Top 3 Signs It's Time to Hire a Dallas Bankruptcy Attorney

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.

When It’s Time to Hire a Bankruptcy Lawyer

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. 

1. You cannot afford your monthly bills.
   While there are many sources of financial obligations that can potentially mount together for an individual, it is a clear sign that your situation has reached a limit if you find that you can no longer consistently cover your regular monthly bills. Keeping the lights on and food on the table is a basic necessity for anyone’s living situation, but even this can quickly become threatened by mounting bill payments and collections from creditors.Hiring an attorney can help you quickly put a legal pause on all collections and provide you with some relief while you develop a plan for financial recovery. A bankruptcy lawyer can even help you find additional ways to reduce your bills.
2. Your debt has become overwhelmingly burdensome.
   In many cases, multiple life circumstances and expenses can concurrently conspire together and work to place too high a financial burden on an individual or family. Getting stuck making minimum payments on a credit card can keep you perpetually indebted, and falling into a cycle of late payments can quickly raise the principal owed.Unreasonable medical bills are another common source of burdensome debt for families, as even a single hospital visit can leave you with tens of thousands of dollars in medical debt. Additionally, since medical bills typically correspond to some serious illness or injury to you or a loved one, recovery and care can limit the ability to work and earn the income necessary to make the appropriate payments.Hiring a bankruptcy attorney is the quickest way to get your finances under control, and a skilled lawyer can help you file the proper claims necessary to drastically reduce or completely eliminate your excessive debt for good.
3. You are already experiencing losses or your home is threatened.
   When creditors begin the process of seeking collections on debts owed to them, wage garnishments and property repossession can quickly drain you of all that you own. Some personal property presents too high a risk to go without. No one should have to lose their home, for instance, and wind up with no place to live. In most cases, garnishments and debt collections effectively make it more difficult to pay off debts, not easier.Hiring an attorney will get you on track to begin filing a bankruptcy claim which will put a stop to all collection attempts. Your lawyer can then help you properly file for exemptions on personal property, such as for your house or vehicle so that they will be kept even after the bankruptcy is filed.

FAQs

Q: How Much Does a Lawyer Charge for Chapter 7 in Texas?

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.

Q: Do You Need a Lawyer to File for Bankruptcy in Texas?

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.

Q: How Much Cash Can I Keep in Texas Bankruptcy?

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.

Q: How Long Does the Bankruptcy Process Take in Texas?

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.

Your Dallas Bankruptcy Legal Team

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.