Bankruptcy Lawyer Denton, TX
If you’re thinking about filing for bankruptcy, it’s important to discuss the bankruptcy options available to you with an experienced bankruptcy lawyer Denton, TX residents trust. Oftentimes, when individuals (or married couples filing jointly) make the decision to file for bankruptcy, they are unaware of the ins and outs of the bankruptcy process. They are simply aware that bankruptcy can help them to regain their financial footing. There is absolutely nothing wrong with this. After all, our team considers it to be “our job” to understand the ins and outs of bankruptcy law, partially so that our clients don’t have to. But with that said, it is important to familiarize yourself with the options available to you so that you can make the most informed decision possible about the bankruptcy process.
Which Kind of Bankruptcy Is Right for Your Situation?
When you meet with the experienced Texas legal team at The Allmand Law Firm, PLLC, we’ll ask you some questions about your income, expenses, property, and debts. Only by evaluating your financial situation thoroughly can we accurately advise you as to which bankruptcy option will best fit your situation. As a result, it will be helpful if you pull a free copy of your credit report prior to your consultation with our Denton, TX bankruptcy lawyer team. Similarly, if you can bring a copy of last year’s income taxes and any relevant information that will help us assess your household’s annual income, that will be very helpful as well.
Why do we need information about your income when assessing your bankruptcy options? One form of consumer bankruptcy is only available to members of households that meet certain eligibility criteria. The less income your household earns annually, the more likely it will be that you’ll qualify for Chapter 7 bankruptcy. If you’re eligible for Chapter 7 bankruptcy, most of your debt is “unsecured” (credit card bills, medical bills, etc. that aren’t secured by collateral like auto loans and home loans are), and you don’t own a lot of very valuable personal property, you’ll probably want to file for this type of bankruptcy. Why? Chapter 7 bankruptcy doesn’t require you to repay your creditors before your eligible debts are wiped clean. This is the fastest way to achieve a financial fresh start.
If you’re not eligible for Chapter 7 bankruptcy or some unusual circumstances apply to your situation, you’ll likely want to file for Chapter 13 bankruptcy. This process will allow you to reorganize your debt so that your monthly debt payment obligations are manageable. Any eligible debt balances remaining after 3-5 years of successful repayments will be discharged as they are in the Chapter 7 bankruptcy process.
Legal Assistance Is Available
Neither bankruptcy option is the best fit for all circumstances. Therefore, it’s important not to make assumptions about your options until you’ve spoken with our firm. After we evaluate your finances, you’ll be able to make the decision that will benefit your family in the most significant ways. Please don’t wait – connect with a Denton, TX bankruptcy lawyer at our firm today; our team looks forward to speaking with you.