Do not be misled by myths that are associated with filing bankruptcy. In San Antonio, as in the whole of Texas where both federal and state regulations operate, debtors have a lot of support and options.
1. The means test eliminates bankruptcy as an option
The means test was created as a preventative tactic for people filling chapter 7 that had high disposable income, as its purpose is for those in the situation where they truly can not pay for their debts. If the debt you have is considerable amount or have incurred an unexpected debt load due to medical expenses, chapter 7 could be the best option in that situation. To calculate this many attorneys offer the calculations for a means test. In addition, if you do not meet the qualifications for chapter 7, there are other options for bankruptcy that maybe more suitable for your situation.
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2. If you have a job bankruptcy is not an option
When your ready to file bankruptcy a job will open up more options for you.
3. Bankruptcy is not an option because I will lose everything I have worked for
This is not true, but still people fear this situation causing them not to get help from a lawyer or file the paperwork. Fear also causes people to make prolonged decisions when they think losing all their property is imminent. The sooner you react and make proactive decisions such as seeking advice the greater the chance of minimizing asset loss.
4. If i file for bankruptcy it will cause me to loose my job.
For a start, there is very little likelihood that your employer would find out. Also consider, San Antonio is subject to both federal and state law. Federal law states that if a person is bankrupt you cannot discriminate against them. So this should be a non issue.
5. Bankruptcy is not an option because I will be exposed to scandal
Bankruptcy is a public matter but a simple one is unlikely to draw attention unless you are a well known figure in San Antonio. The people close to you probably will not know either.
6. With bankruptcy looming, a spending spree on the credit cards will be absorbed in the process
Avoid going on any type of spending spree prior to filing. This may cause the court to see the rapid spending as fraudulent. Best case scenario, the debt would still have to be paid and would not be included in the discharge. However, serious consequences could develop from these actions.
7. You can transfer your property to avoid losses
This is a potentially fraudulent act. But, property still held by the debtor can frequently be protected. It is wise to act honestly because prior to filling all your actions will be looked over closely.
8. You have the option to only declare some debts
If you do not declare a debt it cannot be discharged, so doing this makes absolutely no sense at all.
9. When you file for bankruptcy home loans are wiped out
Filing may save your house from foreclosure, if you have acted quickly enough. In the event foreclosure proceedings have been started, consult a San Antonio bankruptcy attorney with past experiences in recovering these situations. It is possible. Although, you will still have to repay the loan.
10. Complete discharge of all debts
Depending on your debts it varies to which can and cannot be discharged. For example, student debt can only be discharged if you can prove undue hardship. Familial obligations, such as child support and alimony, cannot be discharged.
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