Benefits of Bankruptcy

Retain a Bankruptcy Lawyer in Beaumont or Houston For Help

Filing for bankruptcy has several potential benefits to help families through their financial hardship. If you are struggling with paying your bills or have accumulated unexpected medical bills, bankruptcy may be able to help. Bankruptcy is also a viable option if you have acquired too much debt on your credit card or are going through a divorce. Creditors are known to harass debtors until they get the money that they are owed. If you are enduring creditor harassment or if a creditor has filed for a wage garnishment or repossession order, consider the route of bankruptcy. To determine if this is a good option for your situation, consult with a Houston bankruptcy attorney from Maida Law Firm, P.C. at any point.

Benefits of Texas Bankruptcy

In the state of Texas, if you file for bankruptcy, the exemptions are generous and allow you to keep the majority of your assets. The possession that most families are concerned about is their homestead. Texas bankruptcy allows the debtor to keep their home and also exempts it from creditor seizure. It does not matter the value of the home either, which is uncommon in many states. For example, if a debtors owns a $2 million home, they will receive the same homestead exemption as a filer who owns a $200,000 home. Another benefit to filing for bankruptcy in Texas is that you are able to select the court that is best for you. In other states, people filing for bankruptcy have to appear in a certain court depending on where they live. Lastly, the bankruptcy laws in Texas permit filers to maximize their exemptions. The law allows them to mix and match their state and federal bankruptcy exemptions. Most states force debtors to pick state or federal exemptions in their bankruptcy. You are allowed to use whichever exemptions are most beneficial to you in Texas.

Overall Benefits of Filing for Bankruptcy

Oftentimes, people think of filing for bankruptcy as a negative thing, but there are several benefits to doing so. Bankruptcy can help you get back on your feet if you are struggling with finances. Some of the ways that filing for bankruptcy can help, include:

  • Wiping out unsecured debts: Debts including credit card debt, personal loans, lease obligations and any other unsecured debts can be cleared.
  • Stopping creditor harassment and creditor collection activities: Bankruptcy can force creditors to stop calling or trying to contact you. It can also stop actions such as repossession or foreclosure that creditors are trying to do to collect money from you.
  • Removing some liens: Liens allow creditors to take property from you but if you and your lawyer perform the necessary procedures, you may be able to eliminate this right.
  • Preventing foreclosure: Filing for bankruptcy automatically issues an Order of Relief which gives you an "automatic stay," forcing creditors to stop their collection efforts. If they are attempting to foreclose your home, it will be postponed until the bankruptcy is complete. This allows you more time to make a plan.

Let a Beaumont Bankruptcy Attorney Help

If you are undergoing a financial hardship, consider the possibility of filing for bankruptcy. Speak with a Houston bankruptcy lawyer in Beaumont about your options. Maida Law Firm, P.C. dedicates the time to sit down with our clients and help them come up with a plan. If the best option is bankruptcy, we guide our clients through the whole process. If you need representation in your bankruptcy or have any questions about the bankruptcy process, call our firm to schedule your free case evaluation today! We proudly serve Beaumont and Houston, Texas.

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