Filing for bankruptcy is a hard thing to do, especially if you are facing rapid repossession of your beloved possessions for the clearance of debt that exists only on the figmental plane. Before you go ahead and initiate the process, you should know what it comprises.
Filing for bankruptcy is subject to various limitations, and you should know that the process can only be initiated every 6 years. Before you decide on anything, it’s recommended that you first enlist the help of a professional Houston bankruptcy lawyer to present your case in court. Going at the case alone could be disastrous and costly, and with the help of a lawyer, you might be able to avoid the process altogether.
Filing for personal bankruptcy (mainly under Chapters 7 and 13 of the United States Code), you will be considered for complete discharge from any legal obligations to repay any debt to creditors. But unless you can pay your debt through a debt plan to an unsecured creditor, you will be subject to repossession as creditors take credit-paid items to attempt to make up for their losses. This will unfortunately also be the pinnacle of a bad credit record.
Homeowners in North Houston are subject to the same bankruptcy laws and regulations, and with a reliable North Houston bankruptcy lawyer, you will be able to save your home from foreclosure long enough to make most of the delayed payments. Bankruptcy could thus be the very condition that saves you from the streets and gives you new hope to regain financial stability.
In some cases, with the intervention of a Houston bankruptcy lawyer, you can regain repossessed items from creditors and save memorabilia from the sweeping storm. Stop those threatening calls from creditors and other companies who have no compassion for your situation today by enlisting the services of an expert North Houston bankruptcy lawyer to beat back the oppressive capitalistic wave and find your place in its midst.
Many other costs may be deducted from your expense list, including court payments and civil payments like traffic tickets (in some cases). If you go by the laws set forth in Chapter 7, you will be allowed to keep all exempt property, while non-exempt property will be repossessed to pay your debt. If you plan to make use of Chapter 13 however, you may keep all property provided you can pay the debt by some means to creditors.
You will be expected to appear in court once to meet with creditors and be questioned on your credit rating. Your case will then be formally handled, and should be completed within 6 months of filing for bankruptcy. You will also have to pay a filing fee for the bankruptcy case to cover all court costs, and you might be subject to additional payments depending on your situation. A professional Houston bankruptcy lawyer will discuss these additional incurring costs with you prior to your application for legal bankruptcy.
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