Chapter 7 Bankruptcy Lawyer Arlington TX
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.
There Is Help And Hope For A Bright Future And A New Start
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.
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
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 And Hope For A Bright Future And A New Start
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 You 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
“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!”