Trusted Fort Worth And Houston Bankruptcy Lawyers Ready To Help You Start Over Financially For those who are unable to keep up with their mounting debts, bankruptcy provides a legal way out. A bankruptcy attorney in Houston, Texas, can assist those in this situation in getting discharged from their debts through the legal system. When an individual's financial situation has collapsed as a result of poor choices or other circumstances, bankruptcy laws exist to give them a fresh start. Bankruptcy can be the result of many different events, including the end of a marriage, the loss of a job, the sudden occurrence of an emergency (such as the theft or loss of property), or large medical bills. If an individual's debts have grown too large, or if a business partnership has collapsed due to financial difficulties, a court-appointed trustee may be appointed to investigate the situation. If you hire a bankruptcy attorney in Fort Worth, he or she may be able to assist you in obtaining a discharge from the court. In contrast, the bankruptcy court may refuse to discharge your debts if it determines that you have sufficient assets to cover your unsecured debts. The good news is that almost everyone who consults with knowledgeable bankruptcy attorneys in Fort Worth, like those at Recovery Law Group, is given a second chance to settle their debts, either through a discharge or an extended and affordable repayment plan. In the event of a bankruptcy, all financial transactions will immediately cease If you have sufficient assets, your bankruptcy attorney in Fort Worth will be able to assist you in reorganizing your debts and eliminating or reducing your overall
financial obligations. If you need time to pay off tax debt or a mortgage, a structured payment plan is your best bet. Bills still need to be paid, even though millions of people have lost their jobs due to the pandemic. Filing for bankruptcy is an option for all such people because it not only gives them a second chance at financial security but also restores peace of mind by putting an end to the collection activities.
Declaring bankruptcy under Chapter 7 People with low incomes and few assets typically benefit most from and file for Chapter 7 bankruptcy. Your bankruptcy attorney Fort Worth will work toward getting a court order discharging you from unsecured debts. If you file for Chapter 7 bankruptcy and are approved, most of your unsecured debts will be forgiven and you won't have to pay them back. Child support, alimony, and back taxes, however, will not be forgiven. Chapter 13 bankruptcy If you don't meet the requirements for Chapter 7 bankruptcy, your bankruptcy attorney in Houston, TX may suggest filing for Chapter 13, which would give you three to five years to repay a portion of your debts while the rest are discharged. Those who have a high income or who do not wish to have their possessions liquidated as part of a bankruptcy filing may benefit from this option. If you have any unpaid unsecured debt after completing your repayment plan, that debt will be forgiven. Filing for Chapter 13 bankruptcy will halt a mortgage foreclosure and allow you to keep any nonexempt property.