Bankruptcy Lawyer Arlington TX
If you’re in need of a bankruptcy lawyer Arlington TX trusts, contact Brandy Austin Law Firm. Bankruptcy is proceeding in federal court in which a person who cannot pay his or her bills can get a fresh financial start. The right to file for bankruptcy is provided by the bankruptcy code under federal law. Filing bankruptcy stops all of your creditors from seeking to collect debts from you immediately and at least until your debts are processed according to the law.
Can Filing for Bankruptcy Help?
Bankruptcy often makes it possible for to eliminate the legal obligation to pay most debts. This is referred to as a “discharge” of debts. Talk to a top bankruptcy lawyer Arlington TX has to offer. Among many things, bankruptcy can (1) stop foreclosure on your house; (2) stop repossession of a car or other property, or make the creditor return property, even after it has been repossessed; (3) end wage garnishment, harassment by debt collection agencies; and (4) give you the opportunity to challenge the claims of creditors who you believe have committed fraud or who are trying to collect more than you really owe. It is a good idea to discuss all of your options with a bankruptcy lawyer Arlington TX trusts.
Bankruptcy cannot cure every financial issue. It not always the right step for every individual or family. It is usually not possible to eliminate certain rights of “secured” creditors in bankruptcy cases. A creditor is considered “secured” if it has taken a mortgage or other lien on actual property as collateral for a loan. Examples include car loans and home mortgages. You can make secured creditors take payments over time in certain bankruptcy cases and bankruptcy may eliminate your obligation to pay any additional money on the debt if you do decide to give back the property. Conversely you generally cannot keep secured property unless you continue to pay the debt. A seasoned bankruptcy lawyer Arlington TX counts on can guide you through the process.
Other types of debts that are not discharged in bankruptcy are certain types of debts highlighted by bankruptcy law for special treatment, such as child support, spousal maintenance, most student loans, court restitution, criminal fines, and most taxes.
Types of Bankruptcy
There are four types of bankruptcy filings provided under the law for individuals. A seasoned bankruptcy lawyer Arlington TX respects can give more detail on each of the following:
Chapter 7 is known as “liquidation” or “regular” bankruptcy. It requires an individual to give up property, which is not “exempt” under the law, so property can be sold to pay creditors. Generally, those who file chapter 7 keep all of their property except property which is very valuable or which is subject to a lien, which they cannot avoid or afford to pay.
Chapter 11, known as “business reorganization.” It is used by businesses and a few individuals whose debts are large.
Chapter 12 is for family farmers and fishermen.
Chapter 13 is a type of “reorganization” used by individuals to pay their debts over a period of years using their current income.
Most people filing bankruptcy generally want to file under Chapter 7 or Chapter 13. Either type of case may be filed individually or by a married couple, filing jointly.
How does Bankruptcy affect My Credit?
A top bankruptcy lawyer Arlington TX trusts can give you in-depth information on how bankruptcy affect your credit. There is no clear-cut answer to this question. The fact that you’ve filed a bankruptcy can appear on your credit record for ten years from the date your case was filed, but because bankruptcy wipes out your old debts, you are likely to be in a better position to pay your current bills, and you may be able to get new credit. Generally, your credit score will improve significantly within 18 to 24 months after your bankruptcy discharge.
If you decide to file bankruptcy with a bankruptcy lawyer Arlington TX trusts, remember that debts discharged in your bankruptcy will be listed on your credit report, but will have a ZERO balance, meaning you do not owe anything on the debt. This doesn’t always happen. Debts reported incorrectly as having a balance owed will negatively affect your credit score. It may make it more difficult or costly to get credit. Regularly checking your credit report after your bankruptcy discharge and filing a dispute with credit reporting agencies if this information is not correct may prevent issues. Contact us and we can help get the information corrected if it continues to be incorrectly reported. There are consequences under the law for creditors who report debts incorrectly to the credit reporting agencies, and who attempt to collect discharged debts.
Schedule a FREE Consultation with a Bankruptcy Lawyer Arlington TX Trusts
Call 800-958-4948 or contact us online to schedule a free consultation. As an experienced bankruptcy lawyer Arlington TX believes in, we provide legal services for a diverse clientele in the areas and counties surrounding Arlington, Texas, including Dallas, Tarrant, Johnson, Navarro, and Ellis counties.