A lot of people who are having trouble keeping up with bills have questions about the options that are open to them.
What are my options to get the bills under control?
How does bankruptcy work?
What are the alternatives to bankruptcy?
How will filing for bankruptcy affect me in the long term?
There are a many people who believe that they have the answers to these questions, but ultimately, bankruptcy is a highly personal decision, one that no one else can make for you, and that requires a great deal of consideration. Perhaps most importantly, the question of whether to file for bankruptcy requires that you be armed with as much information as possible: information about bankruptcy options as well as information about options to avoid bankruptcy. Again, in order to make a truly informed decision, knowing the details of your particular situation is critical, and no one can make this decision for you.
Certainly, many people do file for bankruptcy. According to the U.S. Bankruptcy courts, over 25,000 non-business Chapter 7 bankruptcy cases were filed in Texas alone in 2010. Chapter 7 is a form of liquidation bankruptcy in which non-exempt assets will be sold in order to pay off as many creditors as possible, and many debts can qualify to be discharged. While certain debts, such as student loans, may not qualify to be discharged in a Chapter 7 bankruptcy, there is also property that is exempt from liquidation. For many people, particularly people who have had significant changes in income level, Chapter 7 bankruptcy can be part of the process of getting out from under an uncontrollable debt burden.
If you think that bankruptcy may be the right step for you, speak with an experienced Austin bankruptcy attorney as soon as possible to discuss your options. Knowledge is critical to making an informed decision. Brian Daniel is an Austin bankruptcy attorney who has helped countless people ease the burden that out-of-control debt has caused. He can discuss with you how bankruptcy works, and what the short and long-term consequences are likely to be. A decision this important should be an informed one; for more information and a FREE CONSULTATION contact Brian at The Daniel Law Firm today at (512)615-3569.