Greenville Bankruptcy Attorney
Are You in Financial Trouble in or around Hunt County?
Financial problems have a way of ballooning into unmanageable situations, leaving you stressed at work, at home, and pervading the rest of your life. Overwhelming debt, such as credit card debt, is one of the most common financial problems, as is the inability to meet mortgage payments. Whether you have sunk into this condition due to a divorce, job loss, illness or other medical emergency, or through poor financial decisions, you need to address the situation as soon as possible before it gets worse.
If you reside in or around Hunt County, you can turn to the compassionate and competent Greenville bankruptcy attorneys at Willeford, Duff & Council. Our legal team has decades of combined legal experience, a true commitment to client service and results, and a determination to help you resolve your debt overload as efficiently and quickly as possible. Every case is unique, which means you will need to consult with us so that we can help you explore your options and move forward with the one that is optimum for you.
Talk to one of our attorneys about your debt problem in a free consultation to get started – contact us at (903) 407-4072.
Debt Resolution Services We Provide
No matter what type of financial dilemma you face, we are here to help you resolve it with a solution tailored to your circumstances and objectives.
Our firm provides the following options:
- Chapter 7 filings
- Chapter 13 filings
- Foreclosure defense
- Debt settlement and relief
- Stopping creditor harassment
Chapter 7 is commonly known as straight bankruptcy, and it is designed to give you a fresh financial start. In this form of bankruptcy, certain assets are used to pay off your debts. The majority of people, however, do not have to give up any assets as Texas provides “exemptions” which allow you to retain most of your property. At the end of this process, your consumer debt, medical bills, and certain other debts will be discharged.
Chapter 13 is a bankruptcy process for small businesses and individuals who earn enough to make payments on their debt. In this type of bankruptcy, you will create a repayment plan that allows you to pay down your debts over a set time period under the supervision and protection of the bankruptcy court.
What is the Difference Between Chapter 7 and Chapter 13?
Chapter 7 is the most common type of bankruptcy. It doesn't require a repayment plan, but does require you to liquidate or sell your assets to pay back creditors. If your Chapter 7 bankruptcy is successful, you receive a discharge that releases you from your debt responsibilities.
Chapter 13 is the second most common type of bankruptcy. It eliminates debt by providing a repayment plan that lets you pay back a portion of your debt over a three- to five-year period. It is most beneficial for you if you can afford to pay some of your debt. Chapter 13 helps you receive more affordable payments.
Bankruptcy may seem like an overwhelming process. Willeford, Duff & Council, PLLC is here to help you figure out which type of bankruptcy is the right option for your situation. Call us today to discuss your case and to schedule a consultation!
How Much Debt Do You Have to Have In Order to File for Bankruptcy?
In order to file for either Chapter 7 or Chapter 13 bankruptcy you must meet the financial requirements.
Beginning April 2019 you will be unable to file for Chapter 13 if you have more than $1,257,850 in secured debt (for homes, cars, etc.) or more than $419,275 in unsecured debt (for medical expenses, credit card debt, etc.) The limits will be increased depending on inflation rate.
There is no debt limit in order to file for Chapter 7. Chapter 7 is preferred to Chapter 13 because you have the opportunity to disregard your debt without repayment. You may qualify with a large amount of debt. However, this method of bankruptcy is only available to individuals and there are income requirements that will determine whether you qualify to file for Chapter 7.
If you have questions regarding if your debt will allow you to qualify for Chapter 7 or Chapter 13 do not hesitate to contact our Greenville bankruptcy attorney at Willeford, Duff & Council, PLLC. We are here to help guide you through the bankruptcy process and make sure you have options that work for your specific needs. Call us today for a consultation.
What Type of Debt Can I Discharge in Bankruptcy?
When you are looking to discharge the majority of your debt, if not all of it, you typically should look towards filing Chapter 7 bankruptcy. While you in Chapter 13 bankruptcy have to set up a repayment plan, bankruptcy Chapter 7 do allow you to pretty much start with a clean slate by wiping out your debt. With this in mind, it is important that you know what kinds of debt can be discharged before filing for bankruptcy.
Dischargeable debts include:
- Credit card debt
- Collection agency accounts
- Unpaid rent and utility bills
- Car repossessions and unpaid balances
- Medical bills
- Lawsuit judgments against you (but associated liens might not be wiped out)
- Foreclosure balances
- Personal loans
- Most debts arising from car accidents
- Material supplier debt
Additionally, the types of debt listed below cannot be discharged in a Chapter 7, but are discharged in Chapter 13 bankruptcy:
- Marital debts arising out of a divorce or settlement agreement (this does not include spousal support which are never discharged in bankruptcy).
- Retirement plan debt
- HOA, condo and coop fees
- Debts that could not be discharged in a previous bankruptcy
Even after your Chapter 7 bankruptcy case is completed you will continue to owe these debts, and in your Chapter 13 repayment plan you will have to pay the following debts in full:
- Child support and past due child support (You cannot get rid of past due domestic support payments by filing a bankruptcy case)
- Alimony (spousal support) debt
- Fines, penalties and debt from breaking the law
- Some forms of tax debt
- Debts in a personal injury lawsuit (If it involved drunk driving)
Reasons to Consider Filing for Bankruptcy
There are various reasons an individual may decide to file for bankruptcy. The most common being losing a job and a large medical debt. Health problems make it impossible to keep your job, your options are either to be let go or quit.
There are many other reasons a person may want to file for bankruptcy. They include the following:
You are getting/in the process of a divorce
You are being sued by creditors because you were unable to make debt payments
You are only able to pay for essentials using a credit card
You are paying off a credit card amount by using another
You are looking to withdraw from your 401(k) to pay your bills
There are many reasons a person may resort to filing bankruptcy, we are here to make sure the process goes smoothly. Call our skilled bankruptcy attorney at Willeford, Duff & Council, PLLC today for a consultation!
Ready to Start?
Willeford, Duff & Council is here to help relieve you of the anxiety and burden of devastating debt. Our seasoned attorneys have helped many clients right here in our local area, and we are standing by to assist you in resolving your situation. Our aim is to help you move forward in life toward a better financial future.