If you live in Dallas/Fort Worth and you are considering filing for Chapter 7 bankruptcy it is important to understand if you meet the federal guidelines outlined in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
Current bankruptcy law will let a person file Chapter 7 bankruptcy if they have an income below the current household average income for a similar size family in the stat in which they reside. Failure to meet the income limits will force you to meet other criteria or means tests. Failure to meet these requirements may force you into other types of bankruptcy , such as Chapter 13 bankruptcy.
To get legal advice about the bankruptcy process in the Dallas/Fort Worth area it may be a good idea to talk to a bankruptcy attorney. An experienced bankruptcy attorney will determine if your income is below the median income for Texas as determined by the Internal Revenue Service.
If your median income is higher, you might still be eligible for Chapter 7 bankruptcy. If you are considering filing for Chapter 7 bankruptcy you may want to talk to a Fort Worth bankruptcy lawyer who will be able to outline any other exemptions and other criterion allowed for filing for Chapter 7 bankruptcy under the current federal bankruptcy laws.
Bankruptcy is an important financial decision. Fortunately, you do not have to do this alone. If you are facing a financial crisis, are harassed by creditors or if the banks or mortgages companies are threatening home foreclosure, you do have options. Let a Dallas/Fort Worth bankruptcy attorney help you determine if filing for either Chapter 7 bankruptcy or Chapter 13 bankruptcy may be a sound financial decision for your family.
Bankruptcy is a serious financial decision and can have serious financial consequences for your family. It is not a financial decision that should be made lightly or with out the sound legal advice of a qualified bankruptcy attorney. Contact a Dallas/Fort Worth bankruptcy lawyer today and see if bankruptcy is right for you or your family.
