How do you benefit from bankruptcy? You use tools to the best of your ability. What tools are those? It starts with a good lawyer, and ends with an understanding of the law. But some of these unique tools may not yet be in your tool kit, or you may not know they are there.
A Professional Texas Bankruptcy Lawyer
Perhaps your best tool is the person you hire to protect your rights. While there are many lawyers available to help with bankruptcy across the country, you want someone local. Though many lawyers have impressive degrees, for many individuals and families, money concerns are there. A lawyer is valuable when he or she has the experience to represent you both in and out of court. This tool can stop creditor harassment, protect your family, stop wage garnishment, help you avoid foreclosure, and stop many other legal problems from occurring. Each lawyer is unique in how they can help you, but an experienced one will help you reap the rewards of a successful bankruptcy.,
Your Assets
Oddly enough, your assets are tools too. In a Chapter 7 bankruptcy, technically the wording is “liquidation,” where money and assets are sold to pay back debtors. Don’t worry; most filers lose nothing when filing for bankruptcy, especially if you hire the right lawyer. However, your assets are tools to help you get out of certain situations. You may have to downsize some in order to successfully get a fresh start. For example, instead of losing your home, you might sell it in a short sale to pay off the mortgage. Or, if you have exempt assets which won’t be taken, during times when money is tight, the extra income from selling them may get you through. It’s never fun, but you are more important than the home, the car, the jewelry, the personal possession. If you can discharge tens of thousands in debt, it’s more than worth it.
Reading
Your eyes are tools. One asset you have is the internet. 30 years ago filers had to go directly to a lawyer and rarely had much knowledge on how the process works. This Texas bankruptcy blog is a prime example of using web tools to better your chances of discharging debt and protecting assets.
Asking
Another tool involves your lawyer and other bankruptcy experts – asking bankruptcy questions. If you own a home in Dallas, and you fear it will go into foreclosure, what are your options? A quick question to your lawyer may help you avoid foreclosure. Or you may have a high medical bill because you lack coverage. Asking can help you find the best way to discharge this debt (likely Chapter 7 bankruptcy).
The Law and Your Rights
Texas laws are designed, like many other states, to protect individuals more than protect creditors. That’s a good thing. You have laws designed to protect you from losing your home and car, from getting your wages garnished, from having to pay on impossible bills. You just have to use them and understand them.
