When a person loses their job, files for divorce or develops a serious illness, credit card debt can easily get out of control. Sometimes when a person is short on cash, they use their credit cards for day to day purchases or may even turn to expensive pay day loans to make ends meet. While these methods may work in the short term, they can wreak havoc on your credit when you are unable to keep up with the payments. If you have found yourself in a situation where you are unable to make even the minimum payments on your bills and still feed your family, you may benefit from filing Chapter 7 Bankruptcy in Denton TX.
Without much income or many assets, you likely qualify for the most common type of bankruptcy. With Chapter 7, you can get all of your unsecured debts discharged and may not have to pay anything to your creditors. There are some limitations to what can be discharged. Credit cards, medical bills, outstanding pay day loans or personal loans you may have obtained from a bank are all dischargable. When most of your debts are in these categories, Chapter 7 Bankruptcy in Denton TX will give you relief.
However, some things you pay every month will still need to be paid after your bankruptcy is discharged. If you pay child support or alimony, you cannot get relief regardless of how much money you owe. The same is true for most student loans. With your unsecured debt discharged, you may have more money in your monthly budget to meet those obligations. Anyone who is concerned they won’t be able to pay their family obligations or student loans after their bankruptcy is discharged should ask their attorney about getting their payments modified to make them affordable.
If you are considering Chapter 7 Bankruptcy in Denton TX, be sure to Visit the website to learn about your options. By filing Chapter 7, you will get instant relief from annoying creditor phone calls and letters. After your bankruptcy is discharged, which takes about four months, you will no longer owe your unsecured debts.
