What You Should Know About Bankruptcy

: Chris Lee Law Firm

  Filed under: Bankruptcy

Is your debt burden becoming unbearable? Are you unable to make your payments on time, or have missed one or more payments? You may be reviewing your options for finding a debt relief solution that works for you. Although there are several options available for debt relief, they each possess different risks and advantages and pursuing any of these options can be risky without appropriate guidance.

bankruptcy

Bankruptcy Protection

Many people are uninformed when it comes to the bankruptcy process. Even further is that many people haven’t reviewed the myths about bankruptcy. People assume filing for bankruptcy is a bad thing and that you will end up in worse shape than before. The truth is, bankruptcy protection can provide you relief from your debts and help you keep your assets. If your home is at risk of foreclosure, or creditors are threatening to seize your assets, bankruptcy can prevent these losses while you eliminate your debts.

A Chapter 7 bankruptcy can provide you quick debt relief through elimination of your debts; and a Chapter 13 bankruptcy can reorganize your debts through a structured repayment plan. Both types of personal bankruptcy can provide you with debt relief while helping keep your assets out of the hands of creditors. For Texas residents, there are many bankruptcy exemption laws that allow you to keep most of your personal property through bankruptcy. All states, and federal laws, offer some bankruptcy exemptions; however, Texas is one of the more forgiving states that allow you to keep much more of your property.

The Bankruptcy Process

Although bankruptcy can provide you with many advantages, the process be cumbersome and time consuming. When filing for bankruptcy you will be required to fill out lots of paperwork that document your debts, assets, financial history and other personal information. You will also be required to complete a debtor education course before your debts can be discharged. Most people find that having an experienced bankruptcy attorney can make the process much easier.  Your attorney can file the paperwork on your behalf and provide you with the guidance you need to complete the process as quickly as possible.  Texas has some of the largest bankruptcy firms in the United States, and one Fort Worth bankruptcy attorney offers a unique credit rebuilding service to their clients after their bankruptcy case is dismissed.


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