There are several different options for declaring bankruptcy depending on whether you own a business, whether your debts are secured or unsecured, whether child support and alimony are involved and other factors. That’s why it’s so important to contact an attorney first to see what choices you have. Each case is different based on your own circumstances, but the general rules of bankruptcy include the following points:
Secured and Unsecured Debt
- Secured and Unsecured Debt Secured debt includes loans guaranteed by collateral such as mortgages, car loans and other types of loans secured by collateral. These debts must usually be discharged through Chapter 13 bankruptcy where you re-organize your finances and make partial payments to satisfy some of your debts for three to five years.
- Exemptions Homestead exemptions are money and property that you can keep even if you’re required to repay part of your debts or sell property to repay your creditors.
Dealing with Other Issues
- Dealing with Other Issues Bankruptcy often occurs when other family problems arise such as trial separations, divorce, failure or sale of the family business and the death of a family member. Important issues that affect bankruptcy include child support, spousal support, immigration status and divisions of assets. Our family law practice also handles these related family law matters, so contact us today, or call us at (512) 643-6763 for further information about how these issues can affect both spouses when thinking about bankruptcy.
Mandatory Credit Counseling
- Mandatory Credit Counseling Before you can file for bankruptcy with the court, you must take a Texas-approved credit counseling course so that you better understand your finances, bankruptcy options and the responsible use of credit. 
- Automatic Stays Once you contact our office and determine that you want to file for bankruptcy, our team will contact all your creditors, which immediately stops all collection efforts until everything is resolved in court. This Automatic Stay stops wage garnishments, repossession proceedings, court cases and collection calls.
As you can see from the above list, there are many complex issues to consider when you file for bankruptcy. That’s why it’s so important that you contact our office today or call us at (512) 643-6763. The Jackson Law Firm of Williamson County, Texas, and surrounding areas including Cedar Park and Round Rock offers guidance, support and expert knowledge of bankruptcy and family law.