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When should you file for bankruptcy?

attorney houston tx

When should you file for bankruptcy?

Many people try to postpone filing for bankruptcy until the last moments. It is understandable that you want to try and make things right. However, most people make things even worse. So when should you throw in the towel and ask your Aldine bankruptcy lawyer to file for bankruptcy?

Do your liabilities exceed your assets?

If your total liabilities substantially exceed your assets, then you are a prime candidate for filing bankruptcy. The word ‘substantially’ is relative. What it means on this circumstance is that you have gone too much into debt that even if all the expected incomes are paid, you will still be left with a huge chunk of debt unpaid. Do not wait until your finances are on their deathbed. Get the bankruptcy protection with the help of an Aldine bankruptcy lawyer.

Have you tried negotiating with the creditors and failed?

If you have put on your best charm and tried to reason with the creditors to give you a new debt payment schedule and failed, then it is about time you filed for bankruptcy. Have you tried sending your Aldine bankruptcy lawyer and he also failed? You need to protect yourself from harassment from your creditor’s debt collectors. Make sure you do it before they take your property away for auctioning.

Are you Afraid that your Individual Retirement Account will be taken by the bankruptcy trustee?

Well, this will never happen. As of 2005 the Supreme Court declared that the money in the retirement account is exempt asset. If you have been afraid that if you file a bankruptcy petition you will lose your retirement package, you need to file the petition like ‘yesterday’. You need to protect yourself from the creditors with the help of an Aldine bankruptcy lawyer.

Is your credit rating so bad that you cannot borrow anymore?

If you are unable to access credit, how is your business going to operate? If you already owe the financial institutions, your relatives and business friends so much that getting some credit to improve your working capital is so hard, don’t you think its time you threw in the towel? The situation can only get worse. Your business is not worth getting stomach ulcers for. Actually, you might find yourself going into depression. Why don’t you file a bankruptcy petition and transfer the headache to somebody else? Don’t you think getting employed by someone else is the smarter thing to do?

Are you out of business?

Maybe your business has been overtaken by time and it has become irrelevant to its target market, don’t you think you are exposing yourself to financial ruin by holding on to it? You cannot sell a typewriter to a world that is using computers. Neither can you sell a CRT monitor in a world that is using LCD monitors. You need to be realistic and quit when you still can. With the help of an Aldine bankruptcy lawyer, you can make this process as painless as possible. Let him handle the details as you relax and enjoy your life. Life is too short to wallow in self-pity.


Please visit our website for more information about us and bankruptcy.

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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Michael Busby is a Houston divorce lawyer who has been in practice for over 20 years and appears daily in the Family Law Courts of Harris County and Fort Bend County Texas

Busby & Associates , have two Houston Offices, one in Chinatown, Houston Texas and another in Independent Heights, Houston, Texas. Michael Busby is Board Certified in Family law by the Texas Board of Legal Specialization.