Filing For Bankruptcy
Financial stress and debt will cause hundreds of thousands of people to file for bankruptcy this year alone. In 2013, more than 1 million people nationwide filed for bankruptcy. Even though the bankruptcy laws substantially changed in 2005 to make the process of filing for bankruptcy more challenging, bankruptcy is still the best—and sometimes only option—for individuals, families, and businesses to break free from crushing debt.
Not everyone who files for bankruptcy is simply financially irresponsible. There are numerous reasons a person may need to file for bankruptcy in Texas. A large number of individuals file for bankruptcy because they have been involved in an accident, suffer from mounds of medical debts, lost jobs, or recently gone through a divorce. All of these situations can lead to an individual filing for bankruptcy in Texas.
Filing for bankruptcy is a major step that many fear will cause consequences for years to come. Yet this is not always the case. Through bankruptcy, individuals may be able to protect their credit ratings, reorganize their debts, and get out from under the crushing weight of their finances, without losing their homes or other valuable assets. Debt consolidation and/or debt settlement, as well as financial counseling could help get yourself back on track without having to file bankruptcy.
If you have one or more of the following issues, filing for bankruptcy might be worth looking into:
- 30 days or more behind on monthly bills
- Wages are garnished to pay debts
- Foreclosure on your home is imminent
- Unsecured debts total more than one years gross income
- Massive amount of medical bills that are not covered by insurance
It is also important to be aware of some of the early warning signs so that you can review your finances and get back on track before it becomes too late. If your credit cards are maxed out, you are only making minimum payments, are more than one month behind on bills or have had items repossessed, you may benefit from filing bankruptcy. An experienced Texas bankruptcy attorney can review your financial situation and help you determine the financial pathway that is best for you—and your future.
If you are considering bankruptcy, it is important to understand all of your options. Each bankruptcy case has its own unique set of circumstances and an experienced Texas bankruptcy lawyer can help you make sense of it all. If you would like for us to examine your situation, contact our Dripping Springs Texas Law Firm today to speak with an attorney. Call (512) 615-3569 to find out how Attorney R. Brian Daniel has helped many other individuals and businesses with legal questions just like yours!