Bankruptcy Alternatives In Texas
Financial problems come in all shapes and sizes. Likewise, there are a variety of debt relief solutions. Bankruptcy is one option, but it is not the only one. The truth of the matter is that not everyone who needs debt relief needs a bankruptcy.
Finding The Right Debt Relief Solution For Your Specific Circumstances
At Gipson, Norman & Root, we help our clients assess a wide range of options to debt relief. Our experienced bankruptcy attorney is here to provide practical guidance to help you chose the right path for your specific circumstances.
What is right for you depends on your income, your family size and your life circumstances. If you have $10,000 in credit card debt but you have an annual income of $100,000, then bankruptcy is probably not the best option for you. However, if you have $10,000 in credit card debt and your income is $1500 a month and you are living off of Social Security or disability, then bankruptcy may be a more reasonable option for you. We will consider all of your circumstances and advise you on what makes the most sense for your situation. You will then make the final decision. We will not push you into anything.
When Faced With Financial Problems, You Have Options
If you are experiencing serious financial issues, you generally have the following options:
- Do nothing and let the chips fall where they may
- Try to negotiate a settlement with your creditors (without an attorney’s help). Sometimes this is possible, especially with smaller debts, but more often than not consumers have an extremely difficult time negotiating with creditors without the help of a lawyer.
- Credit counseling: If you have minimal debt, sometimes a credit counseling organization can negotiate extended repayment terms with the creditors. However, if you have more than just a couple of small debts, this avenue very rarely works because creditors know that credit counseling organizations do not have the authority to file bankruptcy and therefore have little with which to leverage during negotiations. In addition, since the payment agreements reached through this method are not legally binding, a creditor can accept an extended repayment plan, only to change their minds down the road, demanding repayment in full. So you’re right back where you started.
- Seek out the help of a bankruptcy law firm. When you work with us, we can help you explore all options in debt relief, including bankruptcy and legally binding debt settlement agreements.
Contact Our Galveston, Texas, Bankruptcy Lawyer
Gipson, Norman & Root is a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code.