Bankruptcy Lawyers Arlington TX
If you are struggling financially and are considering filing for bankruptcy, then contact the bankruptcy lawyers Arlington, TX can depend on. Brandy Austin Law Firm has worked diligently, helping our clients determine whether or not bankruptcy is the solution that will end their financially difficulties. Filing for bankruptcy can be a difficult decision, but our Arlington bankruptcy lawyers understand that it is also an opportunity for you to have a fresh financial start.
Guidance from Skilled Bankruptcy Lawyers Arlington, TX Offers
If you are struggling with finances and believe that bankruptcy may be the best option, it is important to meet with bankruptcy lawyers Arlington TX trusts. Brandy Austin Law Firm are trustworthy and caring attorneys that seek justice for those claiming bankruptcy. If you are interested in filing for a chapter 7 or 13 bankruptcy call them at 800-958-4948 to seek further guidance.
Types of Bankruptcy
There are several different forms of bankruptcy, which are referred to by their chapter in the U.S. Bankruptcy Code. Each category has a set of requirements and regulations that the bankruptcy lawyers in Arlington, TX are extremely knowledgeable about.
When it comes to filing for individual bankruptcy, the two most common choices are Chapter 7 and Chapter 13. Each of these offer pros and cons and the skilled bankruptcy lawyers Arlington, TX clients work with from our firm can help you determine which chapter best fits your particular financial situation.
Chapter 7, also known as liquidation bankruptcy, can help provide you with a fresh start. Under this agreement most unsecured debts are discharged, meaning they are completely wiped out. However, with this negotiation some of your property may be liquidated (sold) to pay down your debt. There is property, nevertheless, that is classified as exempt, such as your clothes, car and household furnishings. The bankruptcy lawyers Arlington TX offer the ability to work with you, to determine which debts will be discharged and which will not be exempt.
In order to qualify for Chapter 7, you must pass the means test outlined under the Bankruptcy Code. This test takes a look at your average monthly income over the prior six months against what the median income is for others with similar households in your state. If your median income is below your state’s average, then you may qualify for Chapter 7. If it is not, then you would not qualify and may need to consider filing under Chapter 13. For example, currently in Texas, the median income for a single person is $46,709. If you are a single person and your median income is less than that amount, you can file for Chapter 7. Our bankruptcy lawyers Arlington, TX respects can assist you in determining your median income. They can also look at any other factors that may affect your eligibility.
Chapter 13 is another form of reorganization and typically referred to as a wage earner’s plan. With this type of bankruptcy, you are able to keep your property and pay off all or part of your debts over a three- to five-year period. Many homeowners who are facing foreclosure file for Chapter 13 and are able to keep their homes.
Since Chapter 13 requires you to pay off your debts, you are required to show that you will have a reliable and regular source of income in order for your bankruptcy petition to be approved by the court.
Petitioners of Chapter 13 are required to submit proof of their income from the prior six months in order to show they will have the funds necessary to be able to meet their new debt obligations. In addition to employment wages, the court will also accept business income, pensions, disability benefits, Social Security benefits, child support, and spousal support as proof. Our firm’s bankruptcy lawyers Arlington, TX locals depend on can help you determine what your sources of income are that the court will approve.
Before your petition can be filed, the law requires that you receive credit counseling from an organization approved by the United States Trustee’s office. Along with your petition, you are required to include a repayment plan. The plan must provide specific details on how you will pay off each of your debts. Priority debts – such as child support and taxes – are required to be paid off in full. The regular payments for any secured debts you have – such as your mortgage or vehicle loan – must also be included in the plan, along with repayment for the past due amounts you owe. If after making these payments you will still have disposable income left over, then you must show how you will pay off your unsecured debts using those funds.
Your plan will need to show how these debts will be paid over a period of three to five years using your current income. If this is a type of bankruptcy that you believe will work best for your situation consult with the bankruptcy lawyers Arlington TX can provide to learn more.
Chapter 11 bankruptcy is used by businesses and individuals whose debts are very large. This form of bankruptcy leads to reorganizing the payment plan and pay the creditors over time. This allows the individual to keep its business alive.
Chapter 12 bankruptcy is set aside for family farmers and family fishermen. It is a rather new addition to the bankruptcy laws and allows those families to restructure their finances to avoid liquidation or foreclosure.
It is important to meet with an attorney to discuss different options and develop a clear path for you to follow.
A Fresh Start
If you need a fresh start financially or some direction to help you become financially successful, contacting the bankruptcy lawyers in Arlington, TX, at Brandy Austin Law Firm will help make difference in your life. Bankruptcy can be a difficult decision to make but with the assistance of the dedicated bankruptcy lawyers Arlington TX recommends, the choice can be easier to make.