bankruptcy has many benefits and may be able to cease the collection efforts of your
creditors. Once you file for any type of bankruptcy, creditors are not
allowed to contact you. If they continue to try to communicate with you,
there are consequences that they may face. When you go through a bankruptcy,
there is an Order of Relief that grants you an automatic stay. This order
will put a stop to all collection activities of your creditors. Not only
communication, but their attempts at wage garnishment and taking your
property. An automatic stay orders creditors to:
- Cease all communication
- Postpone foreclosure efforts
- Stop attempts of wage garnishment
- Postpone repossession attempts
Ceasing creditor harassment is only one way that bankruptcy can help you.
Speak with a bankruptcy lawyer in Houston from
Maida Law Firm, P.C. about your specific situation and discuss your options. If you are unable
to repay your debts, bankruptcy may be able to help you with that as well.
Going through a bankruptcy oftentimes wipes out unsecured debts. Unsecured
debts include credit card debt, personal loans, lease obligations and
contracts. If you are struggling to pay off your credit cards or repay
a loan, this may be a viable option for you.
Oftentimes, people place a negative connotation on bankruptcy and fear
that they will lose their home. It is important to be aware of the specific
bankruptcy laws in the state of Texas. Texas allows debtors to keep their
home when they go through bankruptcy, regardless of the homestead value.
You also have more control of the exemptions because you are permitted
to use some exemptions from state law and some from federal law. If you
have any other questions about the bankruptcy process or would like to
discuss your financial situation with a skilled bankruptcy attorney in Houston,
call our firm to schedule a
free case evaluation!