Houston Bankruptcy: Starting a New Life
Declaring to the whole world that you or your business is bankrupt can be rather hard to do, let alone, live with it. There are so many things that will change and you need to be strong enough to get through these very difficult times. If you’re living in Houston, Texas, Houston bankruptcy or maybe living in one of its communities such as Hedwig Village bankruptcy wouldn’t make any difference because the same procedure and legalities would be required for you to undergo.
In short, you will experience a bittersweet result that is truly life altering. It is for this reason why you need to hire the best Houston bankruptcy lawyer so that you can achieve the most favorable outcome for you and your family.
Life after Bankruptcy
It is true that filing for bankruptcy can save your life but what happens after you have been discharged from all your debts?
- Ruined reputation. One of the things that would instantly be affected before, during, and after filing bankruptcy is your reputation. People talk and when it comes to this kind of topic, they can be cruel and insensitive. All sorts of stories about you not being able to pay your creditors and the like will circulate around the city. This is painful and hurtful for the most part and you will need to suck it up and deal with it until everything dies down.
- Losing properties. This legal proceeding can truly protect your assets for as long as they did not come from any fraudulent actions and that they are qualify from an exemption such as your house and other personal belongings. However, there are rules that need to be followed such as a certain value of the house or property. If your possessions don’t hold enough value, then you can actually lose them.
- Poor credit score. This is common sense and you really can’t do anything about this. You will have a very low credit rating, which can greatly affect your credit card applications, if you choose to get one. All banks and/or financial establishments will be notified about your bankruptcy filing and this is a standard procedure that would last for one decade. It can be difficult to get approved unless you have some sort of collateral.
- Discrimination. This is quite common. Many industries aren’t very forgiving when it comes to those who have filed bankruptcy. You really can’t blame them because they are simply protecting their assets and businesses too. It will take time for others to trust you again so make sure you work hard for it.
These things can truly help you prepare for the upcoming ordeal that can be difficult and painful to experience. You just need to be strong, never lose hope, and accept the things that can’t be changed so that you can quickly start a new life free from debt. Your tarnished reputation and discrimination from credit card companies may sting but this is nothing compared to living a life paying for the things that you owe for the rest of your life.
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.