Bankruptcy is a situation that is not an area specific, but everyone belonging to any part of the world can be into this kind of situation. Bankruptcy is a term used to denote a situation when you become so weak economically and financially that you don’t even have finance to pay your major bills and debts.
Sometimes financial pressures increase to such a limit that you have to sell your property and assets. There are three major types of bankruptcy, chapter 7, chapter 11 and chapter 13. If you are also an individual or institution, facing the bankruptcy problem, then the best solution for you is to understand the bankruptcy laws. Every state or area has its own specific bankruptcy laws and rules to deal with bankruptcy. Texas is one of the largest states of United States, so Texas has its own set of laws for bankruptcy, which are precisely known as Texas bankruptcy laws. One of the great facts about the bankruptcy laws in Texas is that it allows the debtor to exempt unlimited value of the various homestead properties.
In the recent last years, many new acts have been added in these laws for the bankrupts before you apply for bankruptcy and one of them is credit counseling law. Texas bankruptcy laws have incorporated this new bankruptcy act for the convenience of both the debtors and creditors. According to this law, you would have to attend a court approved credit counseling agency session for at least 6 months before you can receive a certificate that will allow you to apply for a bankruptcy hearing.
After you get a certification, to begin the process of bankruptcy, next step for you is to contact and hire a Texas bankruptcy attorney. Even, if you have a thorough knowledge of bankruptcy, even then it is very important to hire an attorney to defend yourself in bankruptcy court.
For hiring Texas bankruptcy attorney, you should carry out research thoroughly, because a large number of attorneys have specialized in bankruptcy. You should ensure before hiring that the attorney is expert and specialized or not. You should ask him or her questions that can make it clear that he or she is the right one to be hired. Moreover apart from ensuring that he or she has the basic know how of the different clauses of the law in your favor, you should also ensure that the attorney is economical to hire. You should also look for his or her history and make sure that how many cases has been won and how many have been lost, so that you are crystal clear about the abilities, achievements and competence level of the attorney. A good Texas bankruptcy attorney would guide you about the whole bankruptcy process, would educate you about the laws for bankruptcy in Texas, and moreover would guide you that which of the bankruptcy would be best for you. So if you are living in Texas and apply for bankruptcy, make sure that you have a full grip on the Texas bankruptcy laws and next you should ensure that the hired attorney is the perfect for your case.
Christopher Todd Morrison has been an author for Houston lawyer firm (filebankruptcyhouston.com) since 1999 and writing articles on best texas bankruptcy laws and bankruptcy lawyer in Houston.