Bankruptcy Attorney in Plano, Texas

Why Hire a Bankruptcy Attorney?

Texas bankruptcy courts are very debtor-friendly and can protect your home, car, retirement accounts, and many of your assets. At Vecchio | Bloomenstiel PLLC, our bankruptcy lawyers know that bankruptcy is often the best solution when your personal or business finances are in trouble. Our bankruptcy attorneys can:

1. Make sure you comply with bankruptcy requirements.

2. Protect your home, your vehicles, and your property.

3. Deal with credit cards, loans, and other debts.

4. Handle paying of debts.

Helpful Videos About Bankruptcy in Texas

Bankruptcy or Credit Repair?

There are no set rules for determining whether or not bankruptcy is the right choice for you. It is a decision that needs to be made on a case-by-case basis. For some people, bankruptcy isn’t a good fit because either the timing isn’t right or they can benefit from credit counseling. For others, bankruptcy is the best solution to their troubles.

If you are dealing with any of the following issues, then you should  consult with a bankruptcy attorney to determine the best course of action:

  • You are at risk of foreclosure on your home or car
  • You are rapidly accumulating credit card debt
  • Your business cannot meet its monthly financial obligations
  • You are being hounded or threatened by creditors

What are My Bankruptcy Options?

The two most common bankruptcies are Chapter 7 and Chapter 13.  They each have their own unique features:

Chapter 7

  • Discharges mainly unsecured debts (i.e. medical expenses, credit cards, and judgments) without requiring any repayment
  • Stops all creditor collection activities
  • Gives you a fresh start to begin rebuilding your credit

Chapter 13

  • Is a “rehabilitation bankruptcy,” which puts you on a 3 to 5 year repayment plan to pay off a substantial portion of your debts.
  • Also halts creditor collections.
  • Has a number of advantages in avoiding foreclosure and repossession. 
  • Does not require any liquidation of your assets. 

Which Bankruptcy is Right for Me: Chapter 7 or Chapter 13?

Federal law sets eligibility requirements for both Chapter 7 and Chapter 13.  These rules are very complicated and have resulted in a lot of misconceptions about bankruptcy eligibility.  For example, many people believe that they are ineligible for Chapter 7 bankruptcy because they “make too much money.”  That isn’t quite right.  Eligibility Chapter 7 is determined by a complex formula called the “means test,” which takes into account your wages, debts, assets, family support obligations,  and many other factors. Under the means test, it is possible for someone with a six-figure income to qualify for a Chapter 7.   It all depends on your situation. 

If you are considering bankruptcy, then you need to consult with a qualified bankruptcy attorney who can 1) determine if bankruptcy is your best option, 2) determine your eligibility for Chapter 7and Chapter 13, 3) take you through the bankruptcy process, and 4) help you to plan for post-bankruptcy.  

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