Get Help With Bankruptcy in Houston

In order to determine which type of bankruptcy will work best for you or if you’re even eligible for bankruptcy, it’s important to enlist the services of the right Houston bankruptcy attorney. Dealing with bankruptcy involves a lot of rules and regulations, and of course paperwork, so you’re going to want proper legal representation.

Thanks to lenders who give out credit like candy and then charge ridiculously high interest rates on loans, it’s easy these days to find yourself in a very poor financial situation. All too often, people end up in more debt than they can afford to repay. At that point, you have to determine how to move forward. Bankruptcy is one way in which you can get out from under debt. If you’re considering filing for bankruptcy in Houston, start by finding the right bankruptcy attorney.

Filing for bankruptcy simply means you realize things have gotten too far out of hand and life has taken a turn for the worse. It allows you to do something about it so that you can start life all over again. It’s far better to admit things are out of your control than for you and your family to end up homeless and living on the streets. Dealing with bankruptcy involves a lot of rules and regulations, and of course paperwork, so you’re going to want proper legal representation. Find the best Houston bankruptcy attorney to help you keep from losing your home while getting you out from under your stifling debts. It’s important to choose the right bankruptcy attorney in order to ensure you can even file for bankruptcy. This requires experience on the part of the attorney with dealing in bankruptcy law, as there are several different options when filing bankruptcy. Different situations warrant the different options that are available.

Chapter 7 bankruptcy allows you to be completely cleared of all debts, but you will also be cleared of all assets. You can start fresh but with none of your previous assets, which will be liquidated to pay back as much of your existing debt as possible. The remaining balance of most of your debt will then be forgiven. There are certain debts, such as student loans, child support, and a few others, that will not be forgiven, even in a bankruptcy court. In order to qualify for Chapter 7, you must meet certain requirements. These include being delinquent on all monthly bills as well as proving that there is no available income with which you could pay your lenders back. There are also income requirements. Choosing to file Chapter 7 bankruptcy means your credit will be in bad shape for a very long time. Speak to your Houston bankruptcy attorney about all that is involved in filing Chapter 7.

Chapter 13 bankruptcy is the most common and the preferable choice because you get to keep your home and assets. With Chapter 13, you’re able to settle with lenders and agree on a repayment plan that will work better with your debt to income ratio. Most of your income will automatically be directed towards the payment plan, so you will have limited disposable funds. To qualify for a Chapter 13 bankruptcy, you must meet income and debt requirements. Your credit will be affected by this type of bankruptcy as well, but not as badly as with a Chapter 7 bankruptcy. There are other options that your Houston bankruptcy attorney can speak to you about as well.

In order to determine which type of bankruptcy that will work best for you or if you’re even eligible for bankruptcy, it’s important to enlist the services of the right Houston bankruptcy attorney. By choosing the best Houston bankruptcy attorney, you’re putting your financial future in the best hands possible.

If you are looking for a Houston child support attorney, then the author of this article recommends Busby & Associates.