Chapter 7 & Chapter 13
Many people have difficulty paying off their debt. Most of my clients have done everything possible, including making large personal sacrifices, to pay off what has become an insurmountable debt load. Eventually though, it can become impossible to pay off large debt while still having money left over even for necessities. If we continue in debt, then we are not able to save for future emergencies, or expenses like college for the kids or even our own retirement. This is where the Bankruptcy Code and Texas law comes in. Courts consider bankruptcy to be the responsible thing to do if we are no longer able to pay our bills. Otherwise, we would continue to acquire debt that we are unable to pay. So when we file bankruptcy in Allen or Plano Texas, we are “drawing a line in the sand” and agreeing that we will be responsible for all future debt, even if we cannot pay off past debt.
The Law Offices of Michael R. Sices, PC will carefully guide clients through filing a Chapter 7 or 13 bankruptcy in Allen, Plano or McKinney, Texas. Learn more about the details of bankruptcy and other consumer law protections, then consult with our firm to assist you in developing a plan that can help you in your particular situation.
Debt Settlement
By far, the best way to negotiate a debt settlement is with a bankruptcy lawyer. Debt consolidation or settlement firms cannot negotiate with the full power of the federal bankruptcy laws behind them. As such, debt settlement or consolidation firms are “all hat and no cowboy.” Many individuals are surprised to learn that debt settlements can sometimes hurt your credit rating more than a bankruptcy. You should first learn more about workouts and debt settlement and then consult with Allen and Plano Bankruptcy Lawyer, Michael R. Sices to discuss your options.