Bankruptcy Lawyers Arlington, Texas
If you are overwhelmed by mounting debt and endless calls from bill collectors, you may want to consult with one of the bankruptcy lawyers Arlington, TX residents depend on.
If you are considering filing for bankruptcy, contacting a bankruptcy lawyers Arlington, TX trusts may be in your best interest. The bankruptcy process can be very complicated. If there are errors or omissions made on your application, the courts could dismiss your request.
The Brandy Austin Law Firm, PLLC is made up of the best bankruptcy lawyers Arlington, TX offers and who aggressively advocate for all our clients.
Working with one of our experienced Arlington bankruptcy lawyers may make the process easier for you.
Types of Bankruptcy
Our seasoned bankruptcy lawyers Arlington, TX can provide may explain to you the different types of personal bankruptcy options you may have and the pros and cons of each type and how it could affect your situation.
He or she can explain that in a Chapter 7 bankruptcy, most unsecured debts are discharged, meaning they are completely erased. In a Chapter 7 filing, some of your property could be sold in order to pay off some of those debts. However, there are types of property that is exempt from liquidation such as your clothes, household furniture, and vehicle.
A Chapter 13 bankruptcy allows the person filing to “reorganize” their debts in such a way so they can still maintain ownership of their property. Many homeowners facing foreclosure consider Chapter 13. A repayment plan will be drawn up which is based on the person’s current wages, and allows them to pay off their debts over a three- to five-year period.
Chapter 11 is typically filed by individuals or businesses who owe very large debts. Similar to the way the Chapter 13 personal bankruptcy allows the person to keep their property and pay off debt within their budget, Chapter 11 allows filers to keep the business while working with a reorganized budget plan.
Benefits of Filing Bankruptcy
If you are drowning in debt, you have likely already thought about filing for bankruptcy. However, you might be afraid that bankruptcy can tarnish your credit and reputation. While bankruptcy isn’t something to take lightly, it does come with the following benefits:
1. It Can Wipe Out Your Debt
One of the most attractive benefits of bankruptcy is that it can wipe out your unsecured debt, including medical bills, car payments and credit cards. You will not have to lie awake at night worrying about all the debt you owe. You can put all that debt behind you and get a financial fresh start.
2. Your Creditors Will Stop Calling
When you are late on your bills, you may receive several phone calls a day from creditors. This can get frustrating and lead to stress. Many creditors can be relentless in their collection activity and will also call any references you may have put down in your original application. This can be embarrassing.
Luckily, from the moment your bankruptcy lawyers Arlington, TX respects file a petition for bankruptcy, these creditors are not allowed to contact you or your family anymore.
3. You May Keep Your Home
Some people refrain from filing for bankruptcy because they are afraid of losing their home. The good news is that your home is exempt from liquidation, as long as your liquidation stake is within the designated amount. As mentioned above, many homeowners facing foreclosure have discovered that filing for bankruptcy actually helped them save their home.
4. You May Keep Your Vehicle
Just like a Chapter 13 bankruptcy filing can stop a foreclosure on your home, it can also stop your vehicle from being repossessed. You may even be able to reduce the amount of your loan via the cramdown method. When you purchase a vehicle, it immediately begins to depreciate in value.
For example, say you purchased a $20,000 car three years ago and financed that amount. But now, because of depreciation, that vehicle is only worth $10,000. If the finance company repossessed the vehicle and sold it, they would only receive $10,000. This is referred to as the secured amount.
Yet, you still owe $15,000 on the car loan. A Chapter 13 filing may allow you to cramdown the loan balance amount to $10,000 because that is what the secured amount is.
5. You Do Not Have to Tell Anyone
If you are embarrassed about filing for bankruptcy, you do not have to let any of your family, friends, or co-workers know. You and your bankruptcy lawyers Arlington, TX relies on are the only people who have to know about your bankruptcy.
Reasons to Hire Bankruptcy Lawyers in Arlington, TX
Although it is possible to file for bankruptcy on your own, it is not recommended. Hiring bankruptcy lawyers in Arlington, TX can cost more money, but the following benefits make it worth the cost:
1. Bankruptcy Lawyers Can Help You with the Paperwork
Before filing for bankruptcy, many people do not realize how complicated the paperwork can get. If you do not have a legal background, you may not understand all the terms, and you may make mistakes that might slow down the entire process. Bankruptcy lawyers Arlington, TX counts on may help you complete this paperwork accurately and in a timely manner.
2. Bankruptcy Lawyers Have Knowledge and Experience
Skilled Arlington bankruptcy lawyers have handled many bankruptcy cases in the past and know the ins and outs of the entire process. They can walk you through every step and prevent you from making big mistakes, such as not disclosing some of your assets.
3. Bankruptcy Lawyers Can Speed Up the Process
It is likely that you want to get your bankruptcy over as quickly as possible so that you can put the past behind you. Experienced bankruptcy lawyers may move the process along in a timely and efficient manner.
Contact One of the Professional Bankruptcy Lawyers Arlington, TX Clients Trust
If you are searching for bankruptcy lawyers Arlington, TX has to offer, contact Brandy Austin Law Firm today. Our lawyers are available to discuss your situation and help determine which course of action would benefit you the most.
If you are overwhelmed by the financial debt you are dealing with, call our skilled bankruptcy lawyers Arlington, TX families trust at 817-985-3546, or fill out a contact form available on our website.