Chapter 7 bankruptcy filings in Texas can be confusing and stressful. There are many Texas bankruptcy exemptions and other processes that you may not know about without the help of a Dallas bankruptcy attorney.
One major concern of those with Chapter 7 bankruptcy filings in Texasis rebuilding their credit and taking advantage of any Texas bankruptcy exemptions. ADallas bankruptcy attorney can help you figure out if you qualify for any exemptions and show you how to work toward rebuilding your credit.
How do I rebuild my credit after Chapter 7 bankruptcy filings in Texas?
Many factors will affect your ability to rebuild credit after Chapter 7, including your previous credit score and the amount of debt you have accrued since your bankruptcy filings in Texas. Some things that will help improve your credit include:
- opening a secured credit card account and making regular payments on time;
- paying utility bills and rent on time for at least one year;
- asking a friend or relative to co-sign a loan that you can pay back on time;
- if you need a new car, look for a “bankruptcy friendly” dealer and do not buy a brand-new car;
- avoiding payday loans and quick cash businesses; and
- writing a letter to the credit reporting agencies with an explanation as to why you filed for Chapter 7.
By living within your means and making sure your payments to creditors are made on time, you can begin to rebuild your credit. It will take time to get back on your feet, but with the help of a Dallas bankruptcy attorney who is experienced with Chapter 7 bankruptcy filings in Texas and bankruptcy exemptions, you can begin to work toward a clean slate and a new financial future.
When going through Chapter 7 bankruptcy filings in Texas you may fear that you will lose everything. A Dallas bankruptcy attorney could help you look forTexas bankruptcy exemptions that could lessen the blow of filing for Chapter 7.
What are the Texas bankruptcy exemptions I can take advantage of?
A Dallas bankruptcy attorney can review your finances with you to see if you qualify for certain Texas bankruptcy exemptions, including:
- Homestead Exemption – This is the most common exemption and applies to your residence. There are limitations of how much the claim on your home is worth.
- Vehicle Exemption – Most people will not lose their car in Texas bankruptcy filings if its value in equity is less than the state’s requirement.
- Other Exemptions – You will also be allowed to keep things that you require for your occupation such as a work vehicle or tools.
A Dallasbankruptcy attorney can help you apply for theseTexasbankruptcy exemptions if you qualify for them.
In addition to looking for exemptions, aDallasbankruptcy attorney can help you rebuild your credit after Chapter 7 bankruptcy filings inTexas. Rebuilding credit after Chapter 7 will take time but is possible. Bankruptcy filings inTexasdo not have to ruin your life. You can build good money habits by:
- Tracking your expenses – Write down everything you spend money on so you can see where it goes and where you can cut back.
- Make a budget – Be realistic about what your expenses are and how much you will be able to save.
- Use a Financial Planner – You may be able to find a free financial planner or use the Internet to help plan your expenses, debts, budget and savings.
Filing Chapter 7 bankruptcy filings in Texas and looking forTexas bankruptcy exemptions is just the first step. Take charge of your financial life with the help of aDallas bankruptcy attorney.
Contacting a Dallas Bankruptcy Attorney
At Warren & Migliaccio, our goal is to protect you and your family so that you can take the necessary steps to proactively plan for your future. When financial circumstances outside of your control threaten your wellbeing, take control of your situation and contact our Dallas law firm. We’ll guide you through the legal process so you can make informed decisions and choose the best course of action. If a personalized, teamwork-driven approach sounds like what you need for your case, call 1-888-584-9614 today. We’re here to help.