Why Chapter 13 Bankruptcy May Be Better For You
Struggling with debt is not an easy thing and unfortunately there are a lot of Americans out there who still find it extremely difficult to deal with the post-Recession finances. While filing for bankruptcy is not something anyone without financial issues would ever want to do (or be able to do, for that matter), you may find it that at the moment this is the best solution for you. Bankruptcy can give you a new start, and although it will influence your creditworthiness, it may simply be the only solution for you at the moment.
Chapter 13 bankruptcy is a type of bankruptcy in which the debtor settles to pay a certain part of his/her debt towards the creditors to whom he/she owes money. Although you will continue to pay for your debt, you will not have to pay as much as you would have if you did not file for bankruptcy and this is one of the main advantages of this type of bankruptcy. Both companies and individuals can file for Chapter 13 bankruptcy, but you will have to bear in mind that you will have to meet certain criteria to be taken into consideration. The main criterion for individuals who want to file for Chapter 13 bankruptcy is related to how much debt they have. In the United States, the debt has to exceed $360,475.00 (in unsecured loans) and $1,081,400.00 (in secured loans). Moreover, you will also have to have a certain disposable income (which means that you should have quite a high income – taxes not included – to be able to fund the bankruptcy).
If you have decided to file for Dallas bankruptcy, then dallas bankruptcy lawyers will be able to help you get though the entire filing process, as well as through court. He/she will defend your rights and he/she will try to achieve the best outcome for you. Furthermore, he/she will be able to advise you on whether or not filing for bankruptcy should be a choice in your case and, if so, if Chapter 13 is what you need or if you may need another type of bankruptcy to suit your situation better. Investing in a good lawyer can have great benefits, especially related to the fact that he/she will know how to deal with the state laws and with the U.S. laws at the same time and thus he/she will know all the details related to filing for bankruptcy.