Filing for Bankruptcy can be a painful decision - but with the right guidance and help, you can get your financial life back in order.
If you are confused as how and when to file for bankruptcy in Wylie, Texas, then this article can help you to make the right decision.
Be Aware Of the New Bankruptcy Laws
According to the new bankruptcy laws, any bankruptcy case filed on or after October 17 th, 2005, will require you to first attend credit counseling within 6 months prior to filing for bankruptcy.
You will also be required to complete a financial management course after you have filed for bankruptcy.
If you have questions about these new requirements, or want to have your situation evaluated, fill out our 
.
Know Your Bankruptcy Attorney - And Your Financial Position
Once you’ve decided that you can benefit by filing bankruptcy, you will need to enlist the services of an experienced bankruptcy attorney, who will be able to guide you on the correct procedure required to file under the appropriate chapter.
Rather than hiring a jack-of-all-trades, it makes sense to hire an attorney who only specializes in bankruptcy law, like Allmand and Lee.
You can file for bankruptcy under chapter 7, where most of your unsecured debts, such as those accumulated by credit cards, are discharged - although you will need to pass the 'means test' or 'median income test' where your earnings and expenses will be calculated and compared with the median average in Texas.
According to the result of that test, you may be able to file for bankruptcy under chapter 7 or chapter 13, which is basically a new debt repayment program spread over 3 to 5 years. This program will have to be decided between you, your bankruptcy attorney and your creditors, and it will have to be approved by the bankruptcy court.
The court will also appoint a trustee to make a list of all your assets and who will try to ensure that your creditors get as much as they can from you.
This is why it is essential to have a knowledgeable bankruptcy attorney on your side.
Filing For Bankruptcy Will Stop Creditor Harassment
If you have creditors calling you at home – or worse and more potentially embarrassing - at work, you’ll finally get some relief. Once you have filed for bankruptcy, all you need to do is to inform your creditors.
Your creditors are now required by law to stop calling you.
They will now have to sit with your bankruptcy attorney and devise a new repayment plan, if you have filed under chapter 13. You will at least have some peace of mind after filing for bankruptcy, since your creditors will now be forced to leave you alone.
Use Your Second Chance Well
Now that the court has given you another chance at restructuring your debts, use that chance to your advantage and pay off your creditors diligently. The bankruptcy will remain on your credit record for 10 years, but you can get your credit rating up by not defaulting on your commitments.
If you manage that, then you can become eligible for new loans, mortgages and another credit card in just a few years.
The decision to file for bankruptcy can be difficult and stressful, but you’ll get another shot at building the good financial life that you and your family deserve.
A good bankruptcy attorney and a solid plan can get you back on your feet.
Have questions about your situation? We’re ready to listen, evaluate your case and get you back on the road to financial success. Fill out our today.
Topic: Wylie, Texas Bankruptcy Lawyer
Visiting Wylie, TX? Here are a few addresses that may be helpful.
City of Wylie2000 State Highway 78 North
Wylie, TX 75098
City Manager
Wylie Municipal Complex, 2000 Hwy 78 N
Wylie, TX 75098