In today’s tough economy, it’s easy to get into financial trouble – even when working more than one job to make ends meet. When debts pile up so high that there’s no longer any hope of repaying them all, sometimes bankruptcy is the only option. Although it can hurt your credit, it may provide a way to start over, and credit can be rebuilt.
If you want to learn more about affordable bankruptcy, the smart thing to do is to consult with a Texas bankruptcy lawyer. The expert legal staff at the Hixson Law Firm of Arlington, Texas will answer any questions you have about the bankruptcy process and the advantages it may have for you.
The two main types of bankruptcy that are available to individuals are Chapter 7 and Chapter 13 bankruptcy. To qualify for Chapter 7 bankruptcy, you must pass the “means test,” which means that your income cannot be above the median income for the state of Texas. Chapter 7 bankruptcy will give you a fresh start but will liquidate nearly all of your assets. If you have assets you wish to keep, like a home, Chapter 13 bankruptcy may be a better option. In this type of bankruptcy, your debts will be restructured to give you more time to pay, and you can keep most of your most valuable assets. A legal professional from the Hixson Law Firm of Arlington, Texas can explain these options to you in detail.
If you are considering bankruptcy as a means of making a fresh financial start, call to schedule a free consultation with a Texas bankruptcy lawyer today. The skilled staff at the Hixson Law Firm will evaluate your financial status and determine how bankruptcy can help you create a better financial future. We serve the cities of Mansfield, Arlington, and Grand Prairie, Texas and have over twenty years of experience helping clients improve their financial lives. Call us at (817) 261-5000 and let us help you improve yours.