Nobody wants to file for bankruptcy. However, there comes a time for many people where it is necessary to file for bankruptcy. When finances are so out of whack a person is unable to afford paying their bills and the constant call from collectors is overbearing, it is time to bring in a professional lawyer and sit down, work out a plan and file for bankruptcy. It doesn’t need to be the end of someone’s financial journey but instead the beginning of one. This way, it gives a person a fresh start and the ability to begin new. They just need to know how to file for bankruptcy and learn about what the process is. With the help of the Law Office of Donald E. Hood, this is now possible.
Not everyone who files for bankruptcy has an initial plan. In fact, they might not want to initially file for it in the first place. However, when finances are tough and it just is not possible to stay on top of paying off debt and bills just seem to pile up one at a time, it is time to at least find out options. When talking with the Law Office of Donald E. Hood, PLLC, the legal team can go through all of the current financial issues and determine the best course of action. This might be to file for bankruptcy or it might be possible to pay down debt when following a very strict financial outline. It may also be based on how much money is coming in and where future expenses are going to be coming from.
If all of the financial information does point to someone needing to file, the Law Office of Donald E. Hood is able to draw up the paperwork. This paperwork is filed and submitted to creditors. Essentially, this tells the creditors a person is unable to pay and they need to make a deal to cut down on what they owe. Some smaller creditors might miss out completely while others might accept a small, faction of what is owed to them, as receiving something is better than nothing. Other loans are bankruptcy proof (student loans). From there, the law office is able to assist someone in determining the best financial course of action to build a credit score back up. By using the Law Office of Donald E. Hood, everything is set up for eventual success.
The new bankruptcy law establishes stricter criteria for filing Ch. 7 bankruptcy cases. A debt can typically be discharged in a Ch. 7 case if it is unsecured, which means there is no property securing the debt.
Filing for bankruptcy is an important decision, and The Law Office of Donald E. Hood, PLLC wants to make sure that the type of bankruptcy protection that you choose is the right one for you.
You are entitled to keep a generous amount of your belongings when filing Ch. 7 bankruptcy. Texas law provides for high personal exemptions–items that are protected from seizure by your creditors.