Creditor harassment, threatening letters, foreclosure notices, piled up medical or other bills... It all seems endless. It can be very overwhelming making the decision to file for bankruptcy, but the relief can make it all seem worthwhile.
At the Tyler Law Office of Gordon Mosley, we recognize that you did not come to this decision lightly. We offer our guidance as well as more than 12 years of bankruptcy law experience. Contact our Tyler credit card debt lawyers for assistance in Texas.
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How a Chapter 7 Bankruptcy Can Help.
Chapter 7 bankruptcy, also known as a liquidation bankruptcy, offers debt relief to qualifying individuals. Many clients fear losing their home in a Chapter 7 bankruptcy and choose to file under Chapter 13 of the Bankruptcy Code.
In reality, however, it is likely that you will be able to protect most of your assets that are owned free and clear. A successful Chapter 7 bankruptcy could discharge substantial credit card debt, medical debt, and other eligible debt.
Do I Qualify for a Chapter 7 Bankruptcy?
There is an income formula that one must follow to determine eligibility for filing for bankruptcy under Chapter 7. The Court will evaluate your gross income from the previous 6 months. If your income is below the median gross income according to your family size and geographic location, then it is likely that you will qualify for a Chapter 7 bankruptcy. As experienced Longview, Texas, bankruptcy lawyers, we can help you evaluate your situation and advise which form of bankruptcy you qualify for.
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Contact our Texas Bankruptcy Attorneys
It is important to remember that a bankruptcy will encompass everything you own and owe. However, if you reaffirm a debt—assure the mortgage company or other creditor that you will continue payments—you may be able to keep your home, car, or other asset.
For advice, guidance, and representation filing for bankruptcy, contact our Texas Chapter 7 bankruptcy attorneys today. We offer debt relief assistance and a free initial consultation.
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