Most people burdened by heavy credit card debt and loans immediately think of bankruptcy for debt relief. What bankruptcy firms don’t tell you, however, is that bankruptcy can have a long-term negative impact on your life. The stigma of bankruptcy can stay with you for up to 10 years. During that time, you will be tagged as a “subprime” credit risk. Even if you can get a loan, you will be paying a very high interest rate. The stigma of bankruptcy may affect your ability to buy a house, get into school or take advantage of government programs.
Because of the recent changes in bankruptcy laws, not everyone qualifies for Chapter 7 bankruptcy to eliminate his or her debt. If you have an income that is above a certain ratio to your debt owed, you may be forced into Chapter 13, which means your debt repayment plan will be under court supervision for three to five years.
In addition, if you have filed for bankruptcy anytime within the past five years, you may not qualify for any form of bankruptcy protection.
Texas Debt Defense offers a better alternative to debt consolidation or bankruptcy. Under the direction of Houston debt attorney Finis Cowan, we aggressively pursue every available strategy to have your creditors reduce the interest rate, lower the principal or even eliminate the debt, altogether.
When you file for bankruptcy, you are putting yourself at the mercy of the court and the bankruptcy trustee. Because it is a legal process, your creditors have equal access and opportunity under the law. We are experienced trial attorneys with a successful record in lawsuits involving excessive interest rates, late fees and penalties. Creditors know that many of their collections practices violate the laws under the federal Fair Debt Collection Practices Act. When we sit down to negotiate a debt reduction or debt elimination settlement, it is from a position of strength. Yes, now you, too, can have the power of the courts on your side.
At Texas Debt Defense, we are here to help — not judge. We know that things happen in people’s lives that result in debt problems. At our firm, you will always be treated with respect and compassion. We are your debt defense advocates!
From offices in Houston, Austin and Dallas, Texas Debt Defense provides debt defense services for individuals, families and business owners in communities throughout Texas. Call us toll free at 832-501-0966 or contact our office by email to arrange a free initial consultation with Houston bankruptcy alternative attorney Finis Cowan today.