Before you decide whether or not filing Bankruptcy In Keller, TX is the answer to your problems it would be wise to consult with a lawyer. Most people have a basic understanding of what bankruptcy is. However, they can find themselves baffled and confused when it comes to the details. Does bankruptcy have a negative impact on your credit history? Can you lose property you purchase after filing? Will it get rid of all of your debt? These are questions any bankruptcy lawyer would be able to answer for you.
Will Filing Cancel All Of Your Debts?
One of the most common questions associated with filing Bankruptcy In Keller, TX is whether or not it is going to wipe your credit history clean. This really depends on what kind of debts you have. Bankruptcy will not remove student loans, unpaid child support, court fees, unpaid taxes, or unpaid spousal support from your credit history. It also will not remove any secured loans or secured credit cards. Bankruptcy is about getting rid of credit card bills and utility bills.
Do You Get To Keep Your Property?
Whether or not you get to keep your property depends on what kind of bankruptcy you are filing and how much your property is worth. If you file Chapter 7 bankruptcy it is not uncommon for the court to seize some of your more valuable property so they can liquidate it to pay back some of the creditors you owe money to.
Does Filing Bankruptcy Have A Negative Effect On You?
Filing Bankruptcy In Keller, TX can have a negative impact on your credit history for a very long time. Once you file bankruptcy it can remain on your credit history for up to ten years. You just have to decide if filing bankruptcy and having it on your record is better than continuing to live in debt.
Once you file for bankruptcy you will be placed in what is known as an automatic stay until a decision is made. While you are in an automatic stay you will not have to worry about debt collects calling you or garnishing your wages.
