Chapter 7 Bankruptcy Lawyer Arlington TX

Chapter 7 Bankruptcy Lawyer Arlington TX with a stressed looking couple going through a pile of billsIf you’re in need of a Chapter 7 bankruptcy lawyer Arlington, TX trusts, contact Brandy Austin Law Firm, PLLC. Deciding whether to file bankruptcy is difficult. You probably have many questions — yet you do not know who to talk to or where to turn for help. Overwhelming debt can take its toll on your family, your health and your job. In many families, excessive medical bills are the major reason for filing.

There Is Hope For A New Start

If you’re in need of a Chapter 7 bankruptcy lawyer Arlington, TX trusts, contact Brandy Austin Law Firm, PLLC. Deciding whether to file bankruptcy is difficult. You probably have many questions — yet you do not know who to talk to or where to turn for help. Overwhelming debt can take its toll on your family, your health and your job. In many families, excessive medical bills are the major reason for filing.

If you are struggling to make ends meet and can no longer keep up with your incoming bills, you may be thinking about filing for bankruptcy. When considering bankruptcy, it is important to ensure that you have access to accurate information about the process because a great deal of misinformation persists online and throughout popular culture. On the one hand, bankruptcy is sometimes treated as a “catch all” solution to financial difficulty, when in reality it is a legal and financial tool that works best when individuals and families are struggling with certain kinds of circumstances. On the other hand, bankruptcy is also often treated as a process to be avoided at all costs, when in reality it is significantly beneficial and should be seriously considered by some Americans.

Answering the question “Should I file for bankruptcy?” is a personal process and should be approached with care and focused intention. Thankfully, you do not have to seek the answer to this question alone. An Arlington, Texas chapter 7 bankruptcy lawyer is here to advise you of your options and help to ensure that your decisions are informed.

Bankruptcy Can Provide Relief

Filing for bankruptcy can give debtors the ability to finally experience relief from debts that have been the center of a significant amount of stress and anxiety. There are two primary forms of bankruptcy that a debtor may choose from: Chapter 7 or Chapter 13. It’s important to carefully evaluate your specific situation with an Arlington, Texas Chapter 7 bankruptcy attorney to determine the proper chapter to file. Chapter 7 bankruptcy—or a liquidation bankruptcy—can provide those struggling with debt the opportunity to have a fresh start. When initiating Chapter 7 bankruptcy proceedings, debtors may have a number of questions for their Chapter 7 bankruptcy attorney in Arlington, TX.

Chapter 7 Bankruptcy: The Basics

The main benefit associated with filing for Chapter 7 bankruptcy involves the discharge of certain kinds of debt. Instead of remaining compelled to pay off debts owed, those who file for Chapter 7 will have certain debts erased from their responsibilities. This legal tool provides an excellent opportunity for individuals and families to get out from underneath the weight of certain crushing debts.

However, Chapter 7 is not the best option for everyone. For starters, this process will not eliminate outstanding child support debt and will almost certainly not eliminate student loan debt. In addition, filing for this particular kind of bankruptcy will compel individuals and families to sell off certain assets to meet their obligations before the discharge process can be finalized. For this reason (in addition to many others) some Americans choose to file Chapter 13 bankruptcy or choose to explore other debt management options with their attorneys

Bankruptcy Assistance Is Available

If you have questions or concerns about the bankruptcy process, please consider scheduling a consultation with an Arlington, TX chapter 7 bankruptcy lawyer. So many misconceptions exist in American culture about bankruptcy and other debt relief options that it is important to consult an experienced professional before committing to a debt relief strategy. In addition, a staggering number of scams designed to take advantage of economically vulnerable individuals and families plague Americans, so it is important to consult a licensed attorney before signing any debt relief agreements.

When you speak with an attorney, you are not compelled to commit to any legal action whatsoever. Scheduling a consultation simply helps to ensure that your decisions are informed and that, should you decide to take any legal action, you have access to the kind of experienced, professional support you need right now. Consultations are confidential, so please do not hesitate to speak with an attorney about the bankruptcy process at your earliest convenience.

What is Chapter 7 bankruptcy?

Chapter 7 bankruptcy can provide debtors with relief from their financial obligations. In many situations, qualified debtors have the ability to file for Chapter 7 bankruptcy in order to discharge most of their debts. Once a person has filed for bankruptcy, the automatic stay takes effect. As a result, all actions being taken by your creditors to collect a debt must come to a stop. Chapter 7 bankruptcy is fairly a quick process. Most can expect to reach a conclusion within about 4 months. When pursuing Chapter 7 bankruptcy, debtors will need to:

  • Speak with a bankruptcy attorney
  • Complete debt counseling
  • Pass the means test
  • File the appropriate documents with the court

Will I be able to retain any of my assets?

