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The Bankruptcy FAQs You Need To Know

Bankruptcy provides relief to people struggling with debt and money issues. The gist of bankruptcy is that it can provide you with a clean slate by expunging most of your debt or it can give you an opportunity to reorganize and repay. Of course, each situation is different and while we can give you answers to common questions about filing bankruptcy, for more in-depth counsel, it is best to speak to us in person.

At Engel Law Group, P.S., our bankruptcy attorney has years of experience in the field and can provide you with the answers you need. Established in 2004, we are here to offer support and assistance to the financially distressed. We understand that this is a scary and overwhelming situation for anyone to be in, but we are here to get you through this.

Questions Most Bankruptcy Filers Have

Q: What is bankruptcy?

A: Bankruptcy is a federal court procedure for individuals or organizations who can no longer pay their creditors. Designed to offer relief, it allows those with outstanding debt a way to pay back a portion of what they owe.

The process begins only when the debtor initiates it. As such, if you are struggling financially and unsure of how to proceed, contact an attorney for guidance at once.

Q: Will filing for bankruptcy allow me to get rid of all my debts?

A: Although filing Chapter 7 will allow you to wipe most of your debts, there are some limitations. For example, debt involving student loans, alimony payments or taxes are not usually included in the discharge process.

Q: Which debts can I discharge?

A: When filing consumer bankruptcy, you typically can discharge unsecured debts. This may include money you owe on various credit cards, a personal loan you took out for school, medical bills and more. Not sure if your debts qualify for a discharge? Talk to us today.

Q: Do I qualify for bankruptcy?

A: This depends on your specific situation. While bankruptcy exists to help those with overwhelming debt get back on track, there are measurements in place to prevent abuse. For example, to apply and qualify for something like Chapter 7 bankruptcy, where you may clear your debts, you will first need to pass the means test.

Based on the size of your family, this test compares your income to the median income in Texas. Only those whose incomes fall below the median can qualify for Chapter 7. However, this does not exclude you from all forms of debt relief. Get in touch with us to learn more about alternative options such as Chapter 11 or consolidating your debts.

Don’t Do This Alone

Whether you are facing the foreclosure of your home, collection proceedings or repossession of a vehicle, no one type of situation will automatically rule out your possibility for help. But finding this help on your own can be difficult. Here at our firm, however, we pride ourselves on providing you with the same care and professionalism that we would expect to receive.

For this reason, you can rest assured that you are entrusting your money matters to professionals who have your best interests in mind. There is no time like the present to take back your life and break free of your debt. Contact our Dallas office today to begin the process. Call 214-984-0059 or request your appointment online.

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