Bankruptcy is happening more frequently in today’s economy, and should not be an act of any shame or guilt. Businesses and individuals choose to file for bankruptcy in an attempt to regain their financial futures, and rid themselves of financially devastating and overwhelming debt. It is often a good decision not only for you, but for your family’s financial stability.
There are lists of major questions that individuals contemplate when considering to file for bankruptcy:
What can bankruptcy do with respects to my overdue taxes?
Unfortunately, in most cases taxes cannot be wiped out by filing for bankruptcy, although better payment plans may occur. It is sometimes the case that your professional bankruptcy attorney can negotiate a better monthly payment situation, given your level of financial hardship and your amount of overdue debt.
Will the harassing credit and debt collectors stop?
Yes. When an individual files for bankruptcy all debt collections must then travel through the court system, and be mandated by such. This means that the harassing phone calls, emails and mail must cease while you work out the fine details of your bankruptcy with your chosen legal professional. Whether you are reorganizing your debt or wiping it out completely to start anew, bankruptcy is the answer to stopping harassing creditors from preying on you, daily.
Will filing for bankruptcy stop the foreclosure on my home?
In some cases filing for bankruptcy can, in fact, stop the process of a foreclosure on a home. Talk to a San Antonio bankruptcy lawyer to see what your situation is, and to see if your foreclosure can be stopped in its tracks. Depending on the Chapter of foreclosure you are filing for, and your particular situation, the courts often allow an individual to keep one residence. If it is the case that your one residence is the one that is being foreclosed on, you may be able to reorganize a payment structure.
Will my personal assets be protected?
Again, speaking to a professional will inform you of where you stand with respects to your particular situation, although, some personal assets can be protected. The courts often allow an individual to keep personal property that has low to no monetary value, including that of: clothing, personal items, one vehicle and more.
Bankruptcy is a valid option to reorganizing or eliminating your debt. Individuals just like you are filing for bankruptcy each and every day, given the economy and the unemployment status we are currently faced with. Start your financial future with a clean slate and speak to a professional and experienced bankruptcy attorney today.
Jeff Davis is the Owner of the Davis law firm and a highly experienced San Antonio bankruptcy attorney. To find out more information about a San Antonio bankruptcy lawyer, please visit www.jeffdavislawfirm.com.