Bankruptcy in Houston should never be taken lightly, because this is one financial act that can affect your credit for many years to come and may even prevent you from purchasing a home or a vehicle. Most bankruptcy lawyers in Houston will advise clients to seek debt consolidation, credit counseling or debt settlement prior to deciding to file bankruptcy in order to explore all available options. When you do decide, however, that this step is what needs to happen in order to organize your finances, an experienced Houston bankruptcy attorney should be able to help you navigate through this process.
In today’s recession, many people think about filing bankruptcy as an attempt to save their property from foreclosure. This is sometimes a misperception. Bankruptcy may temporarily halt the process of foreclosure; but unless the homeowners have the financial means to eventually get back on track, filing for bankruptcy will not prevent them from ultimately losing their homes. Instead, an automatic stay goes into effect, and this stay will remain in place will the homeowners work out a repayment plan with the court. The owners who file Chapter 13 must pay additional fees to become current on delinquent amounts in addition to paying the normal mortgage payments. If the homeowners are not able to make these payments, the mortgage lender can petition the court and request that the bankruptcy in Houston be dismissed. Missing just one payment can result in the automatic stay being lifted and the foreclosure proceedings being commenced.
The new bankruptcy laws that were enacted in 2005 have made filing for bankruptcy in today’s recession complicated, which is why many Houston residents are turning to bankruptcy lawyers in the area. Although debtors are not technically required to hire a Houston bankruptcy attorney, very few people are able to navigate through this process on their own. Many people choose to interview several attorneys before finding one whom they feel comfortable working with through this delicate process. Finally, all people who file for bankruptcy must attend a creditor meeting, during which the creditors may question the circumstances that caused the debtor to file bankruptcy. The creditors may then choose to accept or reject the repayment plan, often as a direct result of the effectiveness of the bankruptcy attorney Houston.
If you are looking for bankruptcy lawyers in Houston, you will find just the services you need with Busby & Associates. Our law firm specializes in consumer bankruptcy in Houston and debt consolidation assistance, so we understand how important and delicate this financial process can be. Don’t try to navigate through the paperwork of bankruptcy alone, call Busby & Associates today at (713) 974-1151.