- September 15th, 2018
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- Advantages of Filing for Bankruptcy
Filing for bankruptcy and dealing with its effects can take a toll on one’s emotional and mental health. It can drive a wedge between relationships and affect your interaction with your community. However, these are not everything that bankruptcy has to offer. We at the Sherman Law Firm always tell our clients that bankruptcy does not mean tapping out. Rather, it is your chance to give your financials a new breath of life and your livelihood a chance for a fresh start.
Here are some of the most notable advantages you will get upon filing for bankruptcy.
Protection of Your Assets
The Lone Star State has bankruptcy laws that can be very beneficial to debtors. In fact, Texas bankruptcy exemptions allow the debtor to keep most of their personal assets upon filing. This means that your homestead will be protected from seizure, regardless of the amount of money you owe to your creditors.
Peace of Mind
Bankruptcy paves way for you to make a fresh start without the constant reminders, notices, and calls from your creditors. Once you file for bankruptcy, bill collectors are no longer allowed to solicit payment from you and your family. Foreclosures, lawsuits, wage deductions, and repossessions are also placed on hold. You will also be protected from discrimination from your employer, which means that bankruptcy cannot be an ample reason for you to get fired.
Sustainable Way to Clear Debt
Just to be clear: Filing for bankruptcy does not mean that all your debts will disappear in a snap. Rather, with the help of the court and your bankruptcy attorney, you will be able to pay for your debts at a pace that you can sustain. Depending on the type of bankruptcy you are filing for, you will be provided with a reasonable repayment plan and sometimes there are debts that can be waived. It is best to have your trusted local attorney guide you through the bankruptcy period until you are able to rebuild your credit score.
Get more insights and learn about the proper way of filing for bankruptcy through our blog. For a more comprehensive legal advice, please call us here at Sherman Law Firm, P.C. and schedule a free consultation today. We currently cater to individuals, families, and businesses in the Fort Worth and Bedford, Texas area.