The main debts commonly discharged in Texas bankruptcy are credit, medical, and mortgage debts. The main debts you cannot discharge in a Chapter 7 bankruptcy include tax debts, student loans, child support and alimony, and fines. What are the advantages of filing Chapter 7? if you cannot discharge a debt, how can you eliminate it? This guide answers these questions and more.
Advantages of Texas Chapter 7 Bankruptcy
In any bankruptcy in the U.S., you get financial protection from creditors. In any bankruptcy, once you file successfully a judge will put an "automatic stay" on all collections against you, meaning creditors cannot bill you, charge interest, or take assets away for several months. A Chapter 7 bankruptcy is valuable because you can not only get this automatic stay to buy you time, but the main debts you're having problems paying can be discharged. The most common reason for filing in the country is medical debt; you may get injured or suffer illness and have no medical coverage. You may have few options of paying the debt, but you can discharge it. Filing for credit debt is also very common. The good news is there is no limit on how much you can discharge.
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Your Chapter 13 Bankruptcy Option
You should also study Chapter 13 bankruptcy. Why? Texas income levels are low in comparison to other states, meaning you may make too much money. The rule is, if you make more as an individual or as a family than normal, you have to file Chapter 13. This isn't all bad, because Chapter 13 gives you the option to keep more properties and assets, such as your home and car. While you have to pay some if not all the debt, by filing you can get extra time to pay.
Lawyer Options
What debts can you discharge? Do you make too much money? Do you owe too much? What if creditor harassment continues? You should consult with a Texas bankruptcy lawyer if you're unsure of how the process works. A lawyer can best educate you on the process, and you have many options. There are thousands of lawyers available who can help you save money. However, some charge more than others, some lack experience, and many are overloaded with cases.
How much can you save?
But how much can a lawyer help you save? There is no limit on a Chapter 7 bankruptcy for what you owe. The more you owe, the more benefits of a discharge. While it costs some money to file Chapter 7 bankruptcy, a $299 filing fee with the courts and some lawyer fees, you stand to save tens of thousands of dollars.
Should you avoid bankruptcy?
Bankruptcy is not for everyone. The problem is that many change nothing - not spending habits or lack of medical coverage - after successfully discharging debts. You might discharge a $50,000 credit card debt, only to find yourself in the same problem 2 years down the road. Bankruptcy is not a solution you always have. And sometimes it's in your best interest to learn new spending habits.
Where can you find help?
Unsure of your first step in filing? Scared you'll lose too much of your assets? Then it's time to speak with an experienced Texas bankruptcy lawyer. A good one educates you, protects your rights, and helps you discharge the most debt.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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