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 In Bankruptcy, Blog, Chapter 13 Bankruptcy, Chapter 7 Transparency

While some people go the process alone, the U.S. government strongly advises that filers and potential filers hire a bankruptcy attorney to help them through the process. The bankruptcy codes can be complex. An attorney will not only have your best interests in mind as their client, but they will also be intensely familiar with the federal bankruptcy regulations as well as state-specific codes.

Chapter 7 bankruptcy may be right for you if you need to completely liquidate to pay off your debts, although some assets can be exempted from liquidation. An attorney can advise you on exemptions available in your jurisdiction. To qualify for this type of bankruptcy, filers will need to complete a means test. This is the most official way to determine whether or not Chapter 7 is right for you. The means test identifies qualifying individuals based primarily on income and expenses.

Chapter 13 bankruptcy might be the best option for you if you do not require complete bankruptcy. This allows individual filers to reorganize their debts to a manageable level. For businesses, this type of bankruptcy is Chapter 11. If you do not qualify for Chapter 7, you may want to consider Chapter 13. If you have debt, but believe that you have some means of paying off that debt, then speak with a San Antonio bankruptcy lawyer from our firm about reorganizing your debts by way of Chapter 13.

Some people’s biggest concern with bankruptcy is how it will affect their credit. If you are wondering whether or not bankruptcy is right for you because of your credit score, consider this. If you are already struggling with debt to a point that you are considering bankruptcy, your credit has likely already been harmed. While filing for bankruptcy does stay on your credit report for a few years after filing, relieving your debt and then building up good credit can be a quick way to repair that credit score.

If you are still wondering if bankruptcy is right for you, consult with a San Antonio bankruptcy lawyer at the firm. Malaise Law Firm will be able to take your case into consideration and provide you with legal counsel. Your financial situation is unique, which is why you need a unique solution. Our firm knows that no two cases are alike, which is why we aim to find you the best possible solution catered to you. To learn more, please call us for a consultation.