What is Chapter 7 Bankruptcy?
Explanation from a Dallas Bankruptcy Attorney
Individuals who wish to pursue a Chapter 7 bankruptcy must have qualifying incomes and few valuable assets. This type of bankruptcy filing is effective for eliminating debt, which can help you gain financial stability. It’s important to know that the assets you do possess, which are NOT exempt from the process, will be sold to fund repayment to creditors.
Filing for bankruptcy in Dallas is a complicated process, and it’s wise to hire an attorney who has experience and knowledge about the subject. Our Dallas bankruptcy lawyers at Engel Law Firm have filed thousands of bankruptcies and we have helped our clients free themselves from debt. We work with you, answer your questions, and explain each step of the process. We know you’re under a great amount of stress, and we strive to provide you with a support system that can alleviate your worry.
Determining Eligibility for Chapter 7 Bankruptcy
Bankruptcy is a serious situation; it’s not a cure-all for escaping debt. Rather, it’s a way for you to manage debt, pay down what you can and begin with a clean credit slate. First, you must be eligible. This is determined by a means test that confirms that your average income is within the established limits for bankruptcy.
The formula is simple: monthly expenses are subtracted from your average “disposable income.” This number is compared to a median income for a household similar to yours. If the number is above the limit, you could be better suited for a Chapter 13 bankruptcy, which is for higher-income individuals. The entire process is conducted to prevent abuse of the bankruptcy system.
Experienced Chapter 7 Bankruptcy Lawyer in Dallas, Texas
Engel Law Firm knows which bankruptcy process would be the right fit for your current financial situation. Our Dallas Chapter 7 bankruptcy lawyers can sit down with you to determine the best strategy and then move forward quickly and efficiently. Whether you live in Dallas, or any other County, we can help.
If you believe that Chapter 7 bankruptcy could be the right option for you, contact a Dallas bankruptcy lawyer at Engel Law Firm for experienced and professional guidance.