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, Texas.
Things happen. Life happens. Sometimes we get behind in paying a bill or two. No one is perfect 100 percent of the time. All too easily we can fall into the slippery slope of debt, which for many is becoming increasingly difficult to climb out of. When does a minor slip-up cross over into the realm of impossibilities? When is the right time, if ever, to file for bankruptcy? While missing a payment here and there is forgivable, sometimes due to unforeseen circumstances, catching up may be just out of reach and bankruptcy could be the only option. If you believe this is the case for you, speak with Arlington, Texas bankruptcy lawyers now.
It is not very likely that you will find anyone eagerly anticipating filing for bankruptcy. Generally, it is due to a loss of a job, a medical emergency, or simply ignoring financial problems until it is too late. If you are considering filing for bankruptcy, one of the best and easiest methods of determining if this is the right path is to sit down and create a monthly balance of all of the funds coming into the household and all of the monthly expenses. Subtract the total expenses from the total income and that will give you an idea of your disposable income. If that number is at or below zero (or really even coming close to zero) bankruptcy may be the best option for your situation. Other determining factors include:
- Receiving collection calls at home and/or work.
- Failing to pay house payments.
- Lawsuits being filed against you for non-payment.
- Paying credit card payments using other credit cards.
- Your car is in danger of being repossessed.
- Your wages are being garnished.
These are all extremely serious cases of financial troubles. If you simply ignore the situation, there is a very small chance that these situations will resolve themselves. The best option is to face the problem head-on and explore various options for your financial future.
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. This is commonly used because it offers debtors a fresh start. In short, items can be sold to repay debt, but most debt it written off without repayment. 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. It is used often due to the fees that can be paid off over time. It is more of a debt adjustment, in which debtors will still make payments, but the payment terms will be revised. 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 is used for businesses and individuals with unusually high debt. It is considered to be more of a reorganization than starting over.
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. With the right legal counsel, you can have a guide through this often-stressful process. If you need a compassionate attorney who can advise you and walk you through your situation, we are here to help. Call one of our Arlington, TX bankruptcy lawyers today.
Important Information Regarding Bankruptcy
When you struggle financially, you may be wondering what kinds of options you have. You could be willing to take out loans, refinance your home, or even get a second or third job. Unfortunately, not all money situations can be fixed with one of these options and you may be left wondering if filing for bankruptcy is your best choice. The Arlington, TX bankruptcy lawyers at Brandy Austin Law Firm, PLLC. want you to know you do not have to make this choice alone.
In addition to how emotionally taxing this can be, you may not understand the ins and outs of bankruptcy, meaning you may not choose the best option for you and you may take longer to file because of the different nuances between types of bankruptcy. Our bankruptcy lawyers in Arlington, TX are happy to help so that we can make this transition smoother and simpler for you. Call our office to schedule an appointment now.
When might you consider filing for bankruptcy?
You may have done a little research but still are not sure if now is the time to file for bankruptcy. We have helped many clients go over their finances, such as their spending and saving habits, and determine if filing is the right action to take. Below, we list a few ways we would determine if bankruptcy is right for you.
- Some of your property (like a car) was repossessed
- You constantly struggle to pay your bills on time/have not paid bills on time
- Your home is being foreclosed on/the lender is threatening to foreclose
- You are having difficulty paying alimony or child support
It is common for many people to owe some type of money throughout their lives. For example, if you have certain debt–like student loans or a mortgage–this does not necessarily mean you are overwhelmed with debt and need to file for bankruptcy. These are common debts. However, if you are unable to make any payments on rent, mortgage, your car, etc., then it may be time to file for bankruptcy.
What does bankruptcy do?
Bankruptcy is not necessarily the answer to all of your financial problems, but it can help to eliminate or reorganize your debt so that you can begin paying things off. Additionally, this can be helpful because it helps avoid creditor harassment as you are trying to figure out the best way to manage your debt. For the most part, you will likely hear little to nothing from creditors unless they go to court about your debt.
As you look into bankruptcy, you and your bankruptcy attorney will likely be deciding whether you should file for Chapter 7 bankruptcy, which can help with debts like medical bills and credit cards or Chapter 13 bankruptcy, which can help those who earn a higher income and have the ability to use their assets to pay off some of their debt.
Contact One of Our Bankruptcy Lawyers in Arlington, TX Today
The team at Brandy Austin Law Firm, PLLC. wants you to know you are not alone in dealing with your debt and we can help you file for the right kind of bankruptcy. Schedule your appointment with one of our Arlington, TX bankruptcy lawyers to find out how we can help.