You’ve probably seen commercials and articles from debt settlement companies telling you to avoid bankruptcy and instead, enter into a debt settlement agreement. What these commercials don't tell you is that your creditors don't have to participate in a debt settlement agreement or that your credit scores will go down. I have had many clients come to my office after they have entered into a debt settlement agreement and were sued by one of their creditors, usually a credit card company. Unfortunately, they all say the same thing, "I have a debt settlement agreement and I have made all of my payments. I called my debt settlement company and they told me there was nothing they could do and advised me to go see a bankruptcy lawyer." Don't fall victim to a debt settlement company’s false claims.
Bankruptcy is completely different from debt settlement. Bankruptcy is federal law and creditors must participate. If you qualify for Chapter 7 bankruptcy, all of your unsecured debts are discharged, and your creditors are prohibited by law from trying to collect from you. Unsecured debt is credit card debt, medical bills, broken leases, repossessions, and payday loans.
If you live in the Dallas Fort Worth area and you are struggling to pay your debts, we can help you file bankruptcy. If you qualify to file a chapter 7 bankruptcy, all of your unsecured debts can be discharged. If you make too much money to file a chapter 7 bankruptcy, or don’t qualify for some other reason, you may be eligible to file a chapter 13 bankruptcy. In chapter 13 bankruptcy, the amount paid back to your unsecured debts may be eligible for reduction or elimination.
At Price and Price Law Firm, we will be happy to help you determine whether you should file for bankruptcy and what chapter of bankruptcy would be best for your situation. As always, our initial consultation is free. Please call us at 214-974-3390 to set a free, no-obligation appointment with our office.