Warren & Migliaccio, L.L.P.

Dallas Family, Bankruptcy and Personal Injury Lawyers

Call For A Free Consultation (888) 550-6702
  • Our Team
    • Gary Warren
    • Christopher Migliaccio
    • Jonathan Frederick
    • Dan Varkey
    • Traci Diamond
    • Christopher R. Konneker
    • Sabah Hafiz
    • David Lane
    • Morgan Gill
    • Brandon Beuerlein
    • Client Testimonials
  • Camp Lejuene Victim Support
    • How we can help
    • Top 5 Questions and Answers About the Camp Lejeune Lawsuits
    • Symptoms of Water Contamination
  • Bankruptcy
    • Debt Resolution
    • Chapter 7 Bankruptcy
    • Chapter 13 Bankruptcy
    • Benefits of Bankruptcy
      • Stop Creditor Harrassment
      • Keep Your Property
      • Stop Foreclosure
      • Eliminate Credit Card Debt
      • Repair Your Credit Score
    • Bankruptcy Myths Debunked
    • Creditor Harassment
    • Tax Debt
    • Wage Garnishment
    • Bankruptcy Video Center
    • Why Meet with Chris?
    • FREE Bankruptcy E-Book
  • Debt Lawsuit Defense
    • Being Sued by Debt Collector? What you need to Know.
    • What to do when you are being sued by Credit Card Company
    • Is it possible to be Judgment Proof?
  • Family Law
    • Divorce Timeline and Roadmap
    • Child Custody
      • Types of Child Custody Orders in Texas
      • Child Support Modifications & Enforcements
      • Child Support: The Details You Should Know
    • Contested Divorce
    • Spousal Maintenance and Support
    • FREE Divorce E-Book
    • Military Divorce
  • Estate Planning
    • Last Wills and Testaments
    • 9 Reasons You Need a Revocable Living Trust in Texas
    • Making and Funding a Living Trust in Texas
    • Is It Time to Update Your Estate Plan?
    • Dying without a Will
    • Estate Planning Packet
  • Next Steps
    • Next Step
      • Make a Payment
      • Richardson Office
      • Dallas Office
    • FAQs
    • Articles
    • Blog
    • Get Tax Transcripts or Tax Returns
    • Get Your Free Credit Report
    • How to create a Skype Account for Virtual Video Meetings

4 Reasons You May Wish to Delay Bankruptcy

Post by Christopher Migliaccio Leave a Comment

Although bankruptcy may appear to be your only option, it’s important to understand some reasons why it may be better to wait. There could be financial repercussions you haven’t considered, or you may need to weigh whether Chapter 7 or Chapter 13 bankruptcy is right for you.

The following are four reasons you may wish to delay bankruptcy: 

  • Acquiring new debt – If you know that additional debt is coming, such as medical expenses, it may be best to wait because only the debts you have incurred at the time of filing will be covered.
  • Income change – Even if you are laid off or receive a pay cut, income over the last six months is used to determine if you qualify to file Chapter 7. Otherwise, you may be left with Chapter 13, which requires some debt repayment.
  • Paying certain debts – Everybody’s situation is different, so evaluate whether you would prefer to repay certain debts, like overdue rent, before filing. Be careful about showing preference to some creditors over others. Ask your lawyer before repaying a specific debt.
  • Getting divorced – Your financial situation may be in limbo to an extent until a divorce is finalized. Wait until after a settlement is reached to see where you stand.

Filing for Bankruptcy in Texas

According to a National Bankruptcy Research Center report, in 2011, Texas was among six states with filings less than half the national average. While Texas may rank low in bankruptcy filings, the reality is that it can be a beneficial option for some who are unable to meet financial obligations.

If you would like to learn about the advantages and disadvantages of filing for bankruptcy, contact a bankruptcy attorney at Warren & Migliaccio. Our law firm is here to help — 888-584-9614. Don’t forget to order our FREE bankruptcy guide, which can help answer many of your questions about bankruptcy.

Categories: Bankruptcy Tagged: Bankruptcy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Get Help Now!

Schedule a Free Consultation

If you need to speak with an attorney at Warren & Migliaccio, L.L.P.  submit our contact form or call either our Richardson or Dallas location to schedule a free consultation. We’re happy to meet at your convenience. Contact our firm today for legal counsel from experienced attorneys.

Practice Areas

  • Bankruptcy Attorney and Chapter 7 & 13 Lawyer Dallas, TX
  • Chapter 7 Bankruptcy Attorney
  • Chapter 13 Bankruptcy Lawyer
  • Child Custody Attorneys
  • Child Support
  • Dallas Divorce Attorney
  • Family Law
  • Spousal Support
  • Personal Injury

Recent Posts

  • What Do I Do if Absolute Resolutions Investments, LLC Is Suing Me in Texas?
  • What Do I Do if Velocity Investments LLC Is Suing Me in Texas?
  • What You Should Know if Facing a TD Bank Debt Collection Lawsuit in Texas
  • What to Expect if Being Sued by Citibank for Credit Card Debt in Texas
  • Estate Planning For “Just In Case” Scenarios

Locations

Richardson/Plano Office
3600 Shire Blvd #205
Richardson, Texas 75082
(972) 684-5051

Dallas Office
10440 N Central Expy #800
Dallas Texas 75231
(214) 974-3965

Follow Us

facebook logo twitter logo youtube logo


More Resources
Blog
Articles
PaymentPortal

Pick a Topic and Empower Yourself

  • Bankruptcy
  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Child Custody
  • Child Support
  • Personal Injury
  • Divorce
  • Divorce & Your Children
  • Family Law
  • Stop Foreclosure
  • Spousal Support
  • Auto Accidents
HomeDisclaimerPrivacy PolicyTerms of UseContact UsSite Map
© 2023 Warren & Migliaccio, L.L.P. All Rights Reserved