Bankruptcy is a difficult decision to make and can have long-term consequences. Fortunately, there are ways to avoid bankruptcy in Texas. Below are five ways attorney Mike Wallace advises as ways to avoid Chapter 13 or Chapter 7 bankruptcy:
- Create A Budget
The first step to avoid bankruptcy is to create a budget; you just have to stick to the budget and not waiver! That is the tricky part. Yet, tracking your income and expenses is required to be aware of exactly how much money you have coming in and going out. Budgeting will help you determine where to cut back on spending and ensure you’re not overspending.
- Negotiate With Your Creditors (Debt Relief)
If you’re having trouble making payments, contact your creditors to see if they can work with you. Many creditors are willing to negotiate payment plans or lower interest rates to help you avoid bankruptcy. All you have to do is call them; they usually will work with you.
- Consider Debt Consolidation
Debt consolidation can combine multiple debts into one loan, with one monthly payment that has a lower interest rate. Consolidating your debt can reduce your monthly payments and make it easier to pay off your debt.
- Seek Professional Financial Advice
If you’re struggling with debt, it’s important to seek professional advice from a credit counselor or financial planner. So if your budget plan is not working, they can help you create a plan to get out of debt and avoid bankruptcy.
- Take Advantage Of Texas Bankruptcy Exemptions
Texas has some of the most generous bankruptcy exemptions in the country, such as sporting equipment, home furnishings, jewelry, health savings accounts, firearms, burial plots and much more. These exemptions can help protect your assets from creditors if you end up having to file for bankruptcy.
By following these tips, you can avoid Chapter 13 bankruptcy, and Chapter 7 bankruptcy, and get back on track financially. However, if your debt is to the extent that you can’t fix it on your own, then your next step would be to contact a bankruptcy lawyer like Mike Wallace to discuss any options you may have.
When To Hire A Bankruptcy Lawyer
It’s important to remember that bankruptcy is a serious decision and should not be taken lightly. If you’re considering bankruptcy, you must explore all your other options first. But suppose you have contacted your creditors and stuck to a strict budget. You tried, but too much money needs to go out, and not enough money is coming in.
In this case, you need to speak to an experienced bankruptcy attorney like Mike Wallace. Mr. Wallace is a qualified and experienced Chapter 7 and Chapter 13 bankruptcy lawyer that you can rely on to guide you in the right direction. He has been practicing consumer law in Texas since 2005 and has offices all over the state, including Panola, TX, Upshur, TX, Gregg, TX, and Morris, TX.
Mr. Wallace cares and will provide you with a free consultation and help you understand the legal implications of filing for bankruptcy. In addition, he will answer any questions you have and guide you through the whole process. Finally, Mr. Wallace will give you a realistic timeline of when you can expect to receive your discharge and how long it will take for your debts to be discharged.
Should your case progress to bankruptcy litigation, a lawsuit your creditors file against you for owing more than your collateral is worth, Mr. Wallace has your best interests in mind and will be by your side. You can trust that Mr. Wallace will defend your rights and protect your livelihood throughout your bankruptcy litigation.
Attorney Mike Wallace is patient and understands bankruptcy can be embarrassing for some people, and some may even be ashamed. Yet, you have nothing to feel bad about. Congress passed bankruptcy laws decades ago for this very reason!
Your Expectations From A Bankruptcy Lawyer
When you hire any lawyer, it’s important to have realistic expectations. Your lawyer should be able to give you realistic items for you to expect throughout any legal matter. However, below is a list of what you should expect from a bankruptcy lawyer:
- Explain the process and help you understand the laws regarding filing for bankruptcy
- Advise you on how to protect your valuables and maximize debt relief
- Answer any questions and provide guidance throughout the process
- Provide you with a timeline of when you can expect your bankruptcy to be final
- Tell you how long it will take to discharge your debts
Contact Texas Bankruptcy Attorney Mike Wallace Today For A Free Consultation
Bankruptcy attorney Mike Wallace has been practicing consumer law in Texas since 2005. He has offices across Texas, including Gregg, TX, Morris, TX, Panola, TX, and Upshur, TX. So if you’re at your wit’s end with the amount of debt you’ve accumulated, seek help from a qualified bankruptcy attorney that wants to help you get your finances back on track.
Contact Mike Wallace. He’s a qualified, experienced, and caring Chapter 7 Bankruptcy Lawyer and Chapter 13 Bankruptcy Lawyer that you can rely on to guide you in the right direction. Please call his firm today to schedule a free consultation at 888-402-5557.
