Do not be misled by myths that are associated with filing bankruptcy. Within San Antonio both federal and state regulations operate in Texas, to help support debts and provide options for relief.
1. Bankruptcy is not an option because of the means test
Firstly, the means test is designed to prevent people with high disposable incomes filing chapter 7, as its purpose is for those who are truly can not pay for their debts. If you have considerable consumer debt or have incurred an unexpected debt load due to medical expenses, chapter seven could be the best option in that situation. Many attorneys offer means test calculators. Secondly, if you do not qualify for chapter seven, other bankruptcy options are likely to be more suited to your circumstances.
2. You do not qualify for bankruptcy if you have a job
Having a regular income means that you may have more options when filing bankruptcy.
3. Bankruptcy is not an option because I will lose everything I have worked for
This is not true, but many people have this fear that causes them not to file or even speak to an attorney regarding their situation. It is also a fear that causes people to delay the inevitable with attendant loss of property. The sooner you react and make proactive decisions such as seeking advice the greater the chance of minimizing asset loss.
4. Bankruptcy is not an option because I will lose my job.
It would be very unlikely for your employer to find out if you filed for bankruptcy. Also consider, San Antonio is subject to both federal and state law. Under federal law, it is illegal to discriminate against a bankrupt person; therefore, this should not be an issue.
5. Bankruptcy is not an option because I will be exposed to scandal
Unless you are a prominent figure in San Antonio, a simple bankruptcy case is unlikely to draw attention of any kind even though it is a public matter. Even people close to you need not know.
6. With bankruptcy looming, a spending spree on the credit cards will be absorbed in the process
Avoid going on any type of spending spree prior to filing. This may cause the court to see the rapid spending as fraudulent . At the very least, this would mean that the debt would not be included in the discharge and still have to be paid. Still, it could have more serious consequences.
7. I can put my property in another person’s name to eliminate losses
This is a potentially fraudulent act. However, property still held by the debtor can frequently be protected. It is best not to act precipitously as all actions involving money and property prior to filing will be scrutinized rigorously.
8. It is possible to declare only some debts
Undeclared debts cannot be discharged, so this just does not make sense.
9. Bankruptcy will get rid of your home loans
Filing may save your house from foreclosure, if you have acted quickly enough. In the event foreclosure proceedings have been started, consult a San Antonio bankruptcy attorney with experience in recovering these situations. It is possible. Though, the loan will still have to be repaid.
10. Complete discharge of all debts
Depending on your debts it varies to which can and cannot be discharged. An example is student loan debt, this is difficult to get discharged unless undue hardship can be proven. Familial obligations, such as child support and alimony, cannot be discharged.
Chapter 7, Chapter 11, Chapter 13, if all these topics are overwhelming take a look at San Antonio Attorney . There you will find information provided by Audus Zinkman that describe these topics to you on his San Antonio Bankruptcy site.
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- Chapter 7 Bankruptcy – the Disadvantages
- Factors To Consider When Filing For Chapter 7 Bankruptcy
- Bankruptcy 101
- A San Jose Bankruptcy Attorney Can Handle Multiple Bankruptcies
- Do You Really Want To File Chapter 7 Bankruptcy?
- Important Assistance That Your Orange County Bankruptcy Attorney Delivers
- Is Bankruptcy The Solution?
- Bankruptcy May Be The Answer
- Santa Cruz Bankruptcy Advocate At Your Assistance
- Implications Of Tax Burdens And And Filing Bankruptcy
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