Getting into debt is stressful, especially if you don’t see any way out. If you’re overwhelmed by debt, you may want to consider Chapter 13 bankruptcy. This type of bankruptcy allows you to re-organize your finances so that you repay all of your debts in a structured manner over the next three to five years. While this option is not good for your credit, Chapter 13 personal bankruptcy is sometimes in your best interest, especially if you’re making a good income but are drowning in debt. Talk to an Arlington TX bankruptcy attorney before taking this step to make sure it’s right for you. The Law Offices of David Kohm would be happy to talk to you about what bankruptcy entails and whether it’s the right choice for you.
You’ll need an Arlington bankruptcy lawyer if you decide to file for bankruptcy. Texas allows you to file pro se, or without an attorney, but this is not in your best interests for a number of reasons. The petition you must file for bankruptcy is complicated, and court personnel are not allowed to advise you as to how to fill it out. Furthermore, your case can be dismissed if you make a mistake on your petition, and if that happens your creditors can renew collection activity against you.
Your lawyer can also help you file any additional paperwork and come up with a Chapter 13 structured repayment plan that is more reasonable than what you may come up with on your own. The repayment plan is the heart of this type of bankruptcy; it allows you to repay your debts over time and to discharge part of your debt burden in exchange for paying the rest. Thus, it’s important that you create the restructured payment plan properly. Your lawyer can help you do that.
It’s not easy to decide to file for bankruptcy. This decision impacts your credit for ten years and forces you to surrender some of your freedom, as your bankruptcy trustee has to approve any new loans you want to take out while your case is open before you can apply for them. Don’t try to make this decision or follow through with it on your own. Contact the Law Offices of David Kohm for a free initial consultation or for help with your bankruptcy case today.
