There are two types of bankruptcy you as an individual should learn more about when you find yourself in financial difficulty. One is called Chapter 7 bankruptcy, which has a goal of wiping out your debts so that you can make a new beginning. In basic terms, a trustee is appointed to collect all the assets that are not exempt and then sell those assets to get money that will be paid to creditors.
Exemptions
With a few exceptions, most assets of Texas residents are exempt including homes, cars, household goods, and items used to earn a living. If you feel that you may have to use this process, you should contact a bankruptcy attorney who can work with your personal details to determine the best course of action for you. You generally will not be able to exclude alimony, child support, student loans, certain taxes, and a few other items.
A bankruptcy attorney in Tyler, TX will be able to determine if this is the right track for you or if you should use Chapter 13. This process allows the person in debt to establish a payment plan that can last for three to five years. The offer may involve paying off all of the debts or part of the debts from future income. There are certain situations in which Chapter 13 is the best option. A bankruptcy attorney can work with you to make this determination.
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If you are in serious financial difficulty and one of these options seems like it may work for you, it would be wise to contact a specialist such as Business NAME Schedule a consultation so that this expert can gather information and make recommendations based on his experience. You may find that it is no longer necessary to wake up each day worrying about paying your debts.
