If you are filing for Bankruptcy a bankruptcy lawyer Houston can help you out. Bankruptcy is a difficult situation, which many people face now days. It is always better to avoid this situation. However, many at times, we cannot avoid such situations. It is the inability of an individual or an organization to pay back its creditors. Such a situation is often legally declared. A person or an organization declares itself bankrupt, when they cannot pay back the loans from their creditors. People seek bankruptcy to fulfill their financial needs. Situations like unemployment, unexpected medical expenses may cause a financial burden. If you are facing such a situation, you can avail the help of a bankruptcy lawyer Houston. He will be able to guide you from the start to finish. With the help of a bankruptcy attorney Houston, you will be able to start your life afresh. He will guide you through various formalities to be followed while filing a bankruptcy case.
Before filing for a bankruptcy, it is always better to know some basics about bankruptcy. The first step is to consult a bankruptcy attorney Houston. The attorney will first study your case. You can discuss your credit problem with him. The lawyer will be able to advise you, if filing for bankruptcy is the right option or not. A bankruptcy lawyer Houston will help you to a device a strategic plan. Then the lawyer will draft a petition for you. You have to give your signature for the petition, and A-341 meeting is then scheduled. The court will appoint a trustee for you who finds about the facts. He sees that everything is in order. Once he approves the case, you will get a discharge letter. The discharge letter will discharge all your debts. Under the federal bankruptcy court, consumers or organizations can repay some of their debts. There are two types of bankruptcy. They are:
• Liquidation: here, you can sell or liquidate some of your property to pay back your creditors.
• Reorganization: This is also known as, wage earner bankruptcy. To be eligible for this, one should have a reliable source of income.
Different types of bankruptcy:
You can get the legal advice from a bankruptcy lawyer Houston about the right bankruptcy to be filed. For example, he will be able to help you to choose the right one. As an individual, you may not be knowing details like chapter 13 or chapter 7 bankruptcy. Under Chapter 7 bankruptcy, one can repay the debts within four months. This is also known as straightforward bankruptcy. Here, the debtor usually surrenders all his nonexempt property to a trustee. The trustee sells off the property. The trustee then repays all the creditors. The Chapter 13 bankruptcy helps to clear the debts over a period of 3 to 4 years. A bankruptcy lawyer Houston can thus help you to wipe away your debts.
Avail the help of a bankruptcy lawyer Houston and start your life afresh. Now days, many bankruptcy attorneys are available online. Most of these bankruptcy attorneys offer free initial consultation to customers.
Christopher Todd Morrison has been an author for Houston lawyer firm (filebankruptcyhouston.com) since 1999 and writing articles on best Bankruptcy lawyer houston and bankruptcy attorney houston for Houston based lawyer firm.