Bankruptcy Lawyers Arlington TX

Bankruptcy Lawyers Arlington TX

If you feel like you’re in a financial rut and unable to get out, a team of bankruptcy lawyers Arlington TX has to offer may be able to help. The pressures of financial hardship might cause excessive stress and raise feelings of hopelessness and doubt. You may have the option to declare bankruptcy and start over with a clean, burden-free slate.  The process, however, can often be complicated and confusing, especially if you’re not versed in the encompassing bankruptcy laws.

Brandy Austin Law Firm, PLLC has a skilled team of bankruptcy lawyers residents trust for legal advice and counsel. Filing bankruptcy is not as easy as simply signing a few forms. Rather, there are a number of important factors to be considered. Your attorney should understand the process and be able to help guide you through it to ensure you are informed of every step of the process.

The Objective of Bankruptcy Lawyers in Arlington TX

When you contact Arlington TX bankruptcy lawyers, they will likely want to know what you intend to file bankruptcy for. Generally, this is because there are two primary types of bankruptcy: commercial and consumer. Commercial attorneys file bankruptcy for a business, and consumer or individual attorneys assist in the filing for individuals.

When looking for bankruptcy lawyers, Arlington TX residents turn to Brandy Austin Law Firm, PLLC to help protect a business or individual from creditors and debt collectors. Once your claim is filed, our lawyers may also assist in the restructuring of a business, the clearing of loans, and the organization of practical payment plans.

Do You Need to Reach Out to Bankruptcy Lawyers in Arlington TX?

Bankruptcy is a serious matter that should probably be analyzed with the assistance of a bankruptcy lawyer. If you’re debating whether or not to contact a skilled bankruptcy lawyers, consider some of the most common signs:

– You’re unable to pay your bills

– You receive ongoing calls from creditors and debt collectors

– Your current debt is piling up, and you have no idea how you’ll pay it

– You have no steady cash flow or income

– You are at risk of losing your house, car, or other possessions

– You feel emotionally lost or scared because of the financial strain

When you decide to file for personal bankruptcy, you may or may not be obligated to pay back your debt overtime. You might also be required to sign over certain personal assets in return for a fresh financial start. Due to the intricacies of these legal filings, it is usually beneficial to consult with bankruptcy lawyers.

Do I Need a Lawyer to File Bankruptcy?

As an individual, you are not required to have a lawyer assist in the filing. Given the complicated procedures and ensuing legal processes that typically surround bankruptcy procedures, it may be worth utilizing a lawyer who is able to protect your rights as a debtor.

What to Expect When Filing for Bankruptcy

Filing for bankruptcy will likely be a bit nerve-racking. You will probably have a number of worries when it comes to how you will make out during the process. You may be worried about what assets you will have to liquidate, which ones you will get to retain, the impact it will have on your credit score, and what your future will look like following bankruptcy. At Brandy Austin Law Firm, PLLC, we hope to help ease your mind by discussing common worries and clarifying steps in the process so that you are prepared prior to the start of proceedings. The following outlines some of the important steps to bankruptcy:

Step 1:

Before you can file for bankruptcy, you will first need to qualify by showing the following evidence.

– You will need to pass a means test.

-If it is determined that you are capable of paying off your debt, it may make sense to file for Chapter 13, which offers a repayment option.

-If you filed for bankruptcy in the last 8 years, you will not be able to file for bankruptcy again.

-You will have to attend debt/credit counseling within prior to filing for bankruptcy. The credit counselor will come up with a plan to help you repay your debts. Even if the plan is impossible for you to repay or follow through with, you will still be required to do this.

Step 2:

From start to finish, filing for bankruptcy will take anywhere from 4-6 months. You will be responsible for paying for filing fees when you file for bankruptcy with the court system. At this point, contacting bankruptcy lawyers in Arlington, TX will likely be important.

Step 3:

Once you have officially filed for bankruptcy, the automatic stay period will begin. This will stop collections from contacting you through bankruptcy proceedings.  A trustee will be appointed by the court and will determine which property will need to be liquidated in order to pay off your creditors. In some situations, your attorney may be able to negotiate property that you are hoping to retain.

