There’s a common misconception that people in financial distress are responsible for their own situations. This results in many people ending up in financial trouble blaming themselves and avoiding seeking the professional help that could get them out of debt. Although it is possible to get out of debt without the help of a bankruptcy attorney in Arlington, TX, attempting to do so could lead to a lot of lost time and money.
This is not to imply that someone who has more debt than they can afford to repay should immediately turn to bankruptcy as a solution. In fact, the law requires everyone who files for bankruptcy relief to meet with a counselor to determine whether another solution might be more effective for them. Some people are denied bankruptcy protection because credit counseling or debt settlement is a more efficient way to solve their problems.
For those who meet the requirements, a bankruptcy attorney in Arlington, TX could help them file the paperwork to get the process started. Depending on whether an individual or married couple files for chapter 7 or chapter 13 bankruptcy, their problems could be resolved in anywhere between a few months and a few years. While chapter 7 laws may not require people to make any payments on their outstanding debts, there are advantages to opting for chapter 13 debt reorganization. People who have good jobs and own property can keep their assets while they repay a portion of their debts in a chapter 13 bankruptcy.
Anyone who feels like they are over their head in debt should start by visiting a site. Doing this initial research online could help an individual or couple decide whether this is an option they should explore before even setting up a consultation with a lawyer. Filing for bankruptcy is a good choice in many situations, but, sometimes, the disadvantages of doing so outweigh the positive aspects. It’s up to each person, with the help of an attorney, if they decide to consult with one, to decide the most effective way to solve their unique financial problems so they can live a better life in the future.
