Chapter 7 Bankruptcy Lawyer Llano and Cypress, TXChapter 7 Bankruptcy Lawyer Llano and Cypress, TX

If you don’t earn much income and you’re struggling with debt, you’ll want to connect with a Chapter 7 bankruptcy lawyer at our firm as soon as you can. Scheduling a consultation with our team won’t obligate you to file for bankruptcy or even to work with our firm. This is simply a risk-free meeting that will allow you to ask questions, learn about your options, and become empowered to make informed choices about debt relief.

Filing for consumer bankruptcy is a scenario wherein it can actually be advantageous to be a low wage earner. Only low wage earners are eligible for the unique bankruptcy relief that Chapter 7 bankruptcy provides. Those who make a more substantial living must look to Chapter 13 bankruptcy for debt relief instead. There are many reasons why filing for Chapter 7 bankruptcy can serve as an excellent catalyst towards achieving a fresh financial start. With that said, there are limited circumstances under which you may, even though you don’t earn much income and you therefore qualify to file for Chapter 7 bankruptcy, may ultimately choose to file for Chapter 13 bankruptcy instead. Once an experienced Chapter 7 bankruptcy lawyer at the Winfrey Law Firm, PLLC assesses your unique financial circumstances, you’ll be able to make an informed decision about that particular “either/or” opportunity.

The Pros and Cons of Filing for Chapter 7 Bankruptcy

When individuals (and married couples filing jointly) file for bankruptcy relief under Chapter 13 of the Bankruptcy Code, they restructure their debt to make monthly payments manageable. They are then required to make monthly payments on that debt for 3-5 years. At the end of the repayment period, any balances on their eligible unsecured debts are discharged, meaning that they don’t have to be repaid. In a Chapter 7 bankruptcy process, eligible unsecured debts are discharged once the case is finalized. Chapter 7 filers aren’t required to repay any of this debt before it is wiped clean. That allows Chapter 7 filers a quick way to regain strong financial footing, free of many burdensome kinds of debt. The Chapter 7 bankruptcy process is also relatively straightforward, puts an end to creditor harassment, halts collection actions, and stops wage garnishments.

The only major “downside” to Chapter 7 bankruptcy is that filers who own very valuable luxury property may have that property sold by the trustee assigned to their case so that the profits can be passed on to creditors. This is rare, as Texas has some of the most generous property exemptions in the nation. However, it is possible and therefore something to consider when speaking with our firm about your options.

Legal Assistance Is Available

If you have not yet scheduled a risk-free, confidential consultation with our firm, please do so today. You have nothing to lose by meeting with our team and you might have much to gain by investing this minimal effort. If it turns out that filing for Chapter 7 bankruptcy is a good fit for your situation, you could either find yourself to be debt-free or closer to being debt-free in just over 90 days. Please connect with our firm’s Chapter 7 bankruptcy lawyer team today to learn more; we look forward to speaking with you.

With Law Offices in Llano & Cypress, TX

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