In every state, some lawyers specialize in the area of bankruptcy law. For many people, bankruptcy is their only option to get out of debt. Some people struggle for months, even years, to manage their finances. After trying all other less radical solutions to their debt problems, they have to throw in the towel and accept the fact that they are bankrupt. However, that doesn’t mean that its the end of the world. Once they get informed information, it is reassuring to know help is available. Consider the fact that some people are too broke to file bankruptcy. For others, it is the only solution.
Lawyers Specialize in Bankruptcy
If you had a physical illness, you wouldn’t operate on yourself. Similarly, when you have a serious legal matter, it wouldn’t be wise to try to represent yourself in a court of law. There are many lawyers in Houston and across Texas who specialize in bankruptcy law. These lawyers can help you to understand the legal process of filing bankruptcy and how it will affect your life.
Very often, bankruptcy lawyers will advise you first to consider options less radical than filing for financial relief in bankruptcy court. Many times better solutions than filing for bankruptcy can be found. Most attorneys do whatever it takes to be sure that you are aware of all the choices available to you.
Specific Rules in Texas
In federal court, there are specific laws that govern who may file for bankruptcy and under what circumstances. In Texas, as in other states, there may be specific rules that relate to your exempt property as well as other matters.
With on-going training, lawyers who specialize in this field are keeping up-to-date on the rules and how they relate to individual cases. Many times the law may change every year. A skilled attorney keeps up with the changes so that they can bring more significant expertise and value to help their clients both inside and outside the courtroom.
Try Other Options First
Be prepared to ask your attorney if there are any other financial relief options available to you besides filing bankruptcy. There are circumstances when counseling programs can help a debtor resolve their problems. There may be special payment relief programs that are available to help you get through a tough economic time without the need to declare yourself bankrupt.
Remember, filing bankruptcy and judgment of relief from the bankruptcy court will remain on your credit report for ten years. While that can severely impact your ability to borrow money or get credit, I’ve had clients improve their situations and obtain credit as soon as they get a discharge.
My advice is to try to resolve your financial problems as soon as possible before you get underwater. If it is one creditor that is giving you grief, try to work things out. Some are willing to negotiate and accept less than you owe. Your Houston Texas bankruptcy lawyer can help point you in the right direction for you.