When should a person in Texas file for personal bankruptcy? Is $10,000 enough debt? What about $100,000? The law says that you can declare bankruptcy in the state of Texas if you are in debt for a dollar or for a million dollars. In other words, the bankruptcy law sets no minimum amount. And like almost everything else in the law, the answer to when should you declare bankruptcy is, “It depends.” You can obtain a more precise answer – and have all of your bankruptcy concerns addressed – by speaking as soon as possible with an experienced Dallas bankruptcy lawyer and letting that attorney review your current financial circumstances.
If you are earning only a minimum wage income or a part-time income, $10,000 worth of debt might be enough of a reason to file for bankruptcy. On the other hand, if you have some resources and more than one stream of income, $100,000 worth of debt might not be enough to make bankruptcy right for you. Debts, assets, and income all have to be carefully evaluated, and you’ll also need to consider all of the consequences of a personal bankruptcy. There are no absolute rules, however, so an attorney’s advice is imperative. Everyone’s circumstances are of course different, so you really must consult personally with an experienced Illinois bankruptcy attorney before reaching any final conclusion or taking any kind of irrevocable action.
If bankruptcy is genuinely your best alternative, let a Dallas bankruptcy lawyer help you determine if a Chapter 7 or a Chapter 13 bankruptcy is your best choice. Your attorney can work alongside you and will fully explain all of the requirements and consequences of a bankruptcy. In the Dallas-Fort Worth area, the first thing you must do if you’re considering a bankruptcy is to seek advice from an experienced Dallas bankruptcy lawyer – as quickly as possible.