Want To File For Bankruptcy In Coppell, Texas? Some FAQs
Copell , Texas is a lovely place to work, live, and to do business in - but if you have to file for bankruptcy, then you will probably be too tense to notice anything else.
Here are a few bankruptcy FAQ’s –and their answers – to put your mind at ease.
Is My Financial Future Finished Due To Bankruptcy?
No, of course not!
Filing for bankruptcy is just the first step to admitting that you have some financial problems. On the contrary, filing for bankruptcy will show that you are willing to make tough decisions and get your finances back on track.
Let the bankruptcy attorneys at Allmand and Lee put their 20 years’ combined experience to work for you today.
How Will It Get My Creditors Off My Back?
Once you file for bankruptcy, you get an automatic stay on any recovery process that your creditors might have initiated, be it calling you at home or work, or harassing you with threatening phone calls.
Which Chapter Is Suitable For Me?
You can try filing under chapter 7, in which all your non-exempt assets will be disposed of by a trustee appointed by the court in order to pay off your creditors.
The remaining amount could then be discharged or canceled - and you could start your new financial life within around 4 months. You can lose substantial assets in this move, but you can get out of your debt much faster.
You will, however need to pass the “Means Test” - where your income will be compared to the average income of a similar household in Texas. If your income is lower than the average median income, then you be allowed to file under chapter 7.
If you do not qualify to file under Chapter 7, then you might have to file under Chapter 13. In Chapter 13, your debts will be restructured and a new repayment plan will be devised to clear all your debt within a timeframe of 3 to 5 years.
You may also be able to hold on to almost all your assets by filing under this chapter.
Will I Be Debt Free If I File For Bankruptcy?
There are some debts, such as certain taxes, student loans, alimony, childcare, etc, which cannot be discharged in bankruptcy - and you will need to pay them off.
There may also be certain other debts that your creditors might prevent from getting discharged by petitioning the court.
Can I Get New Loans After My Bankruptcy?
Although your bankruptcy will stay on your record for the next 10 years, you will still be eligible for a new loan after a couple of years. You can try getting a secured credit card first and build up your credit by making your payments on time.
Over time, your credit score will be high enough to secure credit at normal interest rates.
The above FAQ’s should help you to contact the perfect bankruptcy attorney in Coppell. Doing so will ensure that your case is discharged in the shortest possible time, and will put you back on the road to financial recovery.