When you owe a lot of debts, you begin receiving constant calls and letters from bill collectors. These collectors will often threaten to take you to court or garnish your wages. This situation can quickly become stressful and leave you feeling helpless. If you have done all you can to get out of your debt, but are finding no relief, you have the option of Filing Bankruptcy Longview TX.
To find out about Filing Bankruptcy Longview TX, you need to first schedule an appointment with a bankruptcy lawyer. A lawyer can go over your options by taking a look at your debts, income and assets. There are two main options you have when you need to file bankruptcy. The first option is chapter 7 bankruptcy. This type of bankruptcy requires you go through a Mean’s Test, which measures your income against the median income. If your income does not go above this amount, you can file chapter 7.
Chapter 7 allows you to settle your debt in as little as six months. If you own assets that are considered non-essential, these may be sold to pay down your debts. If you only own essential property, the trustee placed over your case can absolve you of your debts so you no longer have them hanging over your head.
You also have the option of filing chapter 13 bankruptcy. This type of bankruptcy does not require you surrender any property or meet any income requirements. You will be given two to five years to pay down your debt, depending on how much you owe. Your payments will be lowered and combined into one monthly payment, which you pay through the courts. As long as you pay your payments, you can no longer be pursued by your creditors. Filing Bankruptcy Longview TX can give you great relief from your debts.
If you are in need of help with Filing Bankruptcy Longview TX, contact a bankruptcy lawyer. Through their help, you can file for the bankruptcy type that will benefit your financial needs. Call today and schedule your consultation appointment so you can learn more.