One of the scariest components to Chapter 7 bankruptcy is the possibility of losing some of your assets. Any property that is considered non exempt may be sold in order to pay debts. Non exempt assets may include:

  • A vehicle with equity
  • Valuable belongings
  • Jewelry
  • Clothing
  • Investments

It’s important to be aware that exemptions can vary depending upon the state you live. Your Chapter 7 bankruptcy lawyer Arlington, TX trusts will be able to work with you to discuss your specific needs regarding the assets you are hoping to retain.

How long will a bankruptcy remain on my credit report?

It’s important to understand the repercussions that come with filing for Chapter 7 bankruptcy. Although there can be a number of benefits to someone struggling with their debts, the impact on your credit report can take some time to recover from. Generally a Chapter 7 bankruptcy filing will stay on your credit report for as long as 10 years. However, most who have filed for Chapter 7 bankruptcy find that their credit is able to rebound during those 10 years. It’s important that during this time that a person makes smart financial decisions and take steps towards rebuilding their credit.

What should I do if I do not qualify for Chapter 7?

If you do not qualify for Chapter 7 there are a number of things you can do. Speaking with an attorney may be the best place to start. An attorney will start by reviewing your Chapter 7 bankruptcy case to help determine if any errors were made. Additionally, they can help by taking a look at your financial situation and providing you with education regarding Chapter 13 bankruptcy. Essentially, this chapter of bankruptcy allows debtors to come up with a plan for how they will repay much of their debts.

There Is Help Available

Filing for bankruptcy under Chapter 7 provides for the complete discharge, or elimination, of many debts. We are empathetic listeners and strong advocates for our clients going through a bankruptcy.

As a top Chapter 7 bankruptcy lawyer Arlington, TX offers can attest, one of the most common concerns people have is whether they will lose their family home in bankruptcy. People are also worried about money they have saved for retirement. Our experienced attorneys will explain your options after learning about your situation.

Filing a Chapter 7 bankruptcy can help with debt from:

  • Medical bills
  • Credit cards
  • Personal loans

For the most part, federal law governs bankruptcy. Individual states sometimes limit the types of debts that can be discharged or “forgiven” by bankruptcy, such as student loan debt or certain taxes. Chapter 7 refers to one of several bankruptcy procedures available to individuals and businesses under the U.S. Bankruptcy Code.

Will I Qualify For a Chapter 7 Bankruptcy?

As an experienced Chapter 7 bankruptcy lawyer Arlington, TX provides can explain in detail, Chapter 7 discharge is not a right for which everyone qualifies. However, most people experiencing financial distress will meet the requirements to file for Chapter 7. Bankruptcy laws require those filing for Chapter 7 protections submit proof of their income. You may qualify for Chapter 7 if your income is below the median income level for Texas, If your income is higher than the Texas median level, you may be required to undergo means testing. Brandy Austin Law Firm, PLLC provides means testing for all bankruptcy clients. As a Chapter 7 bankruptcy lawyer Arlington, TX looks to for guidance, means testing can be done prior to becoming a bankruptcy client at a reduced rate.

Do I Have To Take A Financial Class to File Chapter 7 Bankruptcy?

The short answer is yes. But it isn’t as bad as you think! You’re required to take a personal financial management class. Classes take less than an afternoon and are extremely affordable – just like our rates. There are only a few exceptions to this rule — if there are no courses available in your district, if you’re on active military duty, or if you have a verifiable disability that prevents you from attending the course. As a Chapter 7 bankruptcy lawyer Arlington, TX looks to for guidance can tell you, many are actually online and easy to complete. The goal of a Chapter 7 bankruptcy is to clean your slate and get you into a position to be financially successful in the future. Financial management classes help you reach that goal.

We Can Help With Chapter 7 Bankruptcy And Debt Liquidation

To understand if Chapter 7 bankruptcy is appropriate for your situation, contact our experienced bankruptcy lawyers for guidance. Our Chapter 7 bankruptcy lawyer Arlington, TX believes in offers free consultations to anyone considering bankruptcy.  We can help you through the process – from start to finish. Bankruptcy will give you a new start in your life and allow you to move forward without the financial stress you have been living with. You are not alone.

We are a debt relief agency. At Brandy Austin Law Firm, PLLC, we help people file for bankruptcy relief under the Bankruptcy Code. Call a Chapter 7 bankruptcy lawyer Arlington, TX counts on at 800-958-4948 to arrange a free consultation.

 

Client Review

“I was VERY satisfied with my experience with Larry, from Brandy Austin Law firm, he worked with me to settle the matter quickly and efficiently. He was professional but also sensitive to the situation. Thank you so much!”

Mali Weekley
Client Review