When Filing for Chapter 7 Bankruptcy May be Your Best Option
Filing for bankruptcy is generally one of the last things people or businesses want to do when their finances aren’t where they need to be. While it can be seen as giving up, filing for Chapter 7 bankruptcy can actually be a smart decision in some cases. Working with the best bankruptcy lawyers in Fort Worth can help you along the way with getting your finances in order, including knowing when the time is right to file for bankruptcy. Here are some examples of situations where filing for bankruptcy could be your best option.
Medical Expenses Have Buried You
Medical emergencies are expensive and can be devastating to your financial situation. Health insurance is designed to help out with these expenses, but there may be certain situations where the bills still keep piling up. If the bills are to the point where they are insurmountable, then it may be time to talk to a Chapter 7 bankruptcy attorney to evaluate your case. Many times, filing for bankruptcy can eliminate medical debt completely.
You’ve Run Out of Options To Pay Off Debt
You may have tried getting different jobs, negotiating with creditors and other strategies, but nothing is helping. If you feel like you have no further options, talking with bankruptcy lawyers in Fort Worth can either confirm bankruptcy is your best option or present other possible solutions to alleviate some debt. Bankruptcy may not necessarily be the best option, but it could be your only option.
You Have Multiple Sources of Debt
Having debt from many different sources can create a stressful life. Some people will open up a new credit card in order to pay off debt from another credit card. This may seem like a logical choice at first, but the reality is it’s just adding to the debt you already have. When you think about these different strategies, talk to a Chapter 7 bankruptcy attorney before taking action.
The Emotional and Mental Toll is Too Much
There may come a time when you simply can’t handle the debt anymore from an emotional and mental standpoint. Debt can sometimes consume a person and alter their quality of life significantly. Filing for Chapter 7 bankruptcy could be the best option for your own wellbeing. Many times the relief experienced throughout the process is enough for people to get their financial situation back on track because of their improved mental state.
Bryeans & Garcia, PLLC never want to see individuals struggle with their finances. We always look for ways to help you relieve some of your debt, but sometimes filing for Chapter 7 bankruptcy is inevitable. When you contact us, we will provide you with a free evaluation in either our Houston or Ft. Worth office to determine the best course of action and will help you through the bankruptcy process if it is the recommended solution.