Houston Bankruptcy Frequently Asked Questions
In order for you to successfully file for bankruptcy, it is of vital importance that you know what to do, where to begin, how to process the legalities, what papers to submit, what requirements that you need to do, and all that. There are a whole lot of things that needs to be done and doing it alone can be very difficult. It is for this reason why you need a bankruptcy lawyer so make sure you hire a really good one. After all, you trust him with your life, making sure you’re protected from your creditors and that your assets won’t be seized, if that’s what you wish. Here’s a list of the most commonly asked questions that can completely help you file for Houston bankruptcy.
Should I file?
Not everyone with a lot of debts should file for bankruptcy. There are actually other ways that you can do to help you stand up and recover. Declaring yourself bankrupt would be your last options, when all else has failed. Everything must be considered carefully if you truly are eligible for bankruptcy and the good news is, you don’t need a lawyer to determine if you need to file for one. There is actually a test that can easily assess you if you are eligible and you can quickly take one if you need to know right away.
What are chapters 7 and 13?
There are two types of bankruptcy for personal or private filings. These are as follows:
- Chapter 7. This kind of bankruptcy law is the fastest way to get rid of debts and protect your assets. This usually goes for just a couple of months because you will need to liquidate all assets that you don’t need and you don’t want to protect. This is commonly used for those who can’t pay for their credit cards and medical fees. However, it is very important that you only use it when there are no other options available to you because Chapter 7 can be utilized once in every seven years. So save it for something really important.
- Chapter 13. This is for those companies or individuals who don’t want to let go of all of their assets. In return, they would need to repay all debts in a realistic payment scheme that will be provided by the court. This will go for up to five years, depending on the plan. There are a couple of things to consider in order for you to qualify for this type of bankruptcy law. These are your monthly income, the total amount of your debts, and the overall status of your financial situation.
These are the things that you need to know about bankruptcy and by learning the answers to these questions, going through this ordeal can be easier. Just make sure that you choose the right lawyer when you decide to file for Crosby bankruptcy or Champions Forest bankruptcy. He will be the one that will ensure that you get what you want and at the same time, protect your from your creditors in the future.
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Call us today at (713) 974-1151 to schedule a no-obligation consultation or feel free to email us at [email protected].
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