Bankruptcy and Fixed Income
If you are on a fixed income and are contemplating bankruptcy, the best option may be a Chapter 7 bankruptcy. It will allow to you to discharge your bad debts and you do not need to have a minimum salary to qualify as opposed to a Chapter 13 filing. And once your debts are discharged in a Chapter 7 filing, you are no longer obligated to pay any of the creditors listed in your bankruptcy.
It is also one of the more affordable bankruptcy filings as the filing fee in the Dallas bankruptcy court is about $299. This is a much more affordable alternative than paying on bad debts or getting a lien on your assets and paycheck. This can make it even tougher on those on a fixed income.
Chapter 7 bankruptcies also tend to be simpler than Chapter 13 filings and require less paperwork to be completed. This can mean more affordable attorney fees in the end.