Conroe, TX Bankruptcy Lawyer

Debt Relief Attorney in Montgomery County

Debt can feel like a crushing weight that only gets heavier as time goes on. When you realize that your debt is insurmountable, and you will most likely never be able to pay it off unless something drastic changes, filing for bankruptcy may be the smartest thing you can do. A lot of different circumstances can lead to debt you cannot escape. Medical bills your family could not pay during a major illness, the loss of a job, or an economic crash can all make it impossible to stay on track with payments, no matter how well you have planned.

The Fealy Law Firm, PC can help you find long-term relief from your debt, whether it is your personal debt or your business's debt. Many families and corporations alike are feeling the effects of the current economic downturn. Families are struggling with the exceptionally high cost of living, while businesses are seeing fewer customers with disposable income as a result. Attorney Vicky Fealy will carefully assess your finances and help you decide whether bankruptcy is the best solution for your family or your company.

Breaking the Cycle of Debt for Individuals

Debt can become a vicious cycle for families and individuals. You use a credit card to cover a few unexpected expenses, then use your next paycheck to pay back most of the credit card debt plus interest. Because you paid a high interest rate, your next paycheck may not go as far, and you may find that you cannot pay your rent or buy food to last until you get paid again. If you take out a payday loan to bridge the gap, the interest on that loan can take up a large portion of the next check.

If your utility bills are overdue because you did not want to put them on your credit card, you may owe late fees. You may miss payments on personal loans you used to renovate your house or make other purchases, accruing more interest. You may still have a balance on your credit card, but you may need to use it again to cover groceries until the next paycheck. The cycle can repeat, leading to more and more debt.

Filing for bankruptcy can break the cycle of debt once and for all, allowing you to receive a new start. Many people who escape the cycle of debt by filing for bankruptcy are able to avoid these pitfalls in the long term without falling back into debt.

Options for Filing for Bankruptcy

• Liquidation bankruptcy - Filing under Chapter 7 does mean that some of your assets may be sold to pay your creditors, but the rest of your debt will be canceled. Your attorney can help you understand which of your assets are exempt and which could potentially be liquidated. You may be able to keep a majority or all of your belongings, depending on the value and necessity of the assets you own.
• Reorganization bankruptcy - Filing under Chapter 13 means your debts will be discharged after a few years making payments toward a repayment plan. The monthly payments you make will use most of your disposable income, but your assets will not be liquidated.
• Small business bankruptcy - Filing under Chapter 5 can allow your small business to stay open. You will start repaying debts while working to increase your business's profits.
• Corporate bankruptcy - Chapter 11 bankruptcy is normally accessible only to large corporations and some individuals with high debts and complex assets.

Contact a Conroe, TX Bankruptcy Attorney

The Fealy Law Firm, PC can help you get out of debt fast. Experienced Montgomery County bankruptcy lawyer Vicky Fealy will work to resolve your bankruptcy case as quickly and easily as possible. Contact us at 713-526-5220 for a complimentary consultation.