You're Certain You're Ready to File for Bankruptcy
You're sick of dealing with the financial burden that comes with years of debt. You're tired of feeling like lenders and debt collectors are constantly harassing you - and you're ready to do whatever it takes to make them go away. That's why you've started researching bankruptcy; and as far as you're concerned, it seems like the best option for you and your family.
So it should come as no surprise that you think you're ready to file for bankruptcy. You've already researched the bankruptcy lawyers that will fit your case. You're dedicated to learning as much as possible during your credit counseling classes so you don't make the same mistakes again. In fact, you're so confident that you're ready to file for bankruptcy that you have set up a meeting with a local bankruptcy attorney.
But before you sign make sure you have discussed the following questions and concerns with your bankruptcy lawyer so that you understand what is expected of you during the process:
- What Responsibility Comes With Bankruptcy? The thought of your unsecured debt being wiped out sounds great; however, you will have requirements and some restrictions to meet along the way. How long will it take the debts to discharge? What debts are not dischargeable? What happens if you use your credit cards during the bankruptcy process? How do you rebuild your credit after bankruptcy? Make sure you are comfortable with your attorney's answers.
- Will You Lose Personal Property? Most bankruptcy cases protect certain possessions of yours from being sold off to pay your creditors and debtors; however, that doesn't mean that all of your possessions will be safe from your lenders. While your primary home will be protected - along with your car, to a certain limit - second homes, multiple cars and other possessions may not be. Texas is very liberal with exemptions so you may be able to protect more than you think. If you're not sure what will be exempt, ask your bankruptcy attorney for more information. Your lawyer should be doing his or her best to make sure you come out of bankruptcy in the best position possible so make sure you are open about your possessions so you can receive the best advice.
Only when you've come to terms with these questions - and the answers - are you ready to file for bankruptcy.