Bankruptcy To Work Corsicana TX

Of course, bankruptcy is your last resort. It is tough but provides a legal remedy for your financial situation. This article will tell you in detail.

Local Companies

Smith Wm L
(903) 874-8297
417 N 12th St
Corsicana, TX
Law Office of David P Lamb
(903) 872-6744
313 W 3rd Ave
Corsicana, TX
Doan Amanda G Atty
(903) 872-2315
315 W 1st Ave
Corsicana, TX
Cummins James E
(903) 872-6671
1501 N Business 45
Corsicana, TX
Jacobson Terry
(903) 874-7117
733 W 2nd Ave
Corsicana, TX
Edmondson Ron Atty
(903) 874-7117
733 W 2nd Ave
Corsicana, TX
Waggoner Law Firm
(903) 874-1000
321 N 12th St
Corsicana, TX
Murchison Frank B
(903) 872-6644
500 W 3rd Ave Ste 7
Corsicana, TX
Haden Micah
(903) 872-4992
2220 W 2nd Ave
Corsicana, TX
Beard Clay Atty
(903) 874-7117
733 W 2nd Ave
Corsicana, TX

Bankruptcy is a 3-step process:

  • You must first file in federal or state court saying you are “insolvent” – meaning you have no cash or assets (things you can sell) to pay your bills.

  • You have to arrange a repayment plan with creditors and the court.

  • You “discharge” – meaning settle your debts with creditors for usually a lower amount than the original bill. This gives the creditors some of their money back.

    Pros and Cons:

    Pros:

    1. Legal protection from creditors
    2. Takes care of most of your debt
    3. You may get to keep your home
    4. May stop financial ruin
    5. Enables a fresh start

    Cons:

    1. Bad Credit
    2. Still have to pay some debt
    3. Have to go to court
    4. May loose your assets
    5. Loss of privacy (usually they print your bankruptcy in the paper)

    What if I don’t file bankruptcy – what could happen?

    Bad credit rating – making it hard to ever borrow again

    Creditors may sell your property you put up as collateral – like your car or house

    Lawsuit – and if you lose, you’d have all the legal costs from both sides plus your bills

    Garnishment – your wages could be garnished up to 10% to pay creditors

    Types of Bankruptcy

    Chapter 7 – straight bankruptcy

    This is when you sell everything and pay back creditors. You can keep your house, but must pay taxes, alimony, fines, and student loans.

    Chapter 13

    This allows you to keep your stuff, but the court appoints a trustee to help you with your wages and pay back your creditors usually within a 3 to 5 year window.

    Hopefully, this information has helped your situation, but please, it is always smart and sometimes required by law, to consult with an attorney before filing.

    About the Author:

    Stuart Simpson collects information and tries to find ways for people to stave off bankruptcy at http://www.bankruptcy-chapter7.com


    Article Source:

    thePhantomWriters Article Submission Service

  • Featured Local Company

    Foster Financial Solutions

    (214) 330-7443
    1538 Windchime Dr
    Dallas, TX


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