Don't Have Time for an Office Appointment? The Price Law Firm Will Come to You!
If you considering bankruptcy, it is always advisable that you consult with an attorney. For a free initial consultation, call The Price Law Firm at 817-766-7818. Although many of your questions and concerns can be addressed during a phone consultation, we are always available to meet and review your individual circumstances. Evening and weekend appointments are available.
For individuals and families that are dealing with overwhelming debt, filing for bankruptcy provides a way to achieve a fresh start (i.e., hit the reset button on your finances!). Whether bankruptcy is the best choice depends on many different factors but the greatest consideration should be given to the specific financial circumstances that exist. Does the debt stem from:
In each one these cases (and many others) bankruptcy can help you obtain a fresh financial start.
Am I Eligible to File Bankruptcy?
Many people considering bankruptcy first ask if they even qualify for bankruptcy. Nearly all consumer bankruptcies are filed under Chapter 7 or Chapter 13 and each have certain eligibility requirements. In general, if your income falls below the level set by the bankruptcy means test, you may be eligible for Chapter 7 bankruptcy. If your income is above the level set by the means test or your goal is to save a house from foreclosure or a vehicle from repossession, a Chapter 13 bankruptcy may be your best option. An attorney is probably your best resource to advise you whether a Chapter 7 or Chapter 13 bankruptcy is best given your specific circumstances as they will consider your income and expenses, the types of debts you owe, the property you own and how it will be characterized, and what your goals are in filing for bankruptcy.
When someone files for bankruptcy an “automatic stay” immediately goes into effect and all collection actions taken by creditors must stop. In many cases, filing for bankruptcy will stop wage garnishments and, if your creditors have filed a lawsuit against you, bankruptcy may help stop the lawsuit and eliminate the debt.
Stop Foreclosure and Repossession
If you have fallen behind on your mortgage or an auto loan, the lender can foreclose on your home or repossess the vehicle. Although bankruptcy may not be able to eliminate the lien on the property, the automatic stay (that immediately goes into effect when you file) can delay the foreclosure or repossession. Within the bankruptcy process, you may be able to cancel part of your debts and pay off the rest with an affordable repayment plan approved by the court. This will allow you to catch up on your missed payments.
No matter what your situation, if you stressed and overwhelmed by debt and are considering bankruptcy, contact The Price Law Firm at 817-766-7818 to schedule a free initial consultation. Often, we can answer your questions during a phone consultation, but we are always happy to meet and review your individual circumstances. Evening and weekend appointments are available.