There are many decisions to make when it comes to filing Texas bankruptcy. And in Arlington Texas, home owners, families, students, and hard workers deserve some real honesty, Bankruptcy is not always the best option. Bankruptcy has disadvantages. And not all bankruptcy lawyers are capable of helping you.

But sometimes bankruptcy is the very best choice to make. Bankruptcy has some major advantages. And the right Arlington bankruptcy lawyer can protect your income, your assets, your home, and your future.

When is bankruptcy right?
Bankruptcy is the right decision to make when you simply have no other debt reduction options. You may owe far too much money that, even with some time to save, you simply have no chance of making due on. Or you may have some income, some valuable property, but are facing foreclosure or about to tap into your retirement savings. These situations call for bankruptcy.

Which bankruptcy?

Chapter 7 bankruptcy may be your best option when you simply cannot pay on debts. This form of filing gives you fresh start financially. It’s the most common form of bankruptcy in Arlington Texas, simply because it has a lasting and positive impact on your economic situation.

If you feel you do have a  chance of paying this debt off and you have a lot of assets, Chapter 13 bankruptcy may best. If you want to protect your Arlington home from foreclosure, it’s a very good option. Many home owners go into bankruptcy knowing they are in danger. But the problem is waiting too long to act. If you can contact a Arlington lawyer, file the Chapter 13 papers, you can stop a foreclosure from occurring as long as you can make payments on the home.

If you have no money at all, Chapter 7 may be best. If you simply have too many debts, again Chapter 7 may be best. On the other hand, if you have a valuable home or one you simply want to keep at all costs, Chapter 13 can protect it. If you have other valuable assets, and you have enough of an income, again Chapter 13 may be best.

Should you spend retirement money?
Some avoid bankruptcy at all costs. They spend money they really shouldn’t. Then foreclosure papers are filed, wage garnishments are made, and retirement savings or 401Ks go down the drain. This is a terrible way to stay solvent. The best choice is to protect this money. If you you use this money, how long does it buy you? Is 3 months of breathing space enough to spend your 401K? The bottom line is your home, wages, savings, and retirement plans should be protected.

It Will Cost Too Much …
Not filing bankruptcy will cost you much more than filing. When you compare the numbers, you can discharge tens of thousands for thousands. You can protect a $100,000 home from foreclosure. You can stop a wage garnishment from cutting your paycheck in half. You hire an Arlington bankruptcy lawyer because he or she helps your bottom line, does not cost you everything. The good news is, an experienced bankruptcy lawyer is willing to fight to protect you, your family, and your assets.