Bankruptcy: The Process
If you are considering bankruptcy, but are not sure whether it is right for you, it could prove invaluable to discuss your case with an attorney from our firm. You are probably unsure of how the process takes place and unsure of whether it can truly help you or even potentially harmful. In order to successfully file for bankruptcy, you should comprehensively understand the process that is to take place.
Guidance from a Texas Bankruptcy Lawyer
The two most common types of bankruptcy are Chapter 7 and Chapter 13. Chapter 7 is typically achieved first because, by meeting the qualifications of the means test, you can have all of your debts completely discharged. Those who do not qualify can file for Chapter 13 bankruptcy. This is a way to repay creditors through a 3 to 5 year repayment plan. The first step you should take is to talk to a knowledgeable bankruptcy lawyer from our firm. You can then file for bankruptcy with the bankruptcy. At this stage, the creditor will have to seek a court order to finish the collection attempts.
After the bankruptcy proceeding, a meeting of creditors will have to take place. This meeting can take place on your own or accompanied by your legal representative. If the creditors object to the discharge of debts, an adversary hearing will take place. If an objection is not made, the bankruptcy court discharges your debts under Chapter 7. For those who file for Chapter 13, the trustee collects payments and can make disbursements to creditors based on your payment plan. When this process is effectively executed, you can find financial relief and you can have a new-found sense of control over your finances. You will then want to protect your financial future and develop a plan. Our firm can help you understand the process, so contact us today!