Bankruptcy Lawyer Plano, TX
When you’re struggling to make ends meet while making timely payments on your debt, it’s time to connect with an experienced bankruptcy lawyer Plano, TX residents trust. If you don’t earn much income and much of your debt consists of credit card accounts, medical debt, and other unsecured obligations, filing for Chapter 7 bankruptcy may be in your family’s best interests. Once we learn the details of your income, expenses, debt, and property ownership, we’ll be able to advise you regarding the debt relief options that apply to your situation. If Chapter 7 bankruptcy ends up being a good fit for your finances, we can help you secure a discharge of your eligible debts in as few as 90 days. It’s not always easy to know whether you’re a good candidate for Chapter 7 bankruptcy at a glance. Thankfully, our Plano, TX bankruptcy lawyer team can clarify your options during a short, confidential, and risk-free consultation.
Why It’s a Good Idea to Work with a Lawyer When Filing Chapter 7 Bankruptcy
The Chapter 7 bankruptcy process features many “moving parts.” To begin with, filers are required to attend a pre-filing credit counseling course. This seems like a straightforward direction, but it can be tricky to track down course providers that are approved by the Justice Department. We can help you get into an approved course that works for you, as non-approved courses won’t count towards your bankruptcy requirements.
Bankruptcy paperwork is notoriously detailed and tedious to compile. While we’ll need you to provide us with information about your income, debts, creditors, expenses, and property, we’ll do the “heavy lifting” of preparing your paperwork properly so you don’t have to.
Additionally, filers are required to attend a meeting of creditors, to send additional paperwork to the trustee assigned to their cases, and to attend a second educational course. We’ll make sure you’re prepared for all of these mandates.
Finally, our firm can help you to report any debt collector harassment or violations of the automatic stay that kicks in when your case is filed. Creditors can’t “come after you” while the automatic stay is in place. If any creditors violate the automatic stay, we’ll handle it.
Legal Assistance Is Available
If you don’t earn much income, you may be eligible to file for Chapter 7 bankruptcy. This process empowers filers to halt all creditor and collection actions through the automatic stay and allows eligible debts to be discharged in as few as 90 days. Although this process is famously more straightforward than filing for Chapter 13 bankruptcy is, it is still generally advisable to work with an experience Texas legal team if you’re filing for bankruptcy in the Lone Star State. There are so many variables and complexities inherent in this process that it’s simply just good sense to connect with The Allmand Law Firm, PLLC before you begin the filing process. Please schedule a confidential, risk-free consultation with our Plano, TX bankruptcy lawyer team today; we look forward to working with you.
Signs You’re a Good Candidate for Bankruptcy
The decision to file for bankruptcy is not one you should take lightly. Although it can eliminate most of your secured debts, it could negatively affect your credit rating for a while. However, bankruptcy is the right choice in some situations. Here are a few signs you should file for bankruptcy.
- Increasing Credit Card Balances: Credit card balances are meant to decrease over time with monthly payments. However, if you have very high-interest rates and not enough income, your balances won’t decrease much at all. They may even increase, which can negatively affect your credit score. If you file for bankruptcy with the assistance of a bankruptcy lawyer in Plano, TX, you can eliminate these debts and have a financial fresh start.
- Dwindling Savings: Sometimes people who are in a lot of debt use their savings to pay their credit card bills. However, these savings will eventually run out. Instead of taking away money, you will need in the future, consider filing for bankruptcy to rid yourself of debt.
- Facing Foreclosure or Eviction: If the bank is threatening to foreclose your home, you’re undoubtedly in a very stressful situation. If you file for bankruptcy, the court will issue an automatic stay on any foreclosure action taken against you. Although it isn’t permanent, it does give you extra time to decide what you want to do with your property. If you rent an apartment, filing for bankruptcy also halts any eviction actions.
- Creditors Constantly Call You: If you’re severely behind on your bills, creditors will likely start contacting you several times a day demanding their money. When you’re struggling with your finances, receiving harassing phone calls make things even more hectic. Once you file for bankruptcy, these creditors won’t be allowed to call you anymore, taking a lot of stress off your back. If they still try to contact you, let your bankruptcy lawyer in Plano, TX know.
- Maxing Out Credit Cards: Once you run up the maximum allowable balances on your credit cards, you likely won’t be able to get the maximums increased further and can’t get approved for other loans. Another bad sign is depending on credit cards to pay for basic expenses, like gas and groceries, because you don’t have any other income.
- You’ve Resorted to High-Interest Loans: Turning to payday loans is even worse than using credit cards to fill short-term funding gaps. They’re very high in interest and will put you in an even further financial hole. You will be put into a cycle of debt where bankruptcy may be the only option left.