There are many common misconceptions surrounding the bankruptcy process, and I have been a practicing bankruptcy lawyer in Houston long enough to hear just about all of them.
Many of the questions arise from scare tactics that have been perpetuated by the mainstream media regarding the effects of bankruptcy on your financial future. I made this quick video to clear up some of the confusion.
Houston Bankruptcy Lawyer FAQ
Random YouTube Video No Association With This Website
Here are some of the frequently asked bankruptcy questions that I hear in the office several times a month:
1) Will my credit be permanently ruined?
Probably not! Most clients find that their credit score recovers quickly and it’s not uncommon to have a credit score of 600 or more within 12 months of filing your case.
2) Will I ever be able to get a credit card again?
Most likely! In most cases you will be eligible for new credit cards immediately.
3) Will I ever be able to buy a house again?
Most likely! Many clients are able to get bank home-loans within 2 years and 90 days of the date that the bankruptcy case is discharged.
4) Should I file Chapter 7 Bankruptcy or Chapter 13 Bankruptcy?
This is a question that can really only be answered on an individual case basis. I recommend that you call our office for a no obligation consultation so that we can discuss the best way for you to proceed.
Give us a call.
Filing for Bankruptcy in Houston, TX
|Chapter 7 Bankruptcy||Qualify based on “Means Test“||Straight bankruptcy or liquidation bankruptcy||3-5 Months|
|Chapter 11 Bankruptcy||Most often used by businesses.||Reorganization or rehabilitation bankruptcy||6-12+ Months|
|Chapter 13 Bankruptcy||Must have “sufficient disposable income“||Adjustment of debts for people with regular income||3-5 Years|
We know that it can be extremely stressful to be facing this situation and we want to help. Just know that filing for bankruptcy is almost never “the end of the world,” and often times it is the best way for you to make a fresh start.
Chapter 11 Bankruptcy Attorney
We can help with all manner of Bankruptcy in Harris County and the Houston area. This includes Chapter 11 bankruptcy for small businesses, and mid-size to large business entities.