If you are having difficulties with being able to pay your debt due to unforeseen circumstances, such as a job loss, divorce or unexpected medical expenses, you may need the help of a professional bankruptcy attorney in San Antonio to discuss your options.  For most individuals, there are two primary bankruptcy filings that can be used to provide them protection from their creditors.  State and Federal laws allow for Chapter 7 or Chapter 13 filings for most individuals.

Which Chapter is right for you?  The best way to determine that is to make an appointment with our office at the Malaise Law Firm to fully discuss your financial situation.  We offer a free initial consultation that can provide you with insight on the bankruptcy process and review your specific circumstances.  Depending on your financial condition and assets you may own, the determination as to which filing would work best for you can be established.  In a nutshell, a Chapter 7 filing works best for people who have few assets and do not have a steady source of income to cover their debts.  Many assets are liquidated to pay creditors in this type of bankruptcy filing.  They must meet a “means test,” to show whether they have the means to repay their debt or not and must qualify based on that and a certain income threshold.

A Chapter 13 works for those who have a steady income and can make regular payments towards their debt.  Assets can be kept in this kind of bankruptcy, possibly even your home.  A plan showing how the debt can be re-paid within 3-5 years must be worked out, which could include discharging or negotiating some of the debt.

Choose the Right Chapter with a San Antonio Bankruptcy Lawyer

When faced with the decision to file for bankruptcy, consult with a professional who can offer valuable insight into your case.