Bankruptcy & Bankruptcy Myths
Bankruptcy is a legal process by which you can deal with your debts when you can no longer pay them.
If you are struggling to pay your bills or are experiencing some of the financial warning signs, you should consider bankruptcy as a possible option to your financial situation.
The purpose of filing a bankruptcy case is to get a discharge of most, if not all, of your debts, so that you can wipe out those debts and you never have to repay them! This means that you are relieved of the legal obligation to repay those debts.
Lucy Hebron handles each bankruptcy case personally, ensuring that you receive confidential service tailored to meet your own unique circumstances.
Myth: “Everyone will see my name in the paper and know I filed bankruptcy.”
Fact: Our office keeps all bankruptcy cases completely confidential: your name will not be published in the newspaper or online for the general public to see. The information is public record, but seeing that record requires a search in person at the court house or a paid subscription to an online resource.
Myth: “People who file for bankruptcy are bad people who haven’t met their financial obligations as they should.”
Fact: The majority of bankruptcy cases are filed because people have suffered a traumatic event in their lives: loss of job; death of wage earner; serious illness or injury; forced retirement; or divorce. Bankruptcy is provided for us by law, and is also an accepted practice in the Bible.
Myth: “If I file bankruptcy, I’ll lose my house and other property.”
Fact: Texas has favorable laws for those filing bankruptcy, including property exemptions allowing most people to keep their equity in the house, as well as most of their personal possessions.
Myth: “If I file bankruptcy, I’ll never be able to get credit again.” (Do I want credit again?)
Fact: Although bankruptcy remains a part of your credit history (for up to 10 years), filing bankruptcy allows you to start with a clean slate and to start rebuilding your credit, if you want to go down that road (again). There are numerous credit/financial institutions who will be mailing you credit solicitations after your bankruptcy because they know you now have money to work with (because you wiped out prior debts). You can rebuild your credit slowly and cautiously and you will have credit again if you want it!
Alternatively, you might choose to live debt-free and credit-free like many of Dave Ramsey’s fans who have taken the Financial Peace University courses.
Lucy Hebron represents clients in East Texas counties: Camp, Cass, Harrison, Marion, Upshur, Anderson, Cherokee, Gregg, Henderson, Panola, Rains, Rusk, Smith, Van Zandt and Wood and the following cities: Pittsburg, Linden, Marshall, Daingerfield, Gilmer, Palestine, Jacksonville, Longivew, Arp, Athens, Brownsboro, Carthage, Overton, Emory, Henderson, Kilgore, Tyler, Bullard, Elkhart, Frankston, Rusk, Mt. Enterprise, Gun Barrel City, Canton, Quitman, Hideaway Lake, Lindale, Whitehouse, Troup, Winona, Van, Ben Wheeler, Grand Saline, Fruitvale, Edgewood, Wills Point, Quitman, Mineola, Hawkins, Yantis, Alba, Tatum, Holly Lake Ranch and Winnsboro.
We are a debt-relief agency. We help people file for bankruptcy under the Bankruptcy Code.
The information on this site is for general information only. Nothing on this site should be taken as legal advice for your individual case. You should consult an attorney for advice on your own situation.