As an individual or as a business owner, it is important to keep track of your finances so that you can know when you’re doing well and when you’re in trouble. If your business is not doing so good, you can seek the help of a Houston attorney in regards to filing for bankruptcy. Bankruptcy filing can provide you with the time and peace of mind you need to recover financially. Below, see if you qualify to file for the same.
You are heavily in debt
Debt is a normal undertaking in business and personal finances. However, too much debt in either is not good. As a liability, it can tie you down. Even if you are raking in lots of revenue, too much debt is a sign that you need to re-evaluate your financial moves. If you are sailing in a similar boat, it is prudent to talk to a bankruptcy attorney so that you can get advice on whether you need to file for bankruptcy or not.
Your business finances are in the red
Debt or no debt, you might also want to consider bankruptcy filing if your finances are in the red. Your finances being in the red means that you are registering losses as opposed to profits. When your finances are in the red, it means that you cannot pay mortgage, rent, labour, supplies, and other expenses. To avoid getting to that point, talk to a Houston attorney about bankruptcy and how it can help your particular case.
You have violated your debt agreements with creditors
Whenever you borrow, be it money from a bank or products from a supplier, you are bound by a credit agreement. This credit agreement stipulates when you should pay, how much interest you should pay, etc. If you violate any of these terms, your creditors have legal right to seek recourse. If you have violated any creditor agreements, you can avoid legal disputes by engaging bankruptcy attorneys.
You are in fear of being evicted, repossessed or auctioned
As debt accrues and losses increase, the threat of having your possessions seized or repossessed by creditors becomes very real. You can even get evicted from your premises. If you are in fear of any of these things taking place, you absolutely need to talk to a bankruptcy attorney. Ch 13 Bankruptcy Attorneys can help you acquire legal order that bar your creditors from taking such actions against you. This will give you some reprieve and time to get your affairs in order.
You are being harassed by creditors for late payment
When you owe money and you fail to make payments over time, conflicts can arise. This can bring about all manner of harassment. For example, your creditors can start calling you multiple times day and night. You may even receive threats. Some creditors will hire debt collectors who may then come knocking on your doors. If any of this is happening to you, you absolutely need a bankruptcy attorney. They can put an end to such harassment immediately through court orders.
If you need a Houston attorney that specializes in bankruptcy, try http://weberlaw.com. They have tons of experience in this area and can help you out with any of the above.