San Antonio Attorney Handling Bankruptcy

Bankruptcy - Do I Qualify?

The question is not "Do I Qualify?" Instead, the question is "Do I Need to File?"

Everyone qualifies for some form of bankruptcy (chapter 7 or chapter 13). But not everyone needs to file bankruptcy. We find that we recommend filing bankruptcy to about fifty percent of the people with whom we meet .

The "New" bankruptcy law that was passed in October of 2005 was intended by Congress to make it more difficult for individuals to file bankruptcy. However, in our experience, about 95% of people who qualified for Chapter 7 bankruptcy before the new law was passed, still qualify for Chapter 7 bankruptcy. Those that no longer qualify for a Chapter 7 filing still qualify for Chapter 13 bankruptcy. The question of which bankruptcy chapter is right for you, of course, depends on many factors specific to your case and can only be answered after a full, free consultation with one of our experienced attorneys.

Factors in Qualifying for Chapter 7 or Chapter 13

There are specific differences between the two types of filings.  Chapter 7 is normally filed by individuals who have overwhelming debt and no means of paying it back.  Most assets owned by the person will be sold or liquidated to pay off the debts as much as possible and the rest will be discharged.  However, if you have a steady income and can afford to be making payments, Chapter 13 is a restructuring of your debt through negotiating settlement or outright discharge of certain debts in order to be able to repay creditors within 3 to 5 years.  Assets can normally be kept in a Chapter 13.

With the help of the Malaise Law Firm, we will comprehensively review your financial position and help you determine which course of action is best for you.  With over 40 years experience in helping residents of San Antonio, our bankruptcy attorneys are highly skilled in providing you the best advice and solutions possible. 

Determine if you qualify for bankruptcy, contact the Malaise Law Firm , bankruptcy lawyers, for a free initial consultation.