Bankruptcy Attorneys Arlington TX

Trying to file for bankruptcy without consulting skilled bankruptcy lawyers Arlington TX residents trust could be a costly mistake. If you wish to regain control of your financial situation, but want to know every option available to you, Brandy Austin Law Firm, PLLC may be able to help.

Bankruptcy is probably your last choice in the face of foreclosure and other extreme financial woes. After trying everything else, bankruptcy is the only legal process to relieve you from your extreme debt and help you move toward a better financial future. This does not mean that the bankruptcy process is easy. When you file, you must explain to the bankruptcy trustee or the judge how you came into this financial situation and why it can only be remedied by filing for bankruptcy. Then the court will require you to hand in a list of all your debts and assets so they can determine how to handle your bankruptcy estate.

Before contacting a bankruptcy lawyer for assistance with this process, you may first want to know what to expect from the bankruptcy process.

Asset Division and Debt Classification:

The two categories that your assets will be placed in are:

  1. Exempt Assets: These assets will not be used to pay off your outstanding debt. Some assets that may qualify are personal items and some equity in your home and/or car.
  2. Non-Exempt Assets: These assets are applied towards your debt and will be seized to pay off your accounts. Any real estate property besides your home, any recreational motor vehicles, and other items may be subject to seizure.

Your debts are also divided into two groups:

  1. Secured Debts: Loans are included when the creditor still has security interest in the property that was originally provided as collateral for the loan. This applies to second homes, recreational vehicles, cars, and other similar purchases.
  2. Unsecured Debts: These debts do not deal with property, this is usually the debt associated with credit cards, personal loans, medical bills, etc.

The non-payment of secured debt may result in the creditor claiming collateral property, which makes it especially important in bankruptcy court. 

After all the required information gets filed in court, your bankruptcy estate is assigned a trustee to pay off your secured debt in the allotted time period. In order for the trustee to do this, the court places a “stay” on creditors preventing them from foreclosing or confiscating any of your property. They are also not allowed to file a lawsuit against you for your outstanding balance.

What Chapter Should You File For?

  1. Chapter 7 Bankruptcy: This chapter is typically chosen by low income earners with few assets. This option allows you to liquidate, keep exempted assets, and discharge unsecured debts. Non-exempt assets are put towards payment of your debts, but student loans, taxes and unpaid child support are not dissolved.
  2. Chapter 13 Bankruptcy: Individuals who prefer keeping their non-exempt property will choose this option, or they are trying to get more time to fight foreclosures. Chapter 13 reorganizes your debt and creates a payment plan that takes about three to five years to pay off your debt. Your trustee will collect your payments and pass them along to your creditors. Now you may keep your property without fearing foreclosure or seizure.

Why Consult with Bankruptcy Lawyers in Arlington TX

Filing for bankruptcy can be a very complex, yet ultimately advantageous, process. Bankruptcy laws are often changing, so without any legal knowledge, the paperwork and different schedules or codes can appear overwhelming – even discouraging. By retaining representation from Arlington TX bankruptcy lawyers, you can feel confident in knowing the process will go as smoothly as possible. Our lawyers take the time to understand your clients’ personal situations and any special circumstances. We analyze physical and financial assets, and discuss the possibility of what clients may or may not be able to keep through careful exemption planning.

If you’re falling behind on medical bills or a mortgage due to unforeseeable circumstances, job loss, divorce, and so forth, bankruptcy may help to save your home or prevent you from being hounded by creditors. Skilled Bankruptcy lawyers Arlington TX offers to individuals and families may navigate the laws so that you get the most advantage from filing for bankruptcy. If you’re unsure of how this process may be beneficial to you, consider the following:

Get a Fresh Start

You are not forced to file for bankruptcy, and could avoid it through alternative solutions such as negotiation with creditors. Sometimes, this path will work out in your favor, but often it’s a short term solution, and leads to the eventual loss of a home or repossession of loaned assets. Filing for bankruptcy from the beginning may give you a fresh start, and actually save you time and money in the long run.

Saving Your Home from Foreclosure

It’s prudent to retain bankruptcy lawyers Arlington TX offers to its residents as soon as you think it may be a viable option for your situation. If you wait too long, you could lose your home. Depending on the type of bankruptcy you file, you could be absolved of any and all debt. In cases of Chapter 7 bankruptcy, you may have to sell your home to repay owed debts; however, filing Chapter 13 may enable you to pay your debts and save your assets from foreclosure. A lawyer can help you to make a prudent decision on which type of bankruptcy is right for you.

Feel Peace of Mind

When it comes to financial burdens and the thought of losing your assets, feelings of worry or anxiety could quickly arise. Bankruptcy lawyers Arlington TX residents count on may help to see that proceedings are carried out as diligently as possible. A lawyer may ultimately save you time, money, and future headaches, while giving you total peace of mind.

Brandy Austin Law Firm, PLLC: Respected Arlington TX Bankruptcy Lawyers 

Men and women come to our law firm when they are struggling with debt, harassed by collecting agencies, or worried about home foreclosure. At Brandy Austin Law Firm, we strive to get our clients immediate relief from financial distress through various viable options including bankruptcy. If you need to consult bankruptcy lawyers Arlington TX trusts, call (800) 958-4948.

 

Thanks to Darrell Castle & Associates for their insight into bankruptcy law and collection attorneys.