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.