Arlington, TX Bankruptcy Lawyers
Seasoned Arlington, TX bankruptcy lawyers understand that when a person is struggling with mounting financial expenses and uncontrollable debt, the stress and strain can be overwhelming. The lawyers from the Brandy Austin Law Firm, PLLC have helped countless clients, enabling them to start fresh and rebuild their financial standing anew. If you are finding it harder and harder to make ends meet and you are being inundated with calls and notices from debt collectors, it may be time to speak with one of our bankruptcy lawyers in Arlington, TX.
As Arlington, TX bankruptcy lawyers may attest, there is no “one size fits all” bankruptcy solution. Each client has their own set of circumstances that need to be addressed. There are different types of bankruptcies and your lawyer may help determine which one is the right one for you:
Chapter 7 Bankruptcy: With this type of bankruptcy, the majority of unsecured debt will be discharged. There is a required means test that a person must pass in order to file. In most circumstances, a person who earns a high wage would not qualify for Chapter 7. Under the law, you are allowed to keep certain property, which is called exempt property. This can include your vehicle, clothing, furniture, appliances, pensions, etc. In a Chapter 7 bankruptcy, the trustee may sell nonexempt property to pay off debt. Examples of nonexempt property include expensive jewelry, collections, a second vehicle, vacation home, etc. The average Chapter 7 takes three to four months to process.
Chapter 13 Bankruptcy: With this type of bankruptcy, you pay back your debt under a repayment plan. This repayment plan lasts between three to five years, depending on a person’s income. At the end of the repayment plan, any debt that is still left will be discharged. There is no means test for a Chapter 13 filing; however, the person does have to have steady income in order to meet the monthly repayment plan payment. If you are facing foreclosure on your home, a Chapter 13 can stop the foreclosure and the back-mortgage due can be incorporated into the repayment plan.
Chapter 11 Bankruptcy: This type of bankruptcy is for businesses and corporations that are facing financial difficulties. It is similar to Chapter 13 personal bankruptcy in that the company is allowed to come up with a reorganization plan to pay their creditors. Chapter 11 often saves companies from going out of business.
Chapter 12 Bankruptcy: This bankruptcy is fairly new and is designed specifically for fishermen and farmers. It is similar to Chapter 13 with the establishment of a repayment plan, but offers more options when it comes to cramdowns (the option of reducing the principal and interest when you are upside down on a loan) and lien stripping (getting rid of a second mortgage or home equity loan through bankruptcy).
Contact Arlington, TX Bankruptcy Lawyers You Can Trust
If you are struggling financially and think it may be time to consider filing for bankruptcy, contact one of the dedicated Arlington, TX bankruptcy lawyers at the Brandy Austin Law Firm, PLLC. Each one of our bankruptcy lawyers has extensive knowledge regarding the U.S. Bankruptcy Code and may sit down and discuss your options with you. Call one of our Arlington, TX bankruptcy lawyers today.