What is bankruptcy in the state of Texas and
how does it benefit you? Hi. I’m Eric Engel, a Dallas bankruptcy attorney with the Engel
Law Group here in the Dallas-Fort Worth metro area. Bankruptcy is the legal action in which
you declare hey, I can’t pay my bills anymore, I need some help. Now bankruptcy is a federal
action. In other words, you have to do this in federal court and that’s because it’s written
right in the Constitution that bankruptcy is something’s that’s handled by the federal
government. There’s 3 reasons why you want to consider filing bankruptcy. One is the
automatic stay. What that means is we stop the bill collectors from calling you, allowing
you to get a breath of fresh air. Two: it allows you to wipe away unsecured debt. So
if you have thousands of dollars in medical bills or credit cards, you can get an opportunity
to walk away from paying any of that money back. Three: it allows you to get a fresh
start. Let’s say that you may be a little behind on your mortgage and you’d like to
get caught up. Well through a Chapter 13 bankruptcy, you can actually accomplish that goal. Why
am I telling you this? I’m telling you this because you’re trying to figure out whether
or not bankruptcy may be right for you. We deal with bankruptcy every day. If you find
yourself in a situation to where you think you might need to file bankruptcy, give us
a call. I’m Eric Engel, thank you for watching my video.