Live In Fort Worth, TX? Here’s What You Need To Know About Bankruptcy
Even the best of us experience financial setbacks in life. It is nothing to be ashamed about. If you live in Fort Worth, Texas, have fallen on hard times and see no way out of your situation, then you may want to consider filing for bankruptcy.
Filing for bankruptcy is not as depressing as it sounds. In fact, it can give you a chance to pick up the threads of your life and start a brand new life.
Here’s what you need to know if you are considering filing for bankruptcy in Fort Worth.
Filing Under the New Bankruptcy Laws
Filing under the new laws, which were introduced in 2005, has made filing for bankruptcy infinitely more difficult in Fort Worth if you choose to do so on your own.
Today it is more important than ever to hire a competent, knowledgeable bankruptcy attorney to guide you through the process. When you’re making the decision as to which bankruptcy attorney to hire, find an attorney that specializes in bankruptcies.
Chances are, they will have handled thousands of bankruptcy cases successfully, and will know how the new laws apply to your specific situation.
Filing under Chapter 7
Here are some facts about filing for Chapter 7 bankruptcy in Fort Worth:
- If you file bankruptcy under Chapter 7, then you will be able to discharge or cancel all your debt through liquidation.
- If your bankruptcy attorney determines that you are not eligible for Chapter 7, then you will file under Chapter 13.
- You will have to pass the 'Median Income Test'; or in some cases, the 'Means Test', in order to qualify for filing bankruptcy under Chapter 7.
- It might take around 3 to 4 months for your bankruptcy order to be signed by a judge - if your documents are in order.
Considering the above points, you can see why it just makes sense to hire a qualified bankruptcy attorney to file on your behalf.
Filing under Chapter 13
If your bankruptcy attorney decides that it is in your best interests to file under Chapter 13, then you will have the chance to reorganize your debt by developing a repayment plan. This plan will allow you to repay your debt in a span of 3 to 5 years.
The good part? Filing under Chapter 13 can stop your vehicle from getting repossessed and can also stop your home’s foreclosure dead in its tracks!
Stopping Creditor Harassment
Once you file for bankruptcy, all you have to do is to inform your creditors - and their harassment over the phone and through personal visits must stop immediately.
You will then have to sit down with your bankruptcy attorney and your creditors to work out a repayment plan, which will then have to be approved by the court.
Once you manage that, then it is just a matter of sticking to your new repayment routine to get your life back on track.
Chapter 7 Bankruptcy ‘Tests’
The 'median income test' will compare your current income with the median income of a similar-sized family in Texas. If your income is above the median, then you will have to see if you pass the 'means test'.
The ‘means test’ involves calculations using data from the IRS and the Census Bureau to find out whether you qualify for any relief under Chapter 7.
Filing for Chapter 7 in Fort Worth means peace of mind for you - since your property, furniture and vehicles are normally exempt from being sold off to pay off your debts.
Contact an Efficient Bankruptcy Attorney
You will need to contact an efficient, knowledgeable bankruptcy attorney, who will be able to guide you how to file and which chapter you can file your bankruptcy under.
The bottom line? Don’t be afraid to file for bankruptcy if you do not see any way out of your financial problems. A good bankruptcy attorney will be able to guide your cast to successful completion.
In the end, you will be able to make a fresh start and secure your loved ones’ financial future.
For further details on how you can hire an Allmand and Lee, an experienced Fort Worth, Texas bankruptcy attorney, or for a free consultation, call us at 214-265-0123, or fill out our 
.
6851 N.E. Loop 820, Suite 300
North Richland Hills, TX 76180
City Hall
1000 Throckmorton St.
Fort Worth, Texas 76102
Topic: Fort Worth, TX Bankruptcy Attorney