Bankruptcy is an honorable way out from under the horrible debt burden which many families are experiencing after the recession. They suffer with debt collectors calling day and night and showing up at their door. They have psychological problems because they cannot pay their debts. These actions will stop when the Bankruptcy Attorney Longview TX becomes involved.
The United States Congress passed bankruptcy legislation to help people that have so much debt they will never be able to pay it off. Even those who have recently found jobs are often working at only 80 percent of their former pay. Bankruptcy is a way to get out from under all of your debts. The slate is wiped clean. You will have a fresh financial start. The Bankruptcy Attorney Longview TX is the place to begin getting this relief.
You can turn over all of your accounts and bills to this attorney and he will prepare a bankruptcy filing. The day your attorney files the bankruptcy petition all collection efforts stop. Collectors cannot call you, garnishments stop, and very often foreclosure on your home can be prevented. Your car will not be repossessed.
It is important that you tell your attorney about all of your assets and your debts. If you have an antique car that is worth $50,000, you will probably have to sell it to liquidate some of the debts. There are strict guidelines regarding what you can keep. You must be prepared to itemize anything of value, and your attorney will tell you what that value is. The bankruptcy court can order the appointed trustee to liquidate any non-essential valuable asset which is not needed to support your life. The Bankruptcy Attorney Longview TX is a source for legal help.
Some obligations referred to as priority debts can’t be discharged through bankruptcy. Examples of priority debts are child support, alimony, and recent tax debts. Student loans cannot be discharged in bankruptcy and some Federal tax debts cannot be discharged, however, the rules for discharging tax debts is somewhat complicated.
There are many rules pertaining to exemptions from bankruptcy and you should ask your attorney to explain each of these. You should also ask him how to value your personal assets. Bankruptcy is a good plan for many people, but the rules must be followed. Review these obligations with the Bankruptcy Attorney Longview TX.
