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Bankruptcy 101 No to Debts

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  • Bankruptcy 101 No to Debts

Bankruptcy 101  No to Debts

If you’re living in Houston, Texas and you have found yourself deep in debt, don’t worry because you are not the only one who’s going through the same difficult situation. In fact, there are a lot of people who are unemployed due to businesses that are going bankrupt. This is mainly because of the failing economy too. The sad part is, many companies file for bankruptcy due to these hard times. It is simply something that cannot be avoided, which makes it worse in so many ways.

However, this isn’t the end of the world even if you think it is. There is a way for you to solve this problem. You can be free of debt and you can start all over again with a new business. All you need to do is file for Houston bankruptcy. This kind of bankruptcy goes under the state law of Texas, which means that you would need to follow the rules governing Texas. So for example, if you live within the communities of Houston like Aldine or spring, you would need to file for Aldine bankruptcy or Spring bankruptcy. This is because there are procedures that need to be followed and so that everything will be properly organized, thus making everything faster on your end.


The Benefits


Filing for bankruptcy can provide many things that can benefit you and your company. The first thing that you need to know is that this law was passed in the sole purpose of giving other people, who have been drowning in debt, to get a fresh start in life. It is a solution for them to free themselves from debts and at the same time, protect all assets that can be protected.


These are two main advantages that you can easily get once you have decided that you want to file for bankruptcy. The third great thing about this is to ensure that your creditors will keep away from you. They can be quite incessant and this can truly cause a lot of stress on your end. They need to stop once you have filed for bankruptcy. If they didn’t and they continued to pester you, immediately talk to you lawyer so he can send them a letter saying that what they’re doing is actually illegal. Believe it or not, they will stop right away.


Things that Can’t Be Protected


Of course, this legal procedure cannot cover everything. It just doesn’t work that way. There are certain restrictions that you need to know about so that you can prepare for it financially. These are as follows:


  • Credit Score. Your credit rating will be low and it will stay that way for at least ten years. There is nothing that you can do to escape this and you will need to earn their trust all over again by paying on time and never having debts again.


  • Alimonies/Child Support/School Loans. It is absolutely a must that you pay for these responsibilities whether you like it or not. It is your duty to do so or else, the law will be against you.

Please visit our website for more information about us and bankruptcy.

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