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.
Chapter 13 can provide debt relief for those with regular income
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.
Does Chapter 7 bankruptcy eliminate all my debts?
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.