Step 4:

A meeting with your creditors will be scheduled. This is known as a “341 Meeting.” You and your bankruptcy lawyer will be required to attend. At this meeting, you will be under oath. Your creditors will be able to ask you questions regarding your bankruptcy. This meeting can be nerve-racking but is usually fairly short and considered standard procedure.

Step 5:

The trustee will review all information. A decision will be determined regarding whether or not you are eligible for bankruptcy. Following this, your debts will be discharged and your case will be closed shortly after.

Contact a Firm of Bankruptcy Lawyers in Arlington TX

Once you have chosen to pursue bankruptcy, you will want to act quickly. If you are experiencing constant calls from debt collectors, you will want to take full advantage of the automatic stay.

A bankruptcy lawyer is there to offer legal guidance throughout this complex process. He or she may represent you during bankruptcy hearings, file documents in a timely matter, and help you to achieve your financial goals. Brandy Austin Law Firm, PLLC has vast experience with bankruptcy claims and is well-versed in federal laws and local procedures. If you feel bankruptcy may be the best solution to your financial crises, our firm may be able to help. Our legal professionals are standing by to support you during this troubling time. During an initial consultation, we can review the details of your case and strategize a course of action that works for you.

To schedule an appointment with bankruptcy lawyers Arlington TX residents trust, please contact us today.

The Benefits of Chapter 11 Bankruptcy for Businesses

Chapter 11 bankruptcy is a type of reorganization bankruptcy that is available to both individuals and business entities, although it is predominantly utilized by businesses. It is important to understand some of the ways that businesses can benefit for filing for Chapter 11 bankruptcy protection. For more information or answers to specific questions regarding your case, call Brandy Austin Law Firm, PLLC today to speak with one of our bankruptcy lawyers in Arlington, TX.

The Protections of the Automatic Stay

The most immediate benefit enjoyed by businesses that file for Chapter 11 bankruptcy is provided by the automatic stay, an injunction that becomes active the moment that a party files for bankruptcy. As one of our Arlington, TX bankruptcy lawyers can explain, the automatic stay prevents creditors from pursuing any type of collection activity, including sending letters, making phone calls, and, importantly, repossessing or foreclosing on property.

Chapter 11 Provides for Continuity of Operation

Unlike Chapter 7, which involves a business ceasing operation and the liquidation of assets, Chapter 11 allows a business to continue to operate. The debtor generally retains control of the day-to-day operation of the company as a “debtor-in-possession,” which means that the business does not have to be concerned about the loss of goodwill, name recognition, or an existing customer base that could occur if the business was forced to stop operating.

An Opportunity to Adjust Interest Rates and Cancel Certain Contracts

Another significant benefit afforded to businesses that file for Chapter 11 bankruptcy is the opportunity to “cramdown” certain interest rates on loans. In addition, debtors may also cancel certain long-term contracts with terms that are to be performed in the future if the debtor deems them to be unprofitable.

A Debtor Can Catch Up on Accelerated Obligations

In some cases, where a debtor defaults on a financial obligation such as a loan, lease, or mortgage, the creditor accelerates the obligation and demands the entire amount of the debt be paid at once. When a business is in Chapter 11, it can often cancel any acceleration of a debt, cure the default, and continue paying on the debt as it did prior to the default.

Preservation as a “Going Concern”

Chapter 11 allows a business to be treated as a going concern, which means that it is expected to function without the threat of liquidation in the next 12 months. This designation is critical for a business to be able to incur debts and defer payment into the future.

Retain One of Our Arlington, TX Bankruptcy Lawyers 

Businesses that are considering bankruptcy should be certain to fully explore their options with the assistance of an experienced attorney. The legal team at Brandy Austin Law Firm, PLLC are experienced bankruptcy lawyers Arlington, TX clients recommend  who understand the unique legal needs of businesses and work tirelessly to provide solution-oriented representation and legal counsel. To schedule a consultation with one of our bankruptcy lawyers, call our office today.