Chapter 7 bankruptcy may save you far more money than any other option. How so? In the state of Texas, while our economy is not as bad as other states, debts and unemployment are still a problem. Another problem is that of people lacking medical coverage. These all lead to impossible debts. You have options. You might sell your home. You might consult with a debt management company. Or you might file for bankruptcy help with a Dallas bankruptcy lawyer. Of all these options, bankruptcy is the best. Who wants to lose their home? And working with debt management companies rarely if ever works out, as they tend to charge you more than you really owe, and may hurt your credit.
You might try Chapter 13 or Chapter 7 bankruptcy. What are the differences? And what are the advantages of Chapter 7 bankruptcy? This blog guide can help you understand why to file, when to file, and how to file Chapter 7 bankruptcy.
Why File Chapter 7
Chapter 7 bankruptcy is a liquidation, and in Texas, that may sound bad. Well, you might lose certain assets if you cannot pay on them. If you cannot afford your home, you do have options which you can speak to your Dallas bankruptcy lawyer about. If you are unemployed, you may lose some of your possessions by filing bankruptcy. On the other hand, you stand to save tens of thousands of dollars.
When to File Chapter 7
You may owe a huge medical expense, such as a $100,000 bill on a random hospital visit. You might owe $50,000 in credit card debt. You may be unemployed and owe more money than you make in a year. In these situations, it’s smart to consider Chapter 7 bankruptcy over other options. When you owe more than you make in several years time, it’s a good option. Instead of spending all your savings or going into your retirement money, you can discharge the debt with a Chapter 7 bankruptcy filing.
How to File Chapter 7
If you are eligible for Chapter 7 bankruptcy, you can make use of it’s advantages. It’s based on how much you make in comparison to the Texas median income. If you make more than the Texas median income, you may not be eligible. If you are unemployed, you are likely eligible. Once you find out what you’re eligible for, it’s time to consult with a Dallas bankruptcy lawyer.
Who Can Help?
Filing Chapter 7 bankruptcy can be scary, but remember how much you stand to save. It can literally change your life. There will be some decisions to make. Can you keep your home? Can you keep your car? What if creditors continue harassing you? There are some questions too, such as what debts will be discharged. If you are unsure, get the help of a Dallas bankruptcy lawyer. It’s his or her job to help you reap the rewards of a successful Chapter 7 filing.
