With personal finances getting worse with each passing day, there’s only one thing left to do. That’s scheduling a meeting with a bankruptcy attorney in Keller, TX and find out if there is some legal way of bringing the train wreck to a halt. During the course of the meeting, feel free to ask the attorney any question you may have. Here are some examples to keep in mind.
Can Everyone File for Bankruptcy?
Not everyone is eligible for bankruptcy protection. Laws enacted in the last couple of decades have made the requirements for this type of protection harder to achieve. While the laws still allow room to help people who are in dire financial situations, the potential for abusing those laws is much less than in times past.
If the debtor generates under a certain level of income per year, has little in the way of assets and, in general, cannot pay the obligations and still maintain a reasonable standard of living, there’s a good chance of being eligible for protection.
Will Bankruptcy Stop Collection Efforts?
As the bankruptcy attorney in Keller, TX will explain, filing for bankruptcy brings all collection efforts to a halt immediately. Many attorneys will file the necessary documents with the court within 24 hours of working out the specifics with the client. Once that’s done, the calls and letters will stop. If a creditor continues to contact the client after the bankruptcy is filed and notices are sent out, report the matter to the attorney. The court takes a dim view of creditors who attempt to continue these types of efforts.
How Long Will It Take?
Depending on the type of personal bankruptcy that is best for the client, the whole matter can be resolved in a matter of months. That is typically true with chapter 7 bankruptcies. Once the court discharges the debt, the client owes nothing. By contrast, a chapter 13 bankruptcy could last for three to five years and require the client to repay all or part of the debt under the protection of the court. If any debt remains at the end of five years, it is discharged.
If bankruptcy seems like the only solution, visit today and arrange for a consultation. Doing so will be the first step in turning around a bad situation and working toward a stable financial future.
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