In Texas, bankruptcy is becoming a less taboo word with each passing month. And, while it certainly isn’t a sign of a good economy, it is a sign of hope for those in desperate situations. Oftentimes, the public eye forgets that bankruptcy isn’t about ducking out on problems. It’s about finding peace and resolution through turmoil. For people struggling in debt, bankruptcy is the light at the end of the tunnel. Individuals all over the nation are coming to realize the same thing.
Is Chapter 7 Right for Me?
If you are out of work, and your debts continue to mount, you may want to start thinking about Chapter 7. Chapter 7 is a form of liquidation. Essentially, when you file Chapter 7, you wipe the slate clean by liquidating all of your non-essential assets (court-determined), and selling them off to pay back creditors as much as possible.
It’s an intense process, but one that is worth it. And, it’s worth mentioning… you won’t lose all of your assets. Many of your assets (including nearly all of the ones you truly need) will be exempt from the liquidation. You won’t lose your shirt, so to speak! Household goods and vehicles will still be retained.
The Texas bankruptcy courts as scary as they’re made out to sound! When you seek the relief offered by Chapter 7, you’ll finally have the peace you’ve long waited for.
Also – Chapter 7 isn’t the only form of bankruptcy. If you do have an income, and you believe your debts to be manageable with court-ordered debt restructuring, you may want to seek relief by filling Chapter 13.