The law provides options for a person in debt to get relief. While bankruptcy is an effective way to reduce debt and the stress that goes along with not being able to pay your bills, it may not be the best option for your situation. A Bankruptcy Attorney in Kilgore TX can examine your financial situation and help you find the best solution to your debt problem.
The best debt relief option for you depends on the type of debts that you are struggling to pay. If most of your debts are unsecured, such as credit card and medical bills, bankruptcy may allow you to have most of your debt discharged and relieve the anxiety caused by constant calls and letters from bill collectors. Chapter 7 bankruptcy isn’t for everyone, though. In some situations, this kind of bankruptcy will do little to improve a person’s financial situation.
When the majority of your debts are related to family support, student loans and a mortgage, Chapter 7 bankruptcy may not provide the relief your need. Fortunately, a Bankruptcy Attorney in Kilgore TX who has experience helping people in all financial situations can help you determine the best way to handle your excessive debt. In some cases, Chapter 13 bankruptcy is advisable because it allows people to pay their debts over an extended period of time.
A Bankruptcy Attorney in Kilgore TX may also be able to help you get your mortgage or education loans modified so the payments are easier to afford. A mortgage loan modification can change the terms of your loan without the costs of refinancing and make keeping up on your monthly payments easier to manage. Your student loans may be eligible for an income-based repayment plan that allows you to make lower monthly payments until your income increases and you can afford to pay more.
If you are deep in debt and need a solution to your financial problems, contact a Bankruptcy Attorney in Kilgore TX to explore your options and get expert advice specific to your personal situation. Your attorney will take to assess your finances and goals to provide that best meets your individual needs.
