Frisco, Texas Attorney Helps Client Decide If Bankruptcy Is Right For Them
The Page Law Firm helps clients file Chapter 7 and Chapter 13 bankruptcy in response to overwhelming financial circumstances. For almost three decades, Théda Page has worked with individuals and families to find the right solution for addressing challenging financial matters. In some cases, filing for bankruptcy is a great option. To know if bankruptcy is right for you, please contact our firm to schedule a free consultation to discuss your options and learn more about the process.
Should I File for Bankruptcy?
It depends. What kind of debts are you delinquent in paying? What is your debt to income ratio? Are you facing foreclosure? You must be qualified to file for bankruptcy, so the best way to answer this question is to seek the counsel of a reputable bankruptcy attorneyeputable bankruptcy attorneyreputable bankruptcy attorney. Théda may use The Means Test or other income expense assessments to help determine eligibility. Based on her experience, a good candidate for bankruptcy is a person who:
- is unable to repay current debts within five years;
- has trouble with financial management;
- has a high debt to income ratio;
- is facing or in the midst of a home foreclosure;
- has high amounts of unsecured debt; or
- has IRS or student loan garnishments.
Of course, this is not a complete picture. Every person has unique circumstances. Some financial matters have a short window of opportunity when it comes to bankruptcy, so please make time to speak with a bankruptcy lawyer as soon as possible.
What is a Chapter 7 Bankruptcy?
A Chapter 7 bankruptcy is basically a liquidation of nonexempt assets. Texas and the bankruptcy code have exemptions in place for property that cannot be sold to satisfy a debt.
Additionally, you may be able to discharge unsecured debts such as credit card balances and unsecured loans. Some debts, such as back child support or recent income tax debt, cannot be eliminated, but the absence of other unsecured debts may free up cash flow to pay debts that cannot be discharged. You may be eligible to keep certain assets like your home, cars or furniture through reaffirmation.
What is a Chapter 13 Bankruptcy?
This type of bankruptcy is geared toward a reorganization of debts. As the debtor, you are able to propose a three to five-year repayment plan to handle a portion or all of your delinquent debts. Some people opt for this type of bankruptcy when they are threatened with home foreclosure or car repossession.
How do I Get Started?
The first step is to contact our trusted bankruptcy lawyer. Please call 214-618-2101 to schedule a complimentary consultation. Our bankruptcy firm in Frisco, Texas serves Collin County, Denton County, The Colony, Little Elm, Prosper, Celina, Plano, Carrollton, Lewisville, Flower Mound, and McKinney.