Are you considering filing for bankruptcy in Texas? If so, don't stop paying your creditors just yet.

Even if you file for Chapter 7 bankruptcy and are successful in being approved for it, you will not be released of all your debt obligations. There are certain debts that can be released, such as unsecured debts like credit card bills, but there are others that you will still have to pay off. Therefore, you should speak with a Houston bankruptcy attorney first before stopping your debt payments. This is especially true of your home and car payments if you do not want to lose those important assets.

However, in some Chapter 7 bankruptcy cases, you will be asked to sell even your greatest assets. So, if you want to keep your home and car, you may want to consider filing under a different type of bankruptcy, such as Chapter 13. Under this type of bankruptcy, you can keep your assets and discharge some of your debts, although not as many as under Chapter 7.

Have questions about the types of bankruptcy and how they will impact your finances? Contact the Malaise Law Firm now and set up a time to talk to our bankruptcy lawyers.