Like other Texas residents, you recently came to the conclusion that fixing your financial situation is beyond tightening your budget or looking for more places to cut costs. You need a real solution, and you have decided that filing for Chapter 13 bankruptcy could provide you with the debt relief you need. Your only question: Is this is the right path for you to take?
In order to answer that question, you must consider numerous factors. You may have owned your home long enough that you accumulated a substantial amount of equity. If so, you could lose your home if you do not file Chapter 13 because it may not qualify for the homestead exemption. Perhaps you simply got behind on your mortgage payments and just need time to catch up so that you can keep your home.
Another consideration is the value of your assets and your income. If they exceed certain amounts, then you may not qualify for Chapter 7, which would leave you the option of Chapter 13. You may want to give your best effort to paying off your financial obligations instead of just receiving a discharge for them. Whatever your reasons, you would prefer to file this way.
Knowing whether you qualify to file for Chapter 13 bankruptcy may not be as simple as taking the "means test" designed to determine whether you qualify for Chapter 7. Other factors could affect the best way for you to use this debt relief option. In order to ensure that you make the best choice for you and your family, you could sit down with a Texas bankruptcy attorney with experience in helping individuals such as yourself obtain a fresh financial start.