If you aren't sure which type of bankruptcy will work best for your current financial situation, consider these benefits of Chapter 7 bankruptcy:

One of the most popular reasons why people often choose Chapter 7 bankruptcy is that they can protect some of their assets from sale and seizure. Depending on the state in which you claim bankruptcy there is a list of exemptions that are allowed under Chapter 7 bankruptcy. 

For example, if you live in Texas you can claim these exemptions: the motor vehicle exemption allows the full equity of one vehicle per person, as well as those people who are expected to have the use of a vehicle; the homestead exemption who has domiciled in a home for at least forty months can claim full equity, while those who have been living there for a shorter period of time can take $136,800 in equity; retirement benefits as well as pensions and 401(k)s; $30,000 in personal property; two firearms per home; alimony payments; and equity in rural areas under 100 acres. 

Thinking about filing for Chapter 7?  If so, contact the Malaise Law Firm to get help from a San Antonio bankruptcy lawyer.

Bankruptcy filings have decreased slightly in South Texas, according to data recently released by the U.S. Bankruptcy Court.

While the total number of bankruptcy filings only decreased to 376 filings from 377 filings, there was a more noticeable difference in the number of Chapter 13 and Chapter 11 filings. The number of Chapter 13 filings decreased from 211 to 197, while the number of Chapter 11 filings decreased from 20 filings to 7 filings.

Chapter 7 was the only area where filings increased. The number of Chapter 7 filings rose 18%, from 146 to 172 filings.

It's interesting that there seems to be more Chapter 7 filings than ever, especially after new provisions were added to the U.S. Bankruptcy Code in 2005 to make filing for Chapter 7 more difficult. South Texas is not the only place that is reporting higher numbers of Chapter 7 filings. Statewide and nationwide bankruptcy statistics also show an increase in these types of filings.

Experienced Bankruptcy Lawyers Serving South Texas

The decision to file for bankruptcy is a personal one that must be decided by you and you alone. While a bankruptcy attorney can offer you advice and address any questions or concerns you may have, it's not an attorney's job to make the decision to file for you. If you are considering filing for bankruptcy and would like the advice of an experienced bankruptcy attorney, the Malaise Law Firm can help. Our South Texas bankruptcy attorneys serve clients throughout Corpus Christi, McAllen, Brownsville, and Harlingen, and would be happy to help you in any way we can. If you ultimately decide to proceed forward and file for Chapter 13 or Chapter 7 bankruptcy, you can depend on our firm to protect your rights and help you through each stage of the bankruptcy process.

Contact the Malaise Law Firm today at (800) BANKRUPT!

New statistics made available by the Administrative Office of the U.S.  Courts have shown there was an overall increase in bankruptcy filings in 2009 compared to 2008. Here is a brief overview of the recently released data:

• The total bankruptcy filings increased by 32% in 2009 compared to 2008.
• There were 1,473,675 total bankruptcy filings in 2009, which includes both consumer and business bankruptcies. That's 350,034 more filings than there were in 2008.
• There were 60,837 total business bankruptcies in 2009, the highest number of filings since 62,304 filings were made in 1993. This represents a 40% increase in business bankruptcy from 2008.
• There was a total of 1,412,838 consumer bankruptcy filings, which represents a 32% increase from 2008.
• There was a total of 1,008,870 Chapter 7 bankruptcy filings in 2008, which equals a 41% percent increase from 2008.
• There were 402,462 Chapter 13 bankruptcy filings in 2009, which comprised 28% of the total bankruptcy filings for the year. There was 12% more Chapter 13 filings in 2009 than there were in 2008.
• There were less total bankruptcy filings in the fourth quarter of 2009 than in the third quarter of 2009, but there were 24% more total bankruptcy filings in the fourth quarter of 2009 than there were in the fourth quarter of 2008.

If you are struggling under more debt than you can handle and are considering filing for bankruptcy, we invite you to contact the Malaise Law Firm. As you can see, you are not the only one experiencing financial hardship. Countless individuals and businesses throughout the country have fallen on hard times, and have turned to bankruptcy to help manage their debt. If you are interested in learning more about filing for bankruptcy, an experienced San Antonio bankruptcy lawyer at our office is available to discuss your situation and review your debt relief options at a free consultation. To schedule your consultation, please call (800) BANKRUPT!