Texas Chapter 7 Bankruptcy Lawyer
Most people have at least some wrong information about bankruptcy. Irrational fears often hold people back from utilizing this helpful process. We hope that by dispelling some of these myths, we can help you determine whether bankruptcy is the right course for you.
At Acosta Law, we file over one thousand bankruptcy cases each year, and our attorneys have fifty years' combined legal practice of serving clients exclusively in this area of law. For more information about how bankruptcy laws apply to your unique situation, contact our Houston, Texas, law firm today.
Myth I: Bankruptcy is difficult.
While there are many rules in bankruptcy and the process may seem confusing, it is not so difficult that you should forego the benefits bankruptcy can afford you. If you have competent lawyers representing you, the process should be straightforward in most situations.
Myth II: If I file, I will never get credit again.
It is possible to rebuild your credit within months of filing bankruptcy. In many cases, clients report having an easier time obtaining credit after the bankruptcy freed them from so much debt.
Myth III: If I file, I will lose my house, car, pension, IRA, or 401(k).
Because of several exemptions built into the bankruptcy law, most people who file for bankruptcy protection do not lose any property at all. In Texas, these assets are generally exempt.
Myth IV: My debts are uncollectible because I am unemployed.
In Texas, your creditor can sue you for five years and collect against you for another twenty years after that. An individual who is thirty years old will have to deal with the creditors until he or she is fifty-five years old. That is a long time. You have alternatives. Consider what filing Chapter 7 bankruptcy would do for you.
Myth V: If I file, I will lose my job or not get a new job.
In most cases, employers will not find out about the bankruptcy unless you choose to tell them. Either way, employers are not allowed to fire or refuse to hire someone (or take other adverse action) for filing bankruptcy.
Myth VI: My bankruptcy will hurt my spouse's credit.
When one spouse files for bankruptcy protection, his or her spouse’s credit is not affected.
Myth VII: Bankruptcy will not help me because I owe taxes.
While it is true that some taxes will not be discharged, others can be. There are many rules that we will explain to you.
At Acosta Law, we handle bankruptcy and only bankruptcy. At our firm, we take pride in doing it right, and doing it right the first time. It is extremely important that you hire an attorney who is experienced in the field of bankruptcy and focuses exclusively on representing the interests of individuals and families in bankruptcy matters. Contact Acosta Law for a full explanation of how the current bankruptcy laws apply to you.