Benefits of Bankruptcy
Retain a Bankruptcy Lawyer in Beaumont or Houston For Help
bankruptcy has several potential benefits to help families through their financial
hardship. If you are struggling with paying your bills or have accumulated
unexpected medical bills, bankruptcy may be able to help. Bankruptcy is
also a viable option if you have acquired too much debt on your credit
card or are going through a divorce. Creditors are known to harass debtors
until they get the money that they are owed. If you are enduring
creditor harassment or if a creditor has filed for a
wage garnishment or repossession order, consider the route of bankruptcy. To determine
if this is a good option for your situation, consult with a Houston bankruptcy
attorney from Maida Law Firm, P.C. at any point.
Benefits of Texas Bankruptcy
In the state of Texas, if you file for bankruptcy, the exemptions are generous
and allow you to keep the majority of your assets. The possession that
most families are concerned about is their homestead. Texas bankruptcy
allows the debtor to keep their home and also exempts it from creditor
seizure. It does not matter the value of the home either, which is uncommon
in many states. For example, if a debtors owns a $2 million home, they
will receive the same homestead exemption as a filer who owns a $200,000
home. Another benefit to filing for bankruptcy in Texas is that you are
able to select the court that is best for you. In other states, people
filing for bankruptcy have to appear in a certain court depending on where
they live. Lastly, the bankruptcy laws in Texas permit filers to maximize
their exemptions. The law allows them to mix and match their state and
federal bankruptcy exemptions. Most states force debtors to pick state
or federal exemptions in their bankruptcy. You are allowed to use whichever
exemptions are most beneficial to you in Texas.
Overall Benefits of Filing for Bankruptcy
Oftentimes, people think of filing for bankruptcy as a negative thing,
but there are several benefits to doing so. Bankruptcy can help you get
back on your feet if you are struggling with finances. Some of the ways
that filing for bankruptcy can help, include:
- Wiping out unsecured debts: Debts including credit card debt, personal
loans, lease obligations and any other unsecured debts can be cleared.
Stopping creditor harassment and creditor collection activities: Bankruptcy
can force creditors to stop calling or trying to contact you. It can also
stop actions such as
repossession or foreclosure that creditors are trying to do to collect money from you.
- Removing some liens: Liens allow creditors to take property from you but
if you and your lawyer perform the necessary procedures, you may be able
to eliminate this right.
foreclosure: Filing for bankruptcy automatically issues an Order of Relief which gives
you an "automatic stay," forcing creditors to stop their collection
efforts. If they are attempting to foreclose your home, it will be postponed
until the bankruptcy is complete. This allows you more time to make a plan.
Let a Beaumont Bankruptcy Attorney Help
If you are undergoing a financial hardship, consider the possibility of
filing for bankruptcy. Speak with a Houston bankruptcy lawyer in Beaumont
about your options. Maida Law Firm, P.C. dedicates the time to sit down
with our clients and help them come up with a plan. If the best option
is bankruptcy, we guide our clients through the whole process. If you
need representation in your bankruptcy or have any questions about the
call our firm to schedule your
free case evaluation today!
We proudly serve Beaumont and Houston, Texas.