If you’re experiencing financial difficulty and have accumulated a significant amount of debt, you may need to consider declaring bankruptcy in Texas. Chapter 7 or 13 bankruptcies can offer a solution to your debt and help you to regain your financial standing.
What are the signs you should file for bankruptcy?
You can consider declaring bankruptcy if you’ve already attempted to negotiate with lenders or collectors. They may want the full amount of money you owe and aren’t willing to budge. Your liabilities may also exceed both your income and assets.
Bankruptcy may be the best option if you’re only able to make the minimum amounts on your credit cards. You may have bill collectors calling on each week, or you may feel like you don’t have control over your finances. You may also use credit cards to pay for your necessities. If you’re unsure of how much debt you’ve accumulated, it’s important to talk to a professional about your options.
How to prepare for bankruptcy
Once you decide to file for bankruptcy, start paying off any essential or necessary bills before any of your money is withdrawn from your account to ensure that you don’t lose electricity or water. The court might freeze your bank account once you begin the bankruptcy process, which makes it necessary to request the freeze to be lifted by the trustee to pay for essentials.
Who can you contact for legal assistance?
If you want to file for bankruptcy, it’s important to reach out to an attorney who has the necessary experience to offer you guidance and answer your questions. An attorney may inform you of your rights and help protect assets or money to ensure that you can continue to have enough funds to pay your bills. Your attorney may also inform you of any risks or penalties that you’re facing and explain what you can expect during the bankruptcy process.