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5 Helpful Tips Bankruptcy Katy Texas

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5 helpful tips Bankruptcy Katy Texas

5 helpful tips Bankruptcy Katy Texas. The financial situations that lead up to bankruptcy are usually pretty stressful. After going through Collection calls, law suits, wage garnishments, which all bring uncertainty and strain most people to the breaking point. Still the bankruptcy process doesn’t have to follow this same path. You must pull yourself together and gets your self a fresh start.  If yoiu partner with my office, we usually do a good job in preparing your bankruptcy, the actual process usually goes pretty smoothly. Here are 5 things you can do to make sure your bankruptcy is smooth and successful:

1.  Keep Good Records

This one can be tough, but with our help you can knock it out. The typical chapter 7 bankruptcy filing consists of about 45-60 pages of documents. These documents are full of information about your income, assets, expenses, debts, and financial transactions. We can pull a credit report that will download your creditors directly into your schedules.  Hopefully this will save you some time.  The amount of detail that is required is extensive but remeber, you are filing a federal lawsuit.   When you get to the point where hoplessness set in, the time for desparation, look to me for support and help.

You can overcome this, but you are going to need to provide as much detail as possible to me, your bankruptcy lawyer. If I  ask you to provide dates or dollar amounts, do your best to provide the actual date and the precise dollar amounts. Which brings me to point number 2.

2. Disclose Everything

Stupid lawyer and lack of communication between client and stupid lawyer. These are the two reasons, in my opinion, that people don’t disclose assets. They have a fear of losing the asset during the bankruptcy and/or they don’t have trust in their attorney to do what is necessary to protect their stuff.  The attorney does not explain what the trustee can do if they do not follow the rules.

First, you must know that it is a felony to conceal an asset in a bankruptcy. And when I say felony I am not talking about the FBI Warning-at-the-beginning-of-a-DVD felony, I am talking about the type of felony where people really go to jail and pay huge fines.

Second, in almost all situations if I know about an asset prior to the filing of a bankruptcy we can either protect it through local exemption laws  or we can plan for you to buy it back from your bankruptcy estate. However, if I learn about it for the first time after your case is filed my hands will likely be tied at that point and there is a good chance you will lose the asset and possibly face other sanctions.

When it doubt disclose. Tell your attorney EVERYTHING. This is no time for secrets. It is ok to Kiss and Tell in this fact pattern.

3. Respond to Requests from Your Lawyer, Your Bankruptcy Trustee, and Your Judge

Even though you are hiring a bankruptcy lawyer to help you through this process, you need to be aware that your active participation is mandatory. You are going to be required to provide your lawyer with documents and information to assist them in completing your bankruptcy petition, statement of financial affairs, credit matrix, statement of intent and the bankruptcy schedules.

Likewise, once your bankruptcy case is filed you will be assigned a bankruptcy trustee who will administer your case. The law requires that your trustee receive pay stubs, bank statements, and tax returns prior to the meeting of creditors. If you don’t comply with these requests your case will at a minimum be delayed and possibly even dismissed.

4. Do not delay or  Procrastinate

There are times when me must do what are called “emergency” bankruptcy cases. The typical emergency occurs when there is a foreclosure sale set on your home or your automobile is in danger of repossession and you need it all to stop – now. But if truth be told, pretty much all emergency bankruptcies could be avoided with some planning. If you are facing foreclosure on your home or if you have been sued reach out to a bankruptcy lawyer and find out what your options are. Foreclosure in Texas is always the 1st day of the month and you will almost always get a 20 day notice letter to the address of the property that is being foreclosed.  Lawsuits in Texas for unsecured debt may result in an emergency filing, but typically it is the car, the house, or child support when one files an emergency petition.

The problem with emergency bankruptcy cases is your attorney won’t be able evaluate all issues prior to filing your case. And once the case is filed, the attorney’s hands may be tied.

5. GET RELIEF AND A FRESH START

The financial and life situations that lead to a bankruptcy are stressful. You have dealt with the collection calls, the snotty letters, the lawsuits, wage garnishments, sleepless nights, and everything else that comes with overwhelming debt. Filing bankruptcy will provide you some shelter from this collection storm you have been going through. Soon after your case is filed you will notice something you have experienced in a while. Silence. The phone will stop ringing and you will have an opportunity to catch your breath.  You must still press on.  After you get your discharge you will need to update your credit report as soon as possible.

 

Please visit our website for more information about us and bankruptcy. You may also view our video with Bankruptcy Information.

Call us today at (713) 974-1151 to schedule a no-obligation consultation or feel free to email us at consumerlaw@busby-lee.com.

We provide bankruptcy services in the greater Katy metro area including the cities of Houston, Sugarland, Pearland, Friendswood, Clear Lake and Galveston. We also handle cases from The Woodlands, Spring and Tomball and cases in Baytown and Channelview.

We handle bankruptcy cases in all of these counties: Brazoria, Chambers, Galveston, Matagorda, Austin, Brazos, Colorado, Fayette, Fort Bend, Grimes, Harris, Madison, Montgomery, San Jacinto, Walker, Waller, Wharton

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