Bankruptcy is the case which is filed if the person is unable to pay back the debts obtained from any other person or organization. In such cases, the case is filed with the help of a Chapter 7 bankruptcy lawyer in Houston, who would help you to finish off your case in a positive way.
There are two major ways of filing a bankruptcy case, and not all people know about the ways of filing bankruptcy properly. If that is the case, a person can hire a bankruptcy attorney. He would explain you about the ways of filing a bankruptcy case. He would also help you to file the case correctly since there is a very long procedure for filing any bankruptcy case.
A bankruptcy case is filed only when the person does not have any resource to pay back the debts. In this situation, the person or the organization which has lent money would try to foreclose the property of the person who got loan. The foreclosure of the property means that the property will be taken by the organization that lent money and then they would sell it to get their money. Any excess amount would be handed over to the owner of the property. The foreclosure of the property means that the person who got the loan is going loose every time. In order to stop the foreclosure, the person can consult this Houston bankruptcy attorney, who is famous in the field of bankruptcy.
Bankruptcy attorneys are highly qualified and experienced and they would suggest you to file a case under the best section. It is always suggested to obey the words of your lawyers. They know the best way to approach the case so your loss is minimized. A structured settlement is the one which would be rescheduled in the chapter 7 of the bankruptcy cases. Here the case is filed to reduce the previous structured settlement because of the unavailability of resources with the person to pay back the debts.
The bankruptcy case when filed under the chapter 13 means that the person is not able to pay back the debts. The lawyers suggest the client to file a bankruptcy under this category only when the client has no resource to pay back. It is advised that the client should always follow the words of lawyer since no lawyer would want to lose his case and have a mark in his record.
Experienced attorneys can surely guide their client in the correct path that would make them face minimum penalties in court. The structured settlement for the bankruptcy case is revised after consulting with the organization which gave loan to the person. The choice of a bankruptcy lawyer is left to the client and he can choose the lawyer; either by analyzing his or her experience or also by checking out the previous records of him in the bankruptcy cases. Don’t forget to contact Houston bankruptcy attorneys if you need any assistance with bankruptcy cases.