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Answers To Frequently Asked Bankruptcy Questions

As one of the leading bankruptcy firms in East Texas, we hear many questions each week from people who want to learn more about debt relief. On this page, we have provided answers to some of the most common questions that prospective clients ask. After reading, we invite you to ask your own questions in a free consultation. Call us in Tyler, Texas, at 903-920-0008 or contact us by email. Attorney Bill Lively is a top-rated bankruptcy lawyer representing clients throughout East Texas.

Do I Really Need Bankruptcy Relief?

Many people aren’t quite sure if they have to keep enduring the stress of having heavy debt. Let us assure you that you do not have to keep carrying that burden. If you are feeling stressed about medical debt, credit card debt, divorce-related debt or debt of any kind, filing for bankruptcy may be a good option for you.

Filing for bankruptcy is a big decision, and there is no substitute for case-specific advice and guidance from an experienced bankruptcy attorney. We encourage you to contact us today to learn more about your options.

How Can Filing For Bankruptcy Help?

The bankruptcy process can help you eliminate overwhelming debt through court-approved discharge (if filing for Chapter 7), or it can restructure your debt into a very manageable repayment plan lasting three to five years (if filing for Chapter 13). These are options that typically are not available through any other means.

Additionally, filing for bankruptcy can help you relieve stress and stop creditor harassment, giving you much-needed peace of mind. Our team is here to put your mind and heart ease and guide you through the process.

What Are The Different Types Of Bankruptcy, And Which One Is Right For Me?

In Texas, as in the rest of the United States, the most common types of bankruptcy are Chapter 7 and Chapter 13. Chapter 7 involves liquidating non-exempt assets to pay off debts, while Chapter 13 involves creating a repayment plan to pay back debts over time. The right type for you will depend on individual circumstances, including the amount and type of debt, income and assets. At William H. Lively, Jr. WHL, PLLC, we can take a look at your situation and advise on the best type of bankruptcy for your specific circumstances. Attorney Bill Lively can help you explore all your available options for debt relief.

What Types Of Bankruptcy Cases Do You Handle?

We help our clients find lasting debt relief through Chapter 7 bankruptcy and Chapter 13 bankruptcy. Our clients are often individuals and couples facing insurmountable debt. We also represent small business owners who cannot manage to keep their business afloat — often due to factors outside of their control.

Can I Keep My Home If I File For Bankruptcy In Texas?

Texas has generous homestead exemptions that may allow you to keep your home when filing for bankruptcy, but it depends on the value of your home and which type of bankruptcy you file. Chapter 13 bankruptcy also has provisions that can help individuals catch up on overdue mortgage payments over time. Contact us today to learn more about your specific options. You can also see our overview of how bankruptcy can prevent foreclosure.

What Are The Main Reasons For Needing To File For Bankruptcy?

There has traditionally been a lot of stigma surrounding debt and bankruptcy. But in many cases, debt problems are just larger versions of the struggles that all of us face. Medical debt is among the leading causes of bankruptcy, even among people with health insurance. People may also pursue bankruptcy due to the costs of a messy divorce, small business debt, credit card debt or a combination of these things.

What Debts Are Dischargeable In A Texas Bankruptcy?

Most unsecured debts, such as credit card debt and medical debt, can be discharged in bankruptcy. However, certain debts like student loans, child support, alimony, certain taxes, and criminal fines are typically not dischargeable. To start getting a clear idea of the debts that are dischargeable in your bankruptcy, talk to us in a free consultation.

Learn more about bankruptcy discharge versus dismissal.

Do I Need A Local East Texas Bankruptcy Attorney?

Sometimes, out-of-town bankruptcy attorneys seek favorable results in the local bankruptcy court and come up short. We believe that having a local bankruptcy attorney like Bill Lively is your best option because he knows the East Texas bankruptcy court and the legal landscape of the area.

Get Your Questions Answered In A Free Consultation

Want to learn more about bankruptcy? We encourage you to contact us in Tyler to discuss your options for lasting debt relief. Our firm has been helping good people get out of bad financial situations for more than 25 years. We want to help you, too. You can request your free initial consultation by calling 903-920-0008, or you can complete our contact form.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.