Chapter 7 Bankruptcy Lawyer

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Reliable Help From A Texas Bankruptcy Attorney

There are two different types of bankruptcy; Chapter 7 and Chapter 13. Chapter 7 bankruptcy does not require a repayment plan to be established. Instead, the debtor is assigned a trustee who is in charge of gathering all non-exempt assets and selling them. The profits from this sale will then be evenly distributed to the various creditors. This process will be accomplished according to the United States Courts Bankruptcy Code. This procedure can give the debtor the freedom to retain exempt property and he or she is discharged from paying any remaining debts.

How to Qualify for Chapter 7

You can qualify to file for Chapter 7 bankruptcy by passing the means test. The means test reviews all aspects of your income to make sure that you are below the median income of the specific state. If you are under the average income, you are probably qualified to file for Chapter 7 bankruptcy. The process begins with the action of filing a petition with the bankruptcy court. Immediately after filing, creditors should cease all debt collection attempts against you. The process takes approximately four months to complete, though the exact amount of time may vary.

Benefits of Chapter 7

There are many benefits to filing for Chapter 7 bankruptcy for those facing immense debt. It allows you to walk away from your debt and look toward a healthy financial future. This process is fast, there are no monthly payments that have to be stressed and unsecured debts are released after the process is complete. This type of bankruptcy also ends any attempts at credit collection. You can stop harassment as soon as you file as well as halt foreclosure to help you to keep your home. Feel free to contact one of our attorneys at your soonest convenience to schedule a free consultation. Our firm has offices in Killeen, Temple, Waco, Austin, Bryan, Laredo and other Texas cities as well.

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.

Questions? Check out our Bankruptcy FAQs!

Foreclosure Defense

Foreclosure can occur when a debtor falls behind on mortgage payments. The moneylender can execute the process of repossessing the property of the individual that owes them money. With the current state of the economy, foreclosure has been occurring quite frequently. If foreclosure is occurring to you, confusion has probably overwhelmed your thinking and clouded your mind. One of the most important steps that you could take is to enlist the assistance of a bankruptcy attorney from The Carlson Law Firm. When you ask yourself, “What can I do as I face this foreclosure?” our firm can be your guide through the process.

When it comes to foreclosure, your options are limited but they do exist. The most important step that you can take is to hire a lawyer who understands the process of foreclosure and the options available to you. Involving a knowledgeable lawyer who can guide you through the process is a tool that can be used to effectively help you reach a positive solution. A lawyer can help you understand what to expect and can advise you on topics, such as whether you should apply for loan modification, deed in lieu of foreclosure, short sale or bankruptcy.

Guidance from a Texas Bankruptcy Attorney

The very 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. 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!

We are available to you, 24/7.

 


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