Texas bankruptcy laws were created to fulfill a main objective to protect consumers from getting into mayor debt difficulties, which will eventually be used by creditors, thus taking advantage of the difficult situation people are going through. The Texas bankruptcy law also allows people to have a fresh start and gives them the opportunity to settle their accounts.
When applying for bankruptcy, you must hire a lawyer because the law requires it. The lawyer will fill out all the necessary documentation and make sure the process will be done properly. Your Texas bankruptcy lawyer realizes that you may not be able to face all of your creditor's requests, but their function will be to assist you in the process of filing for bankruptcy or discourage you from doing so because if they see another way to improve your situation.
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Michelle Sanders is actually filing for bankruptcy, and she is getting legal advice from Martin Rogers, one of our professional counselors. They both are reviewing her documentation to decide if bankruptcy is the best way to go; or if there is another way to help her situation without using the last resort, which is bankruptcy. Here, we present some interesting questions regarding the topic of Texas Bankruptcy laws.
Michelle Sanders:
What is the lawyer helping me with?
Martin Rogers:
The lawyer that the Texas bankruptcy laws appoints must give you advice on how to handle your situation, meaning how to repair several issues like how to stop the harassment from collection agencies an so on and so forth; this way people can start paying their medical, credit and debit cards bills. Lawyers, by the Texas Bankruptcy laws, can also stop lawsuits, property seizure and even lower your total debt amount. Lawyers can help people different ways, but first, they have to study each person's case to know if the person fulfills the minimum conditions required by the Texas Bankruptcy law.
During the process, the lawyers have to pay extra attention to the preservation of each costumer's credit score because it is the one point loan companies take into account when they are lending money. And if a person ends up with a bad credit score, he or she will never be able to find or acquire a loan again and will have a hard time finding credit.
According to the Texas bankruptcy laws, your lawyer must advice you on how to maintain your expenditure to the lowest level and solve your situation as soon as possible and in the best way.
Michelle Sanders:
According to the Texas bankruptcy laws, are creditors suppose to also hire lawyers?
Martin Rogers:
Texas bankruptcy laws must include all people, from customers as well as creditors. The latter, have the right to retain the services of a lawyer to give them advice on how to keep the return of investment and lower expenses. A lawyer can help them on lifting stay motions to repossess assets, vehicles or properties from debtors.
Michelle Sanders:
What do I need to file for bankruptcy?
Martin Rogers:
To successfully file a Chapter 7 Texas bankruptcy, you must pass a two-part means test.
1 - In the first part of the means test, your income is compared to your state's average income. If your income falls below the state median, your Chapter 7 filing will likely be successful. If your income does not fall below the state median, your income will then be factored into a formula.
2. In the second part of the test, your income (minus various living expenses, like food and rent) is factored into a formula.
According to Texas bankruptcy laws, the purpose of this formula is to determine your ability to pay off your debts. If the formula finds that you can afford your debt payments, then you will be denied Chapter 7. However, you may still be able to file for Chapter 13.
Ask your lawyer for professional advice and determine which type of bankruptcy fits you the best.
Check these links to learn more:
http://www.personal-bankruptcy-avoidance.com/Bankruptcy/TX-Texas/Bankruptcy-TX-Texas.shtml
http://www.personal-bankruptcy-avoidance.com/Loans/TX-Texas/Loans-TX-Texas.shtml
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