“This would be a fun day to file bankruptcy!” Said NO ONE - EVER.
Facing debt is more than just a financial problem; it can be an emotional problem, as well. Embarrassment, shame, discomfort and anger are just some of the emotions my clients have described feeling when they initially contact my office in Marble Falls to inquire about going bankrupt.
I have found it helpful to suggest that they think about Bankruptcy as a math problem:
You have more that needs to go out each month than you have coming in.
I can help you solve that.
For most people, financial difficulties go hand in hand with other problems like an unexpected car accident, a job loss, a divorce, a business failure or even a medical emergency. Those circumstances cause a math problem.
It’s a math problem.
But you don’t have to go up to the chalkboard and solve it on your own. I’m here - I've got the chalk in my hand and I know exactly the steps we need to reach the answer -
We can solve this together!
WHAT IS THE DIFFERENCE BETWEEN A CHAPTER 7 AND A CHAPTER 13?
Chapter 7 Bankruptcy is designed to discharge (get rid of) overwhelming debt, allowing you to use your income for the things that are most important to your family instead of in the service of consumer debt. The kinds of debts that can be discharged in Chapter 7 can include medical debts, credit card debts, payday loan debts, personal loan debts, and other unsecured debts that are typical for American consumers.
A Chapter 7 Bankruptcy allows those in debt to refocus today’s income on paying for current and future needs, instead of being drained each month in high-interest payments to creditors.
Chapter 13 Bankruptcy is an effective way for consumers and small businesses to reorganize (change the terms of) their debt, consolidating overwhelming multiple monthly payments or catching up late payments on a house or car into a single (and financially achievable) monthly expenditure. Chapter 13 can help you avoid foreclosure, repossession, and even IRS levies on your bank accounts.
You may think right now that you know which type of Bankruptcy you “want,” but it takes an experienced Bankruptcy Attorney (like me) to make the determination as to which Chapter of Bankruptcy best fits YOUR personal situation and will be the best tool to solve your specific financial problems. Until we meet in person, here are a few things for you to think about -
Your initial consultation is free. I am proud to serve clients in Marble Falls, Burnet, Llano, Lampasas, and Spicewood, Texas. Please fill out our online form, or give me a call.