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When is Filing for Bankruptcy a Good Option?

Your debts are out of control, and creditors are nagging you for payment; in addition, you make a minimum payment monthly on some debts and others who try to hold off in hopes that something will change, you’re in a bind financially, but the thought of bankruptcy scares you. Words such as “failure” and “the loss of everything” sweep through your mind.

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What Does Life After Bankruptcy Look Like?

Is there life after bankruptcy? That’s a scary thought that many people face when their debts have gotten out of hand and their best recourse is to wipe them out through filing bankruptcy. Though the elimination of overwhelming debt is welcomed, the prospect of starting all over can be frightening.

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How to Prepare for Bankruptcy

So far, through September of 2021, some 14,662 Texans have filed for bankruptcy protection. Most of these people chose the Chapter 7 liquidation route, 9,507 or 64 percent of them, while the remainder mostly opted for a Chapter 13 reorganization/repayment plan, or 4,441 at 30 percent.

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Understanding Bankruptcy in Texas

Job loss. Divorce. An unexpected medical expense. A battered economy. Identity theft. Any of these events can trigger financial challenges that can lead to bankruptcy. Suddenly, you're staring at a stack of unpaid bills and wondering if there is a way to save your home and your future. I'm here to tell you that there is.

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