Bankruptcy can be a complicated topic to discuss or learn about, both because of incorrect information disseminated through popular culture, and because it is a complicated process. Chapter 7 bankruptcy can help Texas residents recover from unmanageable debt, but it is critical that the individual undertaking the filing understands the process as best as possible. This is why the support of an experienced bankruptcy attorney can be so vital to a successful filing.
Before filing for bankruptcy, the first step required by law is to take credit counseling courses. This helps to weed out those who do not actually require bankruptcy services. Even those who do choose to file after these courses are required to take additional debtor education courses following the filing. Obviously, this is not something that should be undertaken lightly.
A petition for bankruptcy comes next. Filing the petition does not guarantee that the bankruptcy will be accepted, but instead allows the court to review the pertinent financial facts of the case, including a comprehensive breakdown of all debts and assets. This is just one of the many places a bankruptcy attorney can be helpful, as the paperwork can be quite involved at this stage in the process.
While Chapter 7 bankruptcy is not necessarily the answer for all Texas residents facing debt, for those who face insurmountable debt problems, it can be a valuable tool. With the help of a bankruptcy attorney, the appropriate forms can be filed and debts can be paid down and even discharged. This can allow the debtor to "start fresh" on a path to a stronger financial future.