Getting A Fresh Start

People can get into debt for a lot of reasons. Unexpected medical bills, divorce or the loss of a job, for example, can cause a financial crisis from which there is seemingly no escape. If you have creditors hounding you, face the loss of your home or simply can't see your way out of your debt load, you are not alone. And there is help.

Bankruptcy May Be A Wise Choice

People often think of bankruptcy as a bad thing or something to be ashamed of. That's not necessarily the case. The truth is that a lot of people file bankruptcy for a lot of reasons. For many, bankruptcy represents a chance at a fresh start free from many types of debt that can make life unmanageable. At the Law Office of Tawana H. Gray, PLLC, our bankruptcy attorney provides legal counsel for those whose debt has become more than they can handle. In many cases, filing for bankruptcy is the smartest and most responsible thing people can do to help themselves.

Different Types Of Bankruptcy

Bankruptcy is not a one-size-fits-all proposition. However, most individuals and small businesses will file either a chapter 7 or a chapter 13. Attorney Tawana H. Gray has represented clients under these two chapters of the bankruptcy code for more than ten years. Which chapter may be right for you?

  • Chapter 7. Under this kind of bankruptcy, you sell (or "liquidate") certain assets, the proceeds from which go toward paying your creditors. Certain important assets like your car and your home are protected from liquidation. After this process is complete, your remaining eligible debt is erased. In many instances, a person has nothing that can to be sold to repay creditors; many, if not most, filers fall into this category.
  • Chapter 13. Under this type of bankruptcy, you make a plan to repay a certain amount of the debt you owe for three to five years. After that time, the remainder of certain eligible debt is wiped out.

Some debts cannot be dismissed in bankruptcy. For example, child support payments, back taxes and student loans cannot be waived, and you will still be responsible for paying them after going through bankruptcy.

Find Out If Bankruptcy Could Help You

Bankruptcy is not a failure. Instead, it is an important tool that may represent your best chance to get the fresh financial start that you need. To schedule an initial consultation with a lawyer to discuss your situation, call our law office at 817-778-9968 or contact us online.