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Filing Bankruptcy in Houston: What You Need to Know

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  • Filing Bankruptcy in Houston: What You Need to Know

Filing Bankruptcy in Houston: What You Need to Know

With civil wars happening on different parts of the world to the crashing global economy, these are the factors that have greatly affected many individuals, particularly in the United States. More and more people are closing their businesses and filing bankruptcy, thus alarmingly increasing the unemployment rate and maintaining the used-to-be lavished lifestyle is suddenly close to impossible. The state of Texas has been experiencing the same difficulties, thus leading to many ruined companies as well as jobless residents.

Why the Need to File Bankruptcy

Picture this—you’re living in Cinco Ranch and you have a floral business that goes bankrupt. What are you going to do? File Cinco Ranch bankruptcy of course. This is the most feasible way to deal with things and it is also under the state law. This leads you to the next question—why is it needed? The answer is quite simple. This is so you can get rid of all your debts. Filing bankruptcy is the way to do it especially when it is done the proper way.

 

Houston Bankruptcy: Filing It Right

Okay, so you’ve finally decided to declare bankruptcy. What’s the next thing that you have to do? Hire a lawyer. Yes, you got that right. Doing this alone is practically unheard of, unless of course, if you’re an attorney too. Otherwise, you need to make sure that you have your own lawyer that can quickly and efficiently deal with all the legalities and most importantly, he should be able to remove you from pending debts.

 

Bankruptcy 101: Quick Introduction

As soon as you’ve hired a decent Houston bankruptcy attorney, you will need to submit all relevant documents that can help support your case. More often than not, a person who’s filing bankruptcy is usually in deep debt that coincides with other serious problems such as uninsured healthcare, unemployment, divorce, and the like. The good news is, the law is actually designed to assist all individuals who are in this fragile situation. Instead of wallowing and ruining their lives due to unpaid debts, the best solution is to declare bankruptcy. This will immediately protect your assets and yourself as well.

Also, being a resident in Houston has its own perks such as being under the Exemption Laws of Texas. This means, if you have exempted assets, the creditors can’t take it and you can easily stop their incessant calls by having your lawyer call them or write to them. However, the rest of your things that aren’t exempted are still subject to interests and penalties, which can immediately be removed once bankruptcy has been officially filed.

You should know that not all debts could be protected under the bankruptcy law. These are called the non-dischargeable debts. Student loans, tax, and child support are some of the examples that you can’t get rid off mainly because these things are your responsibility and are mandated by the law. This means that you are required to pay for these debts regardless if you’re bankrupt or not.

If there is anything that is unclear, don’t hesitate to ask your attorney about your concerns. Always keep the communication open and be involved as much as you can. Never hide anything from your lawyer and make sure that he knows everything there is to know about your business, your finances, and other information that is relevant to your case.

 

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.

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