What Should I Expect From My Bankruptcy Lawyer?
You should expect your bankruptcy lawyer to first talk to you about your financial circumstances so they can understand whether bankruptcy might be right for you. They may ask for some basic details (e.g., income, assets) and then give you an estimate of how long they’ll need to prepare your case.
You can expect bankruptcy lawyer Mike Wallace to help prepare your bankruptcy filing, schedules, and required forms and documents. He’ll review your finances and ensure they accurately reflect your current situation. Mr. Wallace will negotiate with your creditors and represents you before the U. S. trustee during the Chapter 7 discharge proceeding.
Additionally, attorney Michael Wallace will help you develop a realistic financial strategy and payment program to repay your creditors. He’ll assist you in resolving disputes with your lenders. If your lender disagrees with your proposed payment plans, Wallace will represent you at your first court date. At this hearing, he’ll review your legal rights and obligations under the law.
Since tax implications are associated with filing for personal bankruptcies, Mr. Wallace will help you deal with the IRS. He’ll help you with state authorities, such as child support collections agents. He can also protect your assets from creditor seizures and handle the claims process after your financial situation has improved.
Do I Qualify For Chapter 7 Bankruptcy?
If you meet specific requirements, you may qualify for Chapter 7 bankruptcy. However, you must understand that only some people qualify. The following are examples of when it would be appropriate to seek out a Chapter 7 bankruptcy lawyer:
- You owe more than $100,000 on credit cards, and our monthly income is less than $1,500.
- You own real property worth more than $5,000.
- You were sued at least twice within the last year.
- You’ve had three foreclosures within the past five years or were evicted from your home within the past two years.
- You owe back taxes.
- You’ve been convicted of a crime, have unpaid child support obligations, or have outstanding judgments against you.
- You have medical bills that exceed 30% of your gross income.
- You have suffered a recent injury or illness or have experienced a significant life change such as marriage, divorce, death of a family member, etc.
How Can I Avoid Chapter 13 Bankruptcy In Texas?
There are several ways to avoid Chapter 13 bankruptcy. Since Chapter 13 involves repaying some or all your debts through a repayment plan with payments made directly to your creditors, there are things you can do to prevent it:
- Make sure you have sufficient income to repay your creditors
- If you have insufficient income, try to find other sources of income.
- If you cannot find another source of income, consider selling some of your assets.
- If you still cannot afford to pay off your debts, contact a lawyer who specializes in consumer law.
A Chapter 13 bankruptcy lawyer will help you determine what options are available.
What Exactly Is Bankruptcy Litigation, And When Is It Needed?
Bankruptcy litigation occurs when a creditor files a suit against you to collect a debt. To win a lawsuit, they must prove that they have a valid claim against you and show that you owe them money and that the amount owed is greater than the value of your collateral.
In addition, they must also prove that they gave you proper notice of the lawsuit. Finally, they must send you a copy of the complaint and summons. You must then file an answer within 20 days. Your answer must include why you believe you do not owe them anything.
Contact Texas Bankruptcy Attorney Mike Wallace Today To Get Started
Mike Wallace is a bankruptcy attorney practicing consumer law in Texas since 2005. He has offices all over Texas, including Daingerfield, TX; Camp, TX; Cass, TX; Harrison, TX; and Marion, TX.
If you need help from a qualified and experienced Chapter 7 Bankruptcy Lawyer or Chapter 13 Bankruptcy Lawyer In Texas, please call his firm today to free initial consultation at (888) 402-5557.
