Am I a good candidate for chapter 7 bankruptcy?
If you are considering filing for chapter 7 bankruptcy, you should ask yourself these simple questions first:
• Are you overwhelmed by growing debt and never seem make ends meet?
• Do you have little to no “extra” spending money?
• Do you own very little property except for basics like clothing and furniture?
• Do you rent your apartment or home?
• Does your home have a small amount of equity?
If you answered to yes to any or all of these questions you could be in a good position to file bankruptcy and should consider contacting a Texas chapter 7 attorney to learn about your options.
Recent changes to the U.S. bankruptcy code have made it difficult to file for chapter 7, but it is not impossible. The main change requires those filing for chapter 7 to submit to a bankruptcy means test, which will determine if you are qualified to file. You will “pass” the test if your income level is below the median income level for your specific state. You still could receive chapter 7 benefits if your income is above the level, but you will need the assistance of a legal professional to persuade the court.
Will filing chapter 7 bankruptcy hurt my credit?
Chapter 7 bankruptcy is designed to give you a clean slate with all creditors and provide you with a fresh start. However, you should know that the fact that you filed for bankruptcy will be seen on your credit report for 10 years, which could affect your ability to get loans, credit cards or make other financial investments. On the other hand, having large amounts of debt removed from your name could result in a credit boost. It all depends on your individual situation.
If you understand the bankruptcy definition and have found which option is better for you in relation to chapter 13 vs. chapter 7, you should contact a Texas chapter 7 attorney to begin the process of filing your paperwork or exploring any possible Texas bankruptcy exemptions. Remember that this is a decision that can follow you for many years and should not be made lightly. An experienced lawyer can help you understand the implications of bankruptcy and what steps to take next.
Contacting a Texas Chapter 7 Attorney
At Warren & Migliaccio, our goal is to protect you and your family so that you can take the necessary steps to proactively plan for your future. When financial circumstances outside of your control threaten your wellbeing, take control of your situation by contacting our Dallas law firm. We’ll guide you through the legal process so you can make informed decisions and choose the best course of action. If a personalized, teamwork-driven approach sounds like what you need for your case, call 1-888-584-9614 today. We’re here to help.