The joy that makes capitalism works is that each individual is given an opportunity to “make it or break it” or die trying. If the business venture is not successful or if the person trying to make it ends up losing money, there is always the way out of bankruptcy. There is a law firm that helps people and businesses with Filing Bankruptcy Longview TX. Contrary to the thoughts in the past, bankruptcy does not have to be looked upon with scorn. In fact, it is almost commonplace. In 2014, there were 936, 795 bankruptcies filed in the United States.
If a person believes that he or she will be Filing Bankruptcy Longview TX, becoming familiar with the bankruptcy process will be the smart thing to do. In 2005, a bankruptcy act required every debtor who wanted to file bankruptcy to undergo credit counseling within six months before filing such a bankruptcy. A course on financial management will be required after the filing of the bankruptcy.
Under the same 2005 Bankruptcy Act, the debtor will be subjected to an income test which will determine whether he or she can file a Chapter 7 or have to file a Chapter 13. The court will look at what the debtor’s average income six months before the filing of the bankruptcy and compare it with Texas’ median income. If the average income falls below the median, the debtor can automatically file Chapter 7. Otherwise, the income will be subjected to yet another test to see if the debtor can still qualify for Chapter 7. If not, the only option left is the Chapter 13, which is a reorganization of the debts.
The Law Office of William J. Lively, Jr. has been helping clients with Filing Bankruptcy Longview TX for over 17 years. In the capacity of debt relief, the firm has helped over 5500 clients. The law firm serves the areas of Tyler, Jacksonville, Kilgore and Longview, Texas. Being a small business owner himself, William Lively is also equipped to handle the debt relief concerns of small businesses. If you are planning on Filing Bankruptcy Longview TX, visit the website of business name at website url.
