Saving money, property, and assets is the point of filing bankruptcy, but many fail to reap all the benefits of a successful debt discharge. For Texas residents facing a stack of credit card bills, impossible medical debts, foreclosure, and creditor harassment, there are options.
Texas is unique in many ways for how it protects home owners and those in debt. What is crucial in a successful bankruptcy is having clear set goals beforehand, while also hiring the best lawyer available. Who can help with filing a Chapter 7 bankruptcy? What are the best ways to protect your home from foreclose with bankruptcy? These are good questions for your Texas lawyer.
Where do you you find one?
An experienced Texas bankruptcy lawyer will very often have a site, be in the phone book, and also be found at the State Bar of Texas (where you can find lawyers for all legal situations). Filing bankruptcy can be quite complicated, yet it can also be very rewarding. If you own a lot of assets, owe a large amount of unsecured debts such as on credit cards, and your income is simply not enough, working with a Texas bankruptcy lawyer is essential. His or her job is to save you money. Will this service cost a fortune?
How much will it cost?
While Texas bankruptcy lawyers who are experienced do not work for free, neither will one cost you the price of a car. Few experienced Texas bankruptcy lawyers charge more than $2,000, and many are lower than that, depending on the complexity of your case. You do have to pay fees to Texas bankruptcy court – $299 for Chapter 7 bankruptcy, and $274 for Chapter 13. What many forget to consider is how much you stand to save.
How much will you save?
There is no limit on how much an experienced Texas lawyer can help you save with a Chapter 7 bankruptcy. As long as you are eligible – do not make too much money and have not filed recently – you stand to save thousands if not tens of thousands of dollars. The most common situation leading to Texas bankruptcy is medical debt; you get a bill for $50,000 in the mail because you have no health insurance. This is quite common, and a problem that can be solved with bankruptcy.
What can you protect?
Chapter 13 bankruptcy is usually better at protecting property and assets than Chapter 7. In Texas the homestead exemption is quite powerful. There is no limit on how much your home can be worth, how much equity you have, and what you owe. If you have a $200,000 home, for example, you can protect it with a Chapter 13 bankruptcy. If you simply cannot afford to pay your mortgage, Chapter 7 may be better. But if you feel, with manageable payments on all your debts, that you can afford it, Chapter 13 is smart.
A Texas bankruptcy lawyer is invaluable in helping you save money, protect assets, and ensure future success. The laws in Texas make possible the dream of being free of debts. But if you do this yourself or hire the most inexpensive lawyer available, you are in danger of losing assets, and of owing impossible debts. So the time you spend finding a good lawyer is crucial.
