If you fear you'll be forced to file Texas bankruptcy, if you fear foreclosure of your home, or wonder if creditor harassment will ever stop, it's rare one article completely clear you of these concerns. But let's try, because these fears are an unfortunate part of the process.
Why fear bankruptcy?
You'll lose everything, not ever be able to buy a car again, and will never be able to get a credit card, right? If that were the case, consider that there have been about 1 million bankruptcies per year in recent times. If these filers could never buy anything again, we'd have quite a problem. Bankruptcy is designed to help you, and it's not the end of the world. Yes, it's a very important decision and has dangers, but it certainly won't ruin you financially.
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Bankruptcy has many myths, such as never being able to buy again and losing everything, and these are unfounded. If you read enough about it, you'll see how minor the myths are.
What if foreclosure is coming?
This is a quite rational fear. If you lose your home, that is a big deal. However, there are many ways to avoid foreclosure. This includes filing bankruptcy, negotiating with creditors, and selling your home before it occurs. The best means is likely filing under Chapter 13. If you file this way, you can stop foreclosure immediately; also, most are eligible for this. On the other hand, with Chapter 7, you might lose the home but won't be responsible for the debt.
If foreclosure is coming, stop this fear by acting immediately. Hire an experienced attorney, file Chapter 13 bankruptcy, and the judge will put an automatic stay on your home.
When will creditor harassment stop?
Creditor harassment is not a fear, but a reality for many people. Unfortunately, creditors do engage in harassment, some illegally. You can stop this via two ways, depending on your situation: write a letter to the creditors asking for no more harassment, which they must follow; or file for bankruptcy. If you file for bankruptcy and hire an attorney, the creditors will have no more reason to call you. If they do, you can direct them to your attorney.
Yes, bankruptcy can effectively stop creditor harassment. It should not be the only reason you file, but it's one definite benefit.
What are the benefits of bankruptcy?
Chapter 7 eliminates some of the prime causes of economic troubles: big bills such as mortgages, medical, and credit cards. Why medical? Medical bills are the leading cause of bankruptcy, and can be eliminated in Chapter 7.
Chapter 13 is different: you get an extended period, usually 3-5 years, to pay back debt. If you fear foreclosure, this is your best option; it can save your home.
What if it costs too much?
The last fear may be that you cannot afford to pay bills, so how can you afford to hire a lawyer, pay court fees, and successfully file bankruptcy? How can you survive before debts are discharged or renegotiated? Filing fees with Texas courts are very small, $299 for Chapter 7 and $274 for Chapter 13. If you file jointly with a spouse, those fees are one-time for you both. Attorneys cost more, but most are willing to work with you on a payment plan. You actually save money by hiring an attorney, notably if it saves your home or discharges thousands in debt.
Stop fearing bankruptcy, start acting, and get a fresh start. Contact an experienced Texas attorney today.
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