Houston Bankruptcy Law: Steps for Filing
Going bankrupt is one of the most difficult things that a person would go through however, it is a necessary action that needs to be done unless you wanted to drown yourself in piles of debt. Yes, that right. Declaring bankruptcy doesn’t mean that you’ll never see the light of day. On the contrary, it is the best and effective way to solve your debt problems and at the same time, minimize the chances of losing all your things. So if you’re planning to file, make sure you know what to do and expect. Here’s a list of the things that you need to do when filing Houston bankruptcy.
What’s the first step?
The first thing that you need to do is to collect all your financial documents. Make sure you don’t miss a single statement or account. This is very important. You need to declare everything. Now, start reassessing your finances. This is rather a painful process but you need to be aware about your current situation so that you can determine how really bad it is like how much money that you have and how truly big your debt is.
Go through a Means Test
A means test is a kind of assessment that can easily determine whether or not you are really qualified for bankruptcy filing. If you are indeed eligible to file, this test can also help you plan your next steps because it will provide several different options that you can do.
Re-evaluate your Current Assets
Like your financial paper works, you have to record and collect all your assets. Know which ones are exempted under the Texas State Bankruptcy Law and which ones are not. If you’re unsure of which ones are under the exemption law, it is crucial that you hire a bankruptcy lawyer to help you with this task.
Debts that Are Not Covered
The main purpose of filing bankruptcy is to protect all your assets and to remove your debts. This is a chance of starting a new life, new business, and a new lifestyle. However, you need to remember that there are certain things that you can’t get away from such as unpaid taxes, child support, and student loans.
Houston, Texas has a lot of communities like Bunker Hill Village. You would need to file for Bunker Hill Village bankruptcy if you do live in the said town so make sure that you immediately consult the local authorities with your designated Houston bankruptcy lawyer. By the end of the day, it is all about ensuring that all your assets are protected, all your debts have been wiped out in the most efficient and legal manner, and most importantly, that you’re giving yourself a chance to start fresh without the looming shadows of creditors.
For as long as you know what to do, which you can only achieve if you hire the best lawyer in town, you’ll be all right. Have faith and remember, being bankrupt isn’t entirely your fault. Sure, you’ve had bad choices in the past but it isn’t just you who made them. So stop blaming yourself and start working towards your new life. Good luck.
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