Sometimes a person in Texas finds that they simply have more debts than they can pay back. This can be very stressful, especially when a person is being hounded by debt collectors or even threatened with foreclosure or a lawsuit. Fortunately, people in this situation may receive debt relief via a Chapter 7 or Chapter 13 bankruptcy filing.
People in Tyler may want to file for bankruptcy, but may be concerned about how it will affect their credit. While it is true that a person's credit score will take a hit after filing for Chapter 7 bankruptcy, it is not something that cannot be overcome with time. In fact, it may even be possible to obtain a credit card after completing the Chapter 7 bankruptcy process.
Sometimes, if a person in Texas is facing overwhelming debt, they may be tempted by a debt settlement offer that claims it will protect the debtor from bankruptcy. However, sometimes these offers are too good to be true. Are there circumstances in which filing for bankruptcy is preferable to a debt settlement offer?
Sometimes a person in Texas has no choice but to go into debt. Company-wide layoffs, a serious illness or an unexpected and costly home repair or car repair could all put a person in a difficult financial situation. Sometimes a person is forced to make tough choices. Should they pay the car bill this month if it means they wouldn't be able to buy groceries? Should they use a credit card to pay the electric bill? These are difficult decisions to make and, unfortunately, the debts associated with having to make such choices can spiral down to the point where not only can a person not catch up on their debts, but they can't even afford their basic living expenses.
Many individuals experience the strain of financial hardships at some point in their lives. Perhaps recent monetary struggles left you in a bind, you might have chosen to turn to credit cards to help you overcome your temporary dilemma.