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Complicated bankruptcy situation? Read this

Perhaps you're among those in Texas whose finances took a big hit in recent years, maybe due to loss of income, medical emergency or divorce. If so, you're definitely not alone in your struggle. The good news is that many people have successfully overcome their financial problems by petitioning the court for bankruptcy. If you think this may be a viable option in your situation, there are several things you'll want to know before navigating the process.  

Rarely are financial problems permanent. How swiftly and fully you are able to resolve your current financial issues may hinge on the type of support resources you access. There are several types of bankruptcy and eligibility requirements for each that you must satisfy before applying. Knowing what kinds of obstacles can arise and who can provide crisis support can help secure debt relief and lay the groundwork for stronger financial future.  

Debt settlement may not offer the help you desire

You may have been feeling a sense of panic over your financial debt for some time. In the beginning, you may have had some hope that you could pay down your balances and get everything under control on your own. However, you may now realize that this option no longer seems plausible.

As a result, you have been exploring various debt relief options that could potentially help you address your liabilities and get back on stable financial footing. Of course, when considering such options, you may want to ensure that you have the right information.

Completing bankruptcy does not mean you will never gain a loan

Though you want to take the best measures possible to address your considerable debt, you may feel hesitant to jump right into a major process like bankruptcy. You, like many other Texas residents, may feel held back by the stigma that comes along with the process as well as misinformation about how completing bankruptcy will affect your future finances.

Because you may believe that bankruptcy will leave your financial record with too much damage despite helping you discharge your debts, you could find yourself discounting this route as a viable option. However, before you completely throw out the idea, you may want to ensure that the information you have is accurate.

Confirmation of repayment plan plays major role in Chapter 13

Taking a major step to address your outstanding debt liabilities can feel overwhelming. Of course, it can also feel as if you are making progress to get out from under these financial burdens, which could lead to a less stressful life. If you qualify for Chapter 13 bankruptcy and feel that it could work in your best interests to follow this path, you may want to understand specific aspects of the process.

Because Chapter 13 involves repaying your debts over time through an approved repayment plan, you must have a feasible plan to work with. Rather than the court telling you what to do in this regard, you create a proposal and present your plan to the court in hopes that it gains approval. This part of the process is known as confirmation.

Do you wonder if bankruptcy is right for you?

When trying to deal with a difficult financial situation, you will likely face many hard decisions. You may wonder whether you should take serious action to address your debt balances, try to deal with the issues on your own or if you should seek help to get your affairs back on track. For each person, the decisions made in regard to debt relief can have lasting impacts, and understanding potential options could make the situation seem more manageable.

One of the biggest steps that a person could take in order to address their outstanding debts is to file for bankruptcy. Of course, simply the idea of following this route makes many people uncomfortable, and you may find yourself immediately pushing this idea away. However, most of the negativity surrounding bankruptcy comes from misconceptions. Still, if you wish, you could try other methods before deciding whether bankruptcy could suit your needs.

Facing legal problems because of medical bills?

Unexpected medical problems can quickly turn your financially stable situation into crisis mode. Many Texas residents have faced the situation where things are going fairly well financially, then an illness or injury occurs and leaves them completely financially strapped. It's no secret how expensive medical care can be, and if your injury or illness is moderate to severe, you will likely need repeated doctor visits, treatments, perhaps even surgery to rectify the situation. As you continue to seek all treatment necessary for recovery, debt may increase.

It's easy to fall way behind paying medical bills, especially if your insurance isn't all that great. It is one thing to get a few calls from an accounting department and quite another to receive notice that someone is filing a lawsuit against you. Even serious financial situations are often temporary, so it pays to remain as calm as possible when such problems arise. If you know how to access viable support, you may be able to get things back on track sooner rather than later.

Discharge medical debt and secure a better future with bankruptcy

No one in Texas should have to choose between seeking necessary medical care and affording their groceries, but this is the reality for many people. Even patients with health insurance struggle to pay back eye-popping bills after receiving care from a doctor.

For anyone who has received a medical bill, it may come as no surprise to learn that medical debt is the largest contributor to personal bankruptcy. It also becomes easy to understand why some people avoid seeking treatment even when they are suffering.

A broken heart doesn't have to lead to a broken bank account

Many divorces in Texas are messy. Depending on whether you have children, own a business or any number of other factors, you may be in for quite a challenge when it comes to negotiating a fair and agreeable settlement. Beyond your children's best interests, which of course is a central focal point for you, you may also be greatly concerned about the impact divorce may have on your financial situation.

It's crucial to know how to rectify such situations or, better yet, prevent them altogether. There are certain issues that often create financial struggles in divorce. If you are aware of the facts, know your rights and how to tap into available support resources when needed, you may be able to avoid major problems or, at least, get things back on track if they get out of hand.

Did you and your spouse become financial foes in divorce?

Texas residents are not immune to the various types of stresses and problems that often arise during the divorce process. If you recently navigated the system and it left you in a financial crisis, you may relate to that statement on a very personal level. Regardless which spouse filed for divorce, you likely understood at the time that the whole process was going to cost you money. In fact, if more people knew how to avoid the potential finance-related pitfalls of divorce, there might be an increase in amicable settlements.

Financial disputes are often key factors of contentious courtroom debates. Perhaps you are one of many who wound up in divorce court because of unresolved financial disagreements in your marriage. You may be able to overcome financial obstacles in divorce or at least rebound from problems that may arise if you research what options are available ahead of time and set up a strong support network to help you through the tough times.

Payday loans may not offer the debt relief you are looking for

As you stare down a considerable amount of consumer debt, you may feel as if you will never get out from under the financial burden. Though you act diligently and try to make payments on your outstanding balances as best as you can, those efforts may not have the desired impact. As a result, you may feel trapped in a never-ending cycle of accumulated interest and additional payments.

At some point, it may have crossed your mind to consider methods for better attending to your outstanding debt. One of those methods may have been a payday loan. You may have heard of this type of option before, but if you do not fully understand it, you could end up with more difficulties than anticipated.

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Steele Law Firm, PLLC
3629 Lovell Ave, Ste. 100
Fort Worth, TX 76107

Phone: 682-990-9372
Fax: 866-292-2348
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