File for Chapter 13 Bankruptcy with a Texas Attorney

Many individuals are suffering from a job loss, business failure, and other bad turns of financial luck due to a limping economy and poor leadership in the United States. As people struggle to put their lives back together, they often choose to hire a Chapter 13 Bankruptcy Attorney in Texas. There are other paths to follow in bankruptcy and that is another reason to consult the legal experts about these choices, however, many individuals who wish to restructure their finances and keep their car and home will be advised to follow the path of the Chapter 13 bankruptcy.

The reorganization of debt will be done based on listed debts that are compiled and a filing that is made by a bankruptcy lawyer in the proper court. Then the judge will advise a plan for the finances to be adjusted with protection of the individual seeking relief from overwhelming debt. The court will devise the parameters of the plan such as paying an affordable monthly payment for three full years.

Once the three years are over, the filing is discharged with the judge's determination.

Often during this three year period, the individual who is restructuring their debts will also be ordered to close all credit card accounts and only use debit cards. The habit is then made by requirement of the court, to pay for things with money that exists in the individual's accounts. There will no longer be the tendency to buy many items with credit to the point of maxing out all credit accounts. It is sometimes difficult to pin point the spending problems that people who have filed for bankruptcy have. They always seem to overspend, no matter how much money they make or have in their possession. They see finances as a person who loves to binge on food. The binger will simply think about food and eat the food until they are completely full or past full and purge, never thinking about the debt owed to their body or their wallet for this activity.

Those who cannot find a way to stop spending will often end up in bankruptcy court more than once. There are those who do develop better spending habits, such as those who never sign up for credit cards again and only use debit cards or money that they really have in the bank. The habit of using credit to live is difficult to break for the habitual spender.

Saving money is not something that is natural or even possible with the mindset of a spender. All the same, there is support for those who have difficulty ending the spending habits for healthier financial behaviours. That is what the legal experts will assist the individual with, who seeks a fresh start with a Chapter 13 bankruptcy. Keeping the car and the home is possible while paying a set payment each month for the prescribed period of time. Once the judge is happy with the payment plan being completed, the case is discharged and a new start of good credit can begin gradually keeping up with any credit accounts, mortgage, or car payments. For a new financial lease on life, consult a Chapter 13 Bankruptcy Attorney in Texas.

If you are looking for chapter 7 bankruptcy lawyers in Texas, then the author of this article recommends Busby & Associates.