Financial strains are among the most stressful issues to handle, and when debts and obligations become out of your control, the stress can become overwhelming. When all that you have is no longer enough to cover all that you need, from loan payments and interest to other forms of debt, it may be time to consider bankruptcy.
In many situations, filing for bankruptcy is a viable option to relieve the financial strain, clear away insurmountable debt, and begin a new foundation for financial security. If you are beginning to consider this option, there are a few signs that may indicate it’s time to hire a Dallas bankruptcy lawyer. When you’re ready, contact the legal team at Steele Law Firm, as they can help provide the experience and knowledge in bankruptcy filing required to get you back on your feet.
No matter how long you’ve been considering filing for bankruptcy, whether you’ve only just begun researching the process or have been intending to file for far too long, there are several clear signs that should be an indication that it’s time to contact a bankruptcy attorney to begin filing.
A: Bankruptcy lawyers will charge a flat fee for helping to file for bankruptcy. The exact amount they charge will vary depending on certain factors, such as the complexity of your case, which type of bankruptcy you file for, and your particular lawyer’s experience level with those types of cases. Generally, the average rate for the most common type of bankruptcy, a Chapter 7 bankruptcy, is somewhere between $975 to $2,000 for a Dallas bankruptcy lawyer.
A: Hiring a lawyer to file for bankruptcy is not legally required in Texas. However, hiring a skilled and qualified lawyer is highly useful and strongly recommended. Bankruptcy law is a unique area of law that has its own set of rules that can tend to be complex in many cases. An experienced bankruptcy lawyer will be able to counsel you through each step effectively and ensure you’ve completed everything correctly. Official bankruptcy forms also strongly encourage hiring an attorney.
A: The amount of cash you can keep when filing for Chapter 7 bankruptcy is dependent on state-specific exemption laws. In Texas, “cash” refers to personal property and includes both bank account balances and any item owned that could easily be sold for cash. Personal property can include home furniture, clothing and jewelry, pets, firearms, and equipment. The total cash amount of personal property exempt for individuals is up to $50,000 and up to $100,000 for families.
A: Filing for bankruptcy can take a considerable amount of time, depending on the type of bankruptcy filed and the details of your particular financial situation. Filing a Chapter 7 bankruptcy generally takes about six months in Texas. Filing for any other type of bankruptcy, such as a Chapter 13 bankruptcy, can take up to five years due to the complexity involved. However, most individuals can start the process of filing relatively quickly, completing initial forms in about a week.
If you are experiencing any of these common financial hardships, it is a sign that it’s time to hire a bankruptcy attorney today. Don’t wait until financial strains have drained you of everything to talk with an attorney like those at Steele Law Firm. Contact our office today and let us help you find immediate relief and develop a long-term plan toward recovery.