Many people search desperately for an alternative to bankruptcy before they finally schedule a consultation with a Bankruptcy Lawyer in Mckinney TX. Sometimes debt settlement negotiations can be worked out with credit card companies, but mortgage companies and car financing organizations may not be cooperative. Filing for chapter 13 can allow the person to set up a repayment schedule for back payments. This works only if that man or woman has enough income to keep up with current payments while also managing the arrangement for catching up on past-due obligations.
A Serious Problem
By the time someone considers consulting a Bankruptcy Lawyer in Mckinney TX, the financial situation has spiraled completely out of control. It’s crucial to come up with an effective plan to address this serious problem, but the individual commonly refuses to deal with it. The problem is too painful and embarrassing to think about, and there seems to be no way to avoid the worst possible consequences.
A Valuable Tool
This is where bankruptcy protection becomes a valuable tool. With chapter 13, the person may be able to keep the home and the vehicle, and also avoid being sued by credit card companies. Once the filing has been done with the court, nearly all creditors are required to stop collection activity or risk being found in contempt of a court order. Those continuous calls and letters can be very upsetting to the person who doesn’t have enough money to make payments.
Some exceptions include child support agencies and student loan collections. Student loan payments may be deferred for a time, but child support must be paid.
Take That Step
People who finally hire a lawyer with a firm such as David S. Kohm & Associates often say they wish they had taken this step sooner. They have probably spent months or even years facing the stress of overwhelming debt and trying to juggle bills. Perhaps one crisis finally caused the house of cards to collapse.
Bankruptcy attorneys are experienced in helping clients get a fresh financial start. There’s no reason to continue on this path of extreme stress, which can lead to mental and physical health problems.
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