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Questions to Ask Yourself before Filing for Bankruptcy

July 24th, 2015 at 10:37 am

Texas chapter 7 lawyer, Texas bankruptcy attorney, Texas chapter 13 attorney,Americans make financial decisions every day of their lives, such as where to purchase food and how to save money on basic living expenses. However, few choices have implications that can match the seriousness of filing for bankruptcy.

Choosing to file for bankruptcy is a critical decision, but for millions of debtors, it is the first step toward financial stability. Although an attorney is the best source for guidance in this matter, here are three questions that can help you decide if bankruptcy is a smart option:

What Is My Current Financial Situation?

Your financial situation, which involves your asset value and income, can affect your eligibility for bankruptcy. If your income is too low, then you may not qualify for chapter 13 bankruptcy. If you file for chapter 7, then there is a chance that you would have to sell assets to pay creditors. These are important considerations before you decide to file.

Will Bankruptcy Actually Solve My Problems?

This is another question that may be difficult to answer without the help of an attorney. Each case is unique, so there may be bankruptcy alternatives that could apply to your situation.

Depending on the chapter you file, bankruptcy can resolve a long list of financial issues. First, it can stop harassment from collection agencies, according to Uscourts.gov. If you file for chapter 13, then you will have a structured repayment plan that can help you organize and manage your debt and finances. No matter which chapter you file, bankruptcy can ultimately lead to a life that is free from the stress that comes with insurmountable debt.

What Are My Long-Term Financial Goals?

Filing for bankruptcy does have certain consequences. It may be difficult to acquire a loan for a home, car, or another investment. You also may not have access to credit. As a result, bankruptcy may limit your financial goals. Before filing, it is important to evaluate these goals and determine how bankruptcy will affect them.

If you would like to learn if bankruptcy is a smart option in your situation, contact the Law Offices of Chance M. McGhee at 210-342-3400 to schedule a free consultation with an experienced San Antonio bankruptcy attorney.

Debt Dilemmas: Common Concerns about Chapter 13 Bankruptcy Process

July 10th, 2015 at 7:10 pm

Texas chapter 13 lawyer, Texas chapter 7 attorney, Texas bankruptcy lawyer, There are many options available to Americans who want to resolve their debts, but for those who wish to avoid a mass liquidation of assets, chapter 13 bankruptcy may be the answer. If you are struggling with insurmountable debt, you likely have many questions and concerns about the chapter 13 bankruptcy process.

An experienced bankruptcy attorney can evaluate your situation, address your concerns, and provide recommendations for debt relief. In the meantime, here are three common questions about chapter 13 bankruptcy:

Will I Lose My Property?

Many first-time bankruptcy filers confuse chapter 7 and chapter 13 bankruptcies. Unlike chapter 13, chapter 7 bankruptcy involves liquidating assets to pay creditors. However, chapter 13 filers can keep their assets and instead pay debts through a structured repayment plan, according to Uscourts.gov.

What If I Cannot Keep up with My Payments?

Chapter 13 works by restructuring your debt into a more manageable payment plan that takes into account your total debt owed and your ability to pay. In some cases, it is possible to modify a repayment plan; however, debtors who cannot keep up with payments may eventually have to transfer their case to chapter 7 bankruptcy.

How Does Chapter 13 Bankruptcy Affect Tax Debts?

Bankruptcy laws treat credit card bills, mortgages, and similar debts differently than federal and state tax debts. However, chapter 13 bankruptcy places all of these debts – including tax debt – into the applicant’s payment plan.

If you are struggling with debt and want to know if chapter 13 bankruptcy is right for you, contact the Law Offices of Chance M. McGhee. With more than two decades of experience as a skilled San Antonio bankruptcy lawyer, Mr. McGhee has the resources to guide you through the bankruptcy process. Call our office today for a free consultation at 210-342-3400.

Call today for a FREE Consultation

210-342-3400

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