Pearland, TX Bankruptcy Lawyer

Pearland Bankruptcy Attorney

Many people in Pearland Texas lose their jobs and get into debt after events such as natural disasters or major financial crisis. Without a job or a regular income, you cannot continue paying your bills or your mortgage and as a result you may be forced to start using credit cards to stay afloat. But if you have no regular income to pay back your debts, credit cards can only lead you into more financial problems. A Pearland bankruptcy lawyer can help you file for the appropriate type of bankruptcy if you are unable to repay what you owe.

Is Filing For Bankruptcy The Right Decision?

Many people are wary of filing for bankruptcy because of the stigma that may come with it. But there are many successful business people that filed for bankruptcy in the past but still managed to rebuild themselves and regain financial security. Filing for bankruptcy is a way to get a fresh start as far as your finances are concerned; a second chance if you will. Other benefits of filing for bankruptcy include:

  • You get to keep your car or house or other property
  • Filing for bankruptcy triggers an automatic stay preventing creditors from taking action to collect their debts
  • Some of your debts get discharged  or cancelled

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You can always consult a Pearland bankruptcy lawyer to help you determine whether filing for bankruptcy is the right decision for your particular situation.

Your lawyer can also help you identify other alternative routes you can take to get out of debt.

Chapter 7 and Chapter 13 Bankruptcy

Your Pearland bankruptcy lawyer can either recommend a Chapter 7 or a Chapter 13 bankruptcy depending on your debt and your income. Both businesses and consumers can file for a Chapter 7 because it is a “liquidation” bankruptcy. What this means is that when you file a Chapter 7, a trustee sells your non-exempt property or assets and uses the money obtained to pay your creditors. In most cases, trustees do not sell houses or cars belonging to debtors that have filed a Chapter 7.

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People that are not eligible to file a Chapter 7 bankruptcy, have to file for a Chapter 13. A Chapter 13 bankruptcy is a reorganization bankruptcy. This means that in a Chapter 13 bankruptcy the debtor has to set up a payment plan that outlines how they propose to pay their debtors in a 3 to 5 year period. After the payment period ends all remaining debt is discharged.

When Should You File For Bankruptcy

You need a Pearland Texas bankruptcy lawyer to review your situation in order to determine whether filing for bankruptcy is appropriate for you. Sometimes negotiating a settlement with your creditors can be a much easier and less stressful way to get out of debt. You may need to file for bankruptcy if you facing a foreclosure, you use credit cards to pay off other credit cards, or when creditors are suing you for not paying debts.