Filing for bankruptcy is often seen as a last-resort option for Texas residents struggling with debt. However, many people who have filed for bankruptcy appreciate the opportunity to start over financially and move forward with their lives. Chapter 7 bankruptcy is often one of the most popular forms of bankruptcy for individuals, as it discharges unsecured debts, offers automatic protection from collectors and creditors and allows people to complete the filing process in only 3 to 6 months. However, this type of bankruptcy is generally reserved for lower-income households who truly have no other options.
Many Texas residents are struggling financially to make ends meet, and, as a result, they may not be able to make their credit card payments every month. Once you fall behind on your payments, it can be difficult to catch up. Meanwhile, you may have creditors bombarding you with phone calls, letters and e-mails. Creditor harassment is against the law, but that doesn't stop many creditors from going to extremes to get their money.
Anytime an individual or business is struggling to stay afloat, they may consider bankruptcy as a viable option. Gigi's Cupcakes, a cupcake chain based in Texas, recently filed for Chapter 11 bankruptcy protection after facing multiple lawsuits. Gigi's apparently has multiple shops in Texas, in places such as Dallas and Fort Worth, and operates dozens of franchises all across the country.
Many Texas residents are currently facing serious financial crises. If you're one of them, you may be worried that, if you don't get things back on track soon, your home or other possessions will be at risk. It's not uncommon for finances to fluctuate according to circumstances in life. You may have some years that are financially strong and stable, and others where it's difficult to make ends meet.
Texans who are experiencing problems with debt will frequently consider a variety of alternatives to get on stronger financial ground before considering the potential benefits of bankruptcy. Once they understand that bankruptcy is a perfectly legal and viable solution to improve their financial standing, they are still puzzled by which chapter would be best for their situation. The circumstances will dictate the final decision, but for wage earners, Chapter 13 is frequently considered the ideal option. Understanding why is the key.
No one ever wants to file for bankruptcy, but for Texas residents who are struggling with debt, it may be the best option. The most common form of bankruptcy for individuals is Chapter 7 bankruptcy. While Chapter 7 bankruptcy will eliminate many of your debts, there are certain debts that will not be discharged.