Although the winter holidays are still a few months away, some people in Tyler, Texas may have already gotten a head-start on their holiday shopping. For those with children, finding the most popular toys of the season may already be on shoppers' radar. Therefore, they may be surprised to hear that the popular toy retailer Toys R Us has filed for Chapter 11 bankruptcy.
Some people in Tyler, Texas find that they are suffering under unmanageable debt, and they need help dealing with this debt in a way that provides them with a brighter financial future. Therefore, they may be interested in filing for Chapter 13 bankruptcy. However, as discussed a previous post on this blog, certain requirements must be established before a person can file for Chapter 13.
People in Tyler who are facing financial difficulties may decide that filing for bankruptcy is the right choice for them. Some may decide to file for Chapter 7 bankruptcy, as the process is relatively quick from start to finish, so they can move on with their lives with a fresh financial start. Others may want to file for Chapter 13 bankruptcy, especially if they think they can pay back some or all of their debt given time or if they want to preserve assets that might be lost if they file for Chapter 7. However, they should keep in mind that not everyone qualifies for Chapter 13.
Offers from debt settlement companies can seem so alluring to those in Texas struggling with unmanageable debt. For one lump sum payment, these companies offer to work with a debtor's creditors to forgive the remaining debt. Unfortunately, oftentimes these offers are too good to be true.
Even the most financially responsible people in Texas may someday face an unexpected financial calamity that causes them to be unable to pay their bills. Being unable to pay your bills can be incredibly stressful, especially once the calls from debt collectors start coming in. However, there are limits to what debt collectors are allowed to do.