Can anyone file bankruptcy?

Anyone can file bankruptcy, but there are limitations regarding which form of bankruptcy is permissible. Qualifying for Chapter 7 requires a means test that evaluates income, debt levels, and income left over each month after paying basic obligations. Income over the median set by the court and monthly income that allows meaningful payments toward unsecured debt can disqualify filers from Chapter 7, which is generally the preferred form of bankruptcy due to the possibility of a full discharge. Anyone can file Chapter 13 bankruptcy, but the terms are less favorable. In most cases, some debts must be repaid following a successful filing. Chapter 13 is also more likely to result in asset forfeiture.

How bad is it to file bankruptcy twice?

<p dir="ltr" style="line-height:1.2;margin-top:9pt;margin-bottom:9pt;">Although possible, due to the damaging nature of bankruptcy, filing bankruptcy more than once isn't recommended. Filing multiple times puts a serious burden on one's credit report, making it harder to get a loan, buy a house, buy a car, or even open credit cards.</p><p dir="ltr" style="line-height:1.2;margin-top:9pt;margin-bottom:9pt;">Note that filing for bankruptcy isn't something that can be done at a filer's leisure. There are time limits following bankruptcy cases that dictate when it's permissible to file again. For example, after Chapter 7 bankruptcy, filers must wait at least eight years before filing Chapter 7 again or four years before filing Chapter 13.</p>

Can they take my car in Chapter 7 bankruptcy?

In many cases, it's possible to keep a vehicle following Chapter 7 bankruptcy. The Chapter 7 Motor Vehicle Exemption allows filers who own their vehicles outright or who are up to date with payments to keep their cars. However, those behind on making car payments are required to arrange a repayment plan. Otherwise, the vehicle may be repossessed as a part of the proceedings.

6 Best Killeen Bankruptcy Attorneys

Erin B. Shank, P.C.

1711 East Central Texas Expressway, Killeen, TX 76541

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
IRS Tax Debt

Erin B. Shank, P.C. is a bankruptcy attorney that caters to residents around Killeen in need of assistance in securing financial relief. Shank has approximately 37 years of experience in bankruptcy law and heads a team that works to retain debtors' valuable assets, including homes and cars. Her firm also focuses on preventing creditor harassment, managing military-related bankruptcies, and resolving debts such as medical expenses. Other cases handled by Shank's law office include mortgage payment negotiations and tax resolutions.

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Jeremy M. Masten

2608 North Main Street, Belton, TX 76513

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy

Jeremy M. Masten, Attorney and Counselor at Law offers to aid both debtors and creditors in Killeen involved in bankruptcy proceedings. A lawyer since 2009, Jeremy assists debtors in filing their claims and in determining the best approach to their debts, whether through liquidation, reorganization, or a repayment plan. Jeremy also represents creditors and their interests through proofs of claim and motions for automatic stay relief. He is also experienced in disputes involving landlords and tenants, employers and employees, construction, and insurance.

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Law Office of Evan Simpson

120 West Central Texas Expressway, Harker Heights, TX 76548

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy

The Law Office of Evan Simpson has been helping debtors in Killeen and neighboring areas resolve their debt and other financial issues since 2009. As the company's lead bankruptcy lawyer, Simpson assists clients in filing consumer bankruptcy claims, particularly for chapter 7 and chapter 13. He also aims to protect debtors and bankruptcy filers from losing their property and financial resources to abusive creditors and unjust treatment. Simpson works with experienced paralegals and legal assistants to help clients eliminate debts. He is also the current president of the Waco Bankruptcy Bar Association.

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Sims Bankruptcy Law, PLLC

810 North West South Young Drive, Killeen, TX 76543

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy

Sims Bankruptcy Law, PLLC is a bankruptcy firm serving Killeen and the surrounding areas. The lead attorney, Tyler Sims, helps individuals and businesses who are facing foreclosures, being sued by creditors, being harassed by collection companies, or are behind on debt payments. His services include Chapter 7, Chapter 11, and Chapter 13 bankruptcies, as well as debt settlement. He aims to thoroughly assess every client's financial standing and goes through their assets, debts, income sources, and living expenses to give the best possible recommendation.

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The Tisdale Law Firm, PLLC

1711 E. Central Texas Expressway STE 300-G, Killeen, TX 76543

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy

Bankruptcy attorneys of the Tisdale Law Firm, PLLC, counsel and represent clients seeking debt relief solutions in Killeen. The firm assists in determining which bankruptcy filing approach will best fit a client's financial situation to help relieve them of debt incurred from unemployment, divorce, or overwhelming bills. Tisdale offers to aid with either liquidation to pay and discharge a client's debt, or the development of a payment plan to save a client's home or vehicle.

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WM. Barry Phillips, P.C.

1201 South West South Young Drive, Killeen, TX 76543

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy

WM. Barry Phillips, P.C. is a law office that offers customized legal solutions to clients throughout Killeen and Central Texas. Its divorce and bankruptcy lawyers handle family law matters and represent those who are dealing with financial challenges. They can assist in filing for chapter 17 and chapter 13 bankruptcy and provide small businesses debt relief options. The team also handles legal issues involving military divorce, spousal maintenance, and probate. WM. Barry Phillips is also board-certified in consumer bankruptcy law.

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Best Bankruptcy Attorneys in Killeen

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Bankruptcy Attorneys FAQs

Erin B. Shank, P.C.

Jeremy M. Masten

Law Office of Evan Simpson

Sims Bankruptcy Law, PLLC

The Tisdale Law Firm, PLLC

WM. Barry Phillips, P.C.

Frequently Asked Questions

Q: Can anyone file bankruptcy?

Q: How bad is it to file bankruptcy twice?

Q: Can they take my car in Chapter 7 bankruptcy?

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