San Antonio Bankruptcy FAQ
If you are considering bankruptcy, then you may have many various questions regarding the process and consequences. It is important that you have skilled legal assistance on your side to help you to determine the best course of action. Below are some common questions regarding bankruptcy; the answers provided are designed to give you some basic information regarding various topics about Chapter 7 & Chapter 13.
Who should file for bankruptcy?
There are various bankruptcy warning signs that can be clear indicators that bankruptcy may be the best option for you. Ultimately, it is your decision, and I can only provide you with legal advice and recommendations under the current circumstances. If you are experiencing excessive collection agency notifications, foreclosure, or repossession of your property, then you may consider bankruptcy as a form of relief.
How do I begin the bankruptcy process?
The very first step that you should take in this process is to retain skilled legal representation to effectively guide you throughout the process. A skilled and caring San Antonio bankruptcy lawyer’s help can be invaluable during this stressful time.
Will I lose all of my property?
Practically speaking, no capable attorney would advise you to file bankruptcy if it looked like that would happen. This is why most people who file for bankruptcy get all or most of their debt handled without losing any of their property. Federal bankruptcy law and Texas law provide certain exemptions that entitle you to keep certain assets.
This may include your homestead, retirement funds, car and household goods. The most common instance where consumers lose something in their bankruptcy is when they stop paying for their house or car. If you want to keep these kinds of things, then you must continue paying for them, whether you are in bankruptcy or not.
Will I ever receive credit again?
If you are seriously considering bankruptcy, then your credit records may already be damaged by late payments, collection accounts and the like, all of which will be reported for 7 years, so filing bankruptcy is not going to do a lot of additional harm to your credit. In other words, there’s not much difference between “bottom” and “rock-bottom.” Once you get rid of your debt, however, your debt-to-income ratio should improve.
This ought to make you more attractive to creditors than you were before you filed. Keep in mind that “Cash Is King” in the world of credit – cash for a down payment and cash for a monthly payment. As a result, for most of my clients, their main challenge in re-establishing their credit worthiness after they get debt free is not their credit score, it is sticking to a realistic budget so that they can begin saving money.
Additional Q&As about Filing for Bankruptcy
- How long will it take to rebuild my credit after bankruptcy?
- Can bankruptcy help me keep my house?
- Is bankruptcy right for my business?
- Will I be able to buy a car after filing for bankruptcy?
- What types of debt can be discharged through bankruptcy?
- What happens if I become unemployed during bankruptcy?
- What happens if I miss mortgage payments during bankruptcy?
- Can my employer fire me for filing bankruptcy?
Let 14 Years of Experience Work for You
As a bankruptcy lawyer in San Antonio, I have more than 14 years of experience assisting Texas residents with financial problems like yours. Your situation is important to me, and you can be sure that I will work with you to pursue the fresh start that you need in your case. At my firm, we care about you. Contact me today to discuss your case and to pursue the financial freedom that you need.