What Should You Know About Filing for Bankruptcy in Tyler TX?

When debt threatens you with wage garnishment and court cases, it is time to do all you can to get rid of your debt and find a solution to your financial woes. The first step you need to take is to make sure you contact your creditors and learn if there are any options they can offer you. If they are unwilling to work with you, you may consider Filing Bankruptcy in Tyler TX. Working with a lawyer will allow you to file for bankruptcy so you can overcome your debts once and for all.

When you see your lawyer about Filing Bankruptcy in Tyler TX, make sure you bring in your bills, account information, proof of your wages and information on any assets you own. This will help your lawyer determine what type of bankruptcy will be best for you to file.

There are two main choices single and married individuals have for Filing Bankruptcy in Tyler TX. Your first option is for chapter 7 bankruptcy. This type can allow you to settle your debts in as little as six months. You simply are put through the mean’s test which measures your income against the median in your area. If your income is not over this median amount, you may qualify.

If you own a lot of assets, some of these may be sold for paying off your debt. A trustee will be placed over your case so any non-essential property can be sold. If you do not have any non-essential property, the trustee may absolve you of your debts.

There is also the option of filing chapter 13 bankruptcy. This option has no income requirements and you do not have to submit any of your property for liquidation. Instead, your payments are reduced and combined so you can pay down your debts in a period of two to five years. The judge will decide on your payment amount and the time period you will have to pay.

If you are in need of help with Filing Bankruptcy in Tyler TX, contact a lawyer in your area so you can receive the help you need. A lawyer can guide you through the process so you can know which option will be right for you.

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