Help for Unsecured Debt in Houston, TX
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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 considering bankruptcy.
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 your options.
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 the bankruptcy.
1. Rebuild Your Credit Score - Fast
Most attorneys simply look at the immediate effects of a bankruptcy. Not us. We go the extra step and make sure a bankruptcy filing benefits our clients for the long-run. This means we are there to help our clients completely rebuild their lives and their credit scores as fast as possible.
2. Monitor Your Credit After Discharge
Your relationship with Payne & Associates does not end after a discharge of debt! Even in the months following a discharge, we carefully monitor your credit and how creditors are dealing with your discharge. In some instances, creditors will not remove everything, but we make sure these violations do not occur or impact your score.
3. Ready to Defend Your Discharge, If Needed
Because we are constantly and proactively looking out for our clients, we stand at the ready to defend your discharge and take action to remove any erroneous information, if necessary. Because we are understanding of the financial pressure you may be under, we will add these services for the same price as a traditional bankruptcy filing.