed, then much of the individual's outstanding debt may be forgiven. However, to successfully file for Chapter 13, an individual needs to comply with the law. This holds true, too, as the individual progresses through his or her payment plan. Any misstep could spell financial disaster.
With so much at stake, many Texans choose to seek out the help of a bankruptcy attorney. At the Law Office of Gordon Mosley, our team of dedicated legal professionals know the ins and outs of the bankruptcy code. This means we are able to advise our clients as to what they need to do to successfully file for bankruptcy and complete their bankruptcy plan. Additionally, we aggressively defend our clients when they are accused of violating a bankruptcy plan or otherwise straying from the legalities necessary to successfully file for bankruptcy.
Far too many individuals hold negative connotations with regard to bankruptcy, as they tend to see it as admitting to failure. Yet, bankruptcy is merely a tool individuals can use to free themselves from the financial binds of debt and acquire a fresh financial start. Those who are able to take advantage of the bankruptcy code should carefully consider whether doing so will support their short-term and long-term interests. Therefore, speaking with a legal advocate knowledgeable in this area of the law may prove beneficial.