Filing for bankruptcy has its own pros and cons and you need to be aware about all these things so that you can go through the whole process with perfect rationality. Getting stressed about it is normal but panicking wouldn’t do you any good. Whether you are filing for Hedwig Village bankruptcy or maybe in Pearland bankruptcy, both of which are communities in Houston, Texas, it is essential that you are familiar with the state law because Houston bankruptcy has its own qualifications and requirements.
The Need to File
And so the million-dollar question stands—do you really need to file for bankruptcy? This is a tricky question. It truly depends on your current financial status, what you want to do with your debts, and whether or not you can pay for them.
The first thing that you need to understand is that bankruptcy is created to specifically assist all individuals who want get a fresh start, debt-free. This goes especially to businesses that have been bankrupt and wanted to start all over again. This can also be applied to private individuals but it would be harder for them since they would need to declare all their finances, even the private ones.
But then again, it is all about your goals and how you are planning to solve it. If you really are serious in removing your debts with a realistic plan, then filing for bankruptcy would be the best option for your business or for your private life.
So, you have finally decided that you wanted to declare yourself bankrupt. What would be the next step? The most obvious one is to ensure that you hire a lawyer, and it must be a very good one at that. All legal procedures can be laborious and extremely stressful for the one who’s filing it. That’s why you need the best legal counsel because he must be able to help you get through with all the things that you will have to submit and provide in the most rational and effective manner. Since you’re running low of money, it would also be advisable to first discuss with him how you can pay him.
All in all, there are three legal ways of payment scheme for lawyers. These are as follows—hourly rate, contingency, or flat rate. Hourly rate can be rather expensive on your end most particularly when the case will drag for too long. Contingency rate is where the lawyer will get a percentage of the total winnings, which isn’t really recommended on this kind of case since you’re filing for bankruptcy. The flat rate is most reasonable because in here you can pay a certain agreed amount of money and in installments too.
Once you have smoothened these things out with your counsel, you can now start the proper proceedings. Make sure you trust your lawyer by telling him everything that he needs to know about your finances and status; this includes assets and liabilities so that he can easily do something about it.
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