Are you considering filing for bankruptcy in Texas? If so, there are a few important factors one must make just before finalizing this decision. Clients have two choices when declaring bankruptcy. These are generally referred to as Chapter 7 and also Chapter 13 bankruptcy. Just before dealing with each of these filing kinds, it's vital that you weigh the advantages and disadvantages of making the decision to file bankruptcy to begin with.
What you don't know may hurt you: Filing for bankruptcy isn't usually essential in the State of Texas. Did you know that Texas has some extremely advantageous provisions open to consumers who're experiencing debt challenges? Here are:
1. The Information About Garnished Wages
The Texas state constitution prohibits garnishment of current wages for private services. Unpaid commissions up to $15,000 are exempted for that head of household. Furthermore $7,500 is exempt from garnishment for any single individual. The bottom line is this. Your own creditors aren't going to describe the exemptions and protections you have under Texas law. Judge Jed Shaw understands the laws inside and out. He can provide you advice for your specific situation so that you simply know very well what your own lenders can and cannot do to you.
Lots of people choose to file for bankruptcy in Texas in order to avoid having their wages garnished by lenders whom they must pay back. Nevertheless, is bankruptcy what you'll need if you already have these protections available? It is important that you simply obtain the appropriate advice before making such a life-changing decision.
2. Alternatives can be found if you are sued
If an original lender sues there is little, if any, defense you have. However depending upon the amount of the suit, you might be better off not filing for bankruptcy in Texas. There may be a defense if charged by an assignee of original creditor, otherwise known as the debt purchaser. However, it doesn't mean that you are without options. Regrettably, bankruptcy lawyers typically offer boilerplate options that favor only them and not you. For example, your primary residence provides a safe haven and is exempt from judgment creditors. Additionally, the contents as well as items in your property have particular protections too. You will find various details to be regarded, which Judge Jed Shaw can help you understand. The point is that many bankruptcy attorneys have an interest in you paying them to file a chapter 13 or chapter 7, not explaining the alternative protections open to you.
These are just two types of many that you simply need to consider carefully before filing for bankruptcy in Texas. Judge Jed Shaw is really a legal expert who can assist you in choosing the best course of action for ones situation. He offers clients in Texas a complimentary and confidential consultation by telephone. Take the steps right now to find out what is best to resolve your own financial challenges.
Shaw & Associates, PLLC has AAA rating with the Better Business Bureau which is actually provided to firms who offer exemplary customer service. Jed Shaw includes a lifetime of civic and business experience, and has been a Texas Judge and Mayor. Please contact him today so that he can help you create an educated decision concerning the financial difficulties you have. Filing for bankruptcy in Texas might be the option for you; but chances are there are better options one can learn about.
About the Author:
Judge Shaw is an expert bankruptcy attorney and former Texas Judge. He helps people with Filing for bankruptcy in Texas. Watch his FREE video about how the guy can help you: watch this.
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