Ask Terry Questions Bankruptcy In Texas

Bankruptcy In Texas

By Terry Savage on January 06, 2024 | Credit/Debt

What are advantages if someone files for bankruptcy if they lost their business/ livelihood? Does it vary from state to state? Is it easy to start over?

Terry Says

We don’t have debtor’s prisons in the United States. Instead we have several forms of bankruptcy. They can “solve” your immediate debt problem — but have long lasting consequences. And, yes, different states have different laws about bankruptcy — including differences in assets that are exempt.
Here’s the best way to get help with this decision. Immediately call 800-377-2227 — the National Foundation for Credit Counseling. You will be connected to the nearest local office — which will know the laws of your state. But they may also help you work with your creditors to avoid bankruptcy, while reducing your loan balances. These are knowledgeable people you can trust.

Please give this a try before calling a bankruptcy attorney.

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