Bankruptcy Attorney San Antonio

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Discussing your financial situation with a bankruptcy attorney in San Antonio can help you decide whether filing for bankruptcy is right for you. For example, if you have primarily unsecured debt like credit card debt, filing for bankruptcy may greatly benefit you. However, if your debt largely includes student loan debt or unpaid tax obligations, bankruptcy will not make these debts go away. However, a bankruptcy attorney in San Antonio will examine your debts and financial situation, and offer advice regarding whether filing for bankruptcy will be a benefit to you.
 


Chapter 7 Bankruptcy or Chapter 13 Bankruptcy
In San Antonio, you will have the option of filing one of two forms of bankruptcy: Chapter 7 or Chapter 13 bankruptcy. Chapter 7 bankruptcy, sometimes called a liquidation proceeding, involves selling your non-exempt assets to repay your creditors in order of their priority. To be eligible to file for Chapter 7 bankruptcy in San Antonio, you must earn less than the median income for the state of Texas, or have very little disposable income each month. As of 2011, the median income for the state of Texas is $39,673 for a single individual. Therefore, if you earn more than $39,673 per year, your bankruptcy attorney in San Antonio will examine your disposable income to determine your Chapter 7 eligibility. Disposable income is money you have remaining each month after paying all necessary expenses. According to the Bankruptcy Code, rent and a car payment are two examples of expenses that are recognized as necessary. Generally, the smaller the amount of disposable income you have each month, the more likely you are to be eligible for Chapter 7 bankruptcy.

If your bankruptcy attorney in San Antonio determines that you are not eligible to file for Chapter 7 bankruptcy, or you are interested in keeping your assets following the bankruptcy proceeding, you should consider filing for Chapter 13 bankruptcy. To be eligible for Chapter 13 bankruptcy, you must have regular and reliable for at least 6 months prior to filing for bankruptcy. In addition, you must be able to show the bankruptcy court the reliability of your income through a tax return or pay stubs. In a Chapter 13 bankruptcy, you will make monthly payments to a Chapter 13 bankruptcy for the life of your Chapter 13 repayment plan. The repayment plan will last between 3 to 5 years, and must first be approved by the bankruptcy court. If you make all payments on time and in full throughout the plan, you will receive a bankruptcy discharge at the completion of the plan.



Avoiding a Dismissal of Your Case
A dismissal of your bankruptcy case means that you will not receive a bankruptcy discharge. Therefore, before and throughout your bankruptcy case, your bankruptcy attorney in San Antonio may caution you against doing anything that may cause the dismissal of your case. For example, a bankruptcy court may dismiss your Chapter 13 bankruptcy case if you fail to make a monthly payment to your bankruptcy trustee on time, or if you do not submit a complete payment. In addition, actions prior to filing for bankruptcy can affect your bankruptcy case as well. For example, if you transferred assets to a family member or friend prior to filing for bankruptcy, the bankruptcy court may dismiss your case due to a voidable transfer. Therefore, it is extremely important to discuss your complete financial situation with your bankruptcy attorney in San Antonio prior to filing for bankruptcy.


You may have several questions regarding the bankruptcy process and how the bankruptcy will affect your credit. Therefore, if you are considering filing for bankruptcy in San Antonio, contact an experienced bankruptcy attorney in San Antonio as soon as possible, or visit the United States Bankruptcy Court, Western District of Texas’ website, http://www.txwb.uscourts.gov/. If you are considering filing for bankruptcy without the assistance of an attorney, visit http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyResources/FilingBankruptcyWithoutAttorney.aspx for additional information.