THE BASICS OF TEXAS BANKRUPTCY LAW
Bankruptcy law protects consumers from financial ruin and the loss of their house, car and other property. Immediately upon filing bankruptcy, the Automatic Stay protects the debtor from all collection actions. Bankruptcy offers all Americans a second chance to recover from overwhelming debt. Our attorneys recognize that financial problems can happen to anyone and that the entire family is impacted by a burden of debt that can no longer be carried. We can assist you in finding a path out of financial hardship by having your qualifying debts eliminated or through a Court ordered debt repayment plan.
- Stop collection calls
- Stop lawsuits
- Avoid/Stop foreclosure
- Stop repossession
- Stop IRS wage garnishments
- Eliminate credit card debts
- Restructure debts through a repayment plan
- Stop Tax liens and garnishment
- Eliminate or reduce some tax debt
- Eliminate medical bills
- Buy you time to get a mortgage loan modification
When you retain us, you will speak with, meet with and attend hearings with John himself; not with a legal assistant, paralegal or appearance attorney. Our attorneys personally provide you with information about the advantages and disadvantages of filing bankruptcy in order to help you make an informed decision.
Catastrophic medical bills, a devastating judgment, or an unavoidable business failure may require bankruptcy relief. If a financial disaster has led to a foreclosure, collection lawsuit, or repossession, he will advise you in choosing whether to reorganize your affairs (Chapter 13) or discharge your debts (Chapter 7).
There is a LOT of misinformation floating around regarding the new bankruptcy laws. Don't believe the negative rumors. Relief is still available under Chapter 7 and Chapter 13 for individuals and businesses. There are more eligibility requirements before you file bankruptcy and more documentation requirements after you file (declare) bankruptcy, but bankruptcy is still available.
Chapter 7 cases are filed for the purpose of eliminating most, if not all, unsecured debts. Chapter 7 bankruptcy can be filed singularly (whether married or not) or jointly (husband and wife). Only some consumer cases qualify to file a Chapter 7. At completion of the case, the debtor gets a discharge, which means that the debtor does not have to pay certain types of debts. Chapter 7 takes about four months to complete. Chapter 7 is also filed by corporations, or other business entities to dissolve the entity and relieve the owner of the burden of winding down an insolvent business.
Chapter 13 permits individuals to keep their property by repaying creditors out of their future income. Chapter 13 is a reorganization chapter under court supervision. Chapter 13 is appropriate for you if you want to avoid or stop repossession of your car or foreclosure of your house because of missed monthly payments or non-payment of taxes. Each chapter 13 debtor proposes an individually tailored repayment plan that must be approved by the court. After completion of payments under the plan, chapter 13 debtors receive a discharge of most debts. Chapter 13 takes three to five years to complete depending on the extent of your debts and income.
1. List ALL your assets and ALL your creditors on the Bankruptcy worksheet provided by our office. Complete ALL sections/pages of these worksheets. Complete ALL other required forms on fully and on time.
2. Carefully review and sign the papers prepared for you . These papers are signed under oath and the penalty for perjury applies. Tell the truth—you have nothing to hide.
3. Complete TWO counseling sessions:
A) A credit counseling course prior to filing your case.
B) A personal financial management course after you to file your case.
4. Attend your meeting of Creditors (Section 341 meeting). One of our attorneys will prepare you for the meeting and attend with you. In most cases none of your creditors will attend.
5. Cooperate with the Trustee assigned to your case. Provide additional information as requested.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. Licensed by the Texas Supreme Court since 1982. Admitted to practice in US District Court since 1983.