Bankruptcy Myths & Basics
Dispelling Myths About Filing Bankruptcy in Texas
There is a lot of misinformation about
bankruptcy. Some of the most common myths come from credit card companies that are
trying to scare people away from filing for bankruptcy. At the
Maida Law Firm, P.C., they offer a
free case evaluation for clients in Beaumont and Houston. The purpose of this consultation
is to replace misinformation with a clear understanding of the facts based
on the particulars of your financial situation. The firm has an office
in Beaumont, as well as a Houston satellite office available by appointment only.
The firm serves clients throughout southeast Texas and the Texas Gulf Coast.
These are some of the most common bankruptcy myths that the attorneys hear:
Common Misconceptions About Bankruptcy
Myth: You can't file bankruptcy if you have a job.
Most people with serious debt problems are eligible to file either Chapter
7 or Chapter 13 bankruptcy.
Myth: Filing bankruptcy will ruin your credit.
If you are behind on your bills, your credit may already be about as low
as it can go. Filing bankruptcy can actually be the fastest way to rebuild
Myth: You will lose all of your property if you file bankruptcy.
In Texas, you can keep all equity in your homestead, your retirement savings
and up to $60,000 in personal property when you file bankruptcy. You can
also keep your car and home as long as you continue to make payments.
Only an experienced bankruptcy lawyer can tell you if you have any assets
you would lose.
Myth: Debt settlement or consolidation is an alternative to filing bankruptcy
In most cases, debt settlement and consolidation services only land a person
deeper into debt and may even result in a large tax bill to the IRS. The
only sure way to discharge debt without creating a tax obligation is by
Beaumont bankruptcy lawyers from the Maida Law Firm, P.C. have been handling
bankruptcy cases for more than 40 years. They understand the basics and
know what the myths about bankruptcy. They offer a free initial consultation
to dispel bankruptcy myths and answer your questions about bankruptcy.
Call our Beaumont office today or our Houston satellite office!