Help for Unsecured Debt in Houston, TX
Speak with Our Houston Bankruptcy Lawyers
The difference between secured and unsecured debt can be difficult to understand,
and can lead to more stress in your bankruptcy case. As your debt mounts,
many people turn to credit cards in an attempt to keep up. Credit cards
are considered unsecured debt and will be factored into the options when
Securing the help of an experienced attorney is the best way to ensure
that you're making the right decisions in regards to filing for bankruptcy. A
Houston bankruptcy attorney at Payne & Associates can help you understand your debt and go over
What is Unsecured Debt?
Unsecured debt isn't tied to a specific asset and can pile up, creating
additional angst during an already stressful situation in your life.
The most common types of unsecured debt include:
- Unpaid rent
- Medical bills
- Student loans
- Credit cards
Because there are no tangible assets to use in exchange for these debts,
unsecured financial burdens carry a higher interest rate. Secured debts,
those that have a tangible assets like homes and cars, cannot be liquidated
to pay off unsecured debts. If you owe money on those items, the creditor
has a claim to that property.
Can I Keep My House?
When considering the option of filing for bankruptcy, many of our clients
are concerned about keeping their house. This is understandable, as many
people have families and want to maintain some form of stability despite
having to file for bankruptcy. There are a few legal variables that may
impact a client's ability to keep their home, but Texas is one of
the few states that does allow for it to happen.
In many cases, if you are current on your payments and the value doesn't
exceed a certain limit, you may be able to keep your home and your vehicle.
If you're behind on payments, however, consider filing for
Chapter 13 bankruptcy to establish a reasonable repayment plan to get your debts back on track.
The options for filing bankruptcy are complicated. At Payne & Associates,
our Houston bankruptcy lawyer works with you to determine the best solution,
and then remain on your side to fix and monitor your credit following
Call us at (713) 766-0333 today for a
free case evaluation.