Financial troubles are extremely nerve-wracking to handle, especially when these hardships end in bankruptcy. Incurring any sort of debt, namely when it comes to debt from unavoidable expenses, is extremely hard to handle. When this debt becomes unmanageable, your whole life can be turned upside down by bankruptcy. Finding help for these bankruptcy-related problems can be tough. However, at Steele Law Firm, we can provide you with the legal expertise needed to properly manage your bankruptcy case. For those in the Irving area, our legal team is here to help.
Every bankruptcy case is different, and knowing the causes that go into your particular case is key to evaluating your next steps. Incurring large amounts of debt from a divorce, medical bills, or sudden unemployment can cause you to face bankruptcy, depending on the price tag attached to these expenses. Filing for bankruptcy and also undoing any contracts you have with different creditors is the beginning of the legal process toward resolving your debt. In the state of Texas, laws surrounding bankruptcy are all in line with federal procedures regarding bankruptcy filing, providing a universal approach to your case.
Every bankruptcy case is different, and the factors that go into each circumstance change on a case-by-case basis. From incurring too much debt from overspending to loss of employment or high medical expenses, the value and financial impact of financial issues vary and depend on your specific situation. Some of the most common forms of debt include:
Chapter 7 bankruptcy is the filing term used to describe a “straight bankruptcy,” or liquidation of your assets in preparation for a bankruptcy trial. Once you begin the process, you can file for bankruptcy in court. You list out all your debts and assets as part of your case material. Once everything is filed, the court appoints someone to represent any creditors or debt collectors related to your bankruptcy case. They deal with finding ways to pay back your debts.
From there, depending on what property is leveraged to repay your debt, some assets are considered exempt from this process and cannot be taken from you. After the “final discharge,” or end of your case, most of your debts are forgiven, and you can be granted a fresh start. In some cases, even all of your debts may be forgiven. It’s also important to note that between the resolution of your current case and any future Chapter 7 filings, you must wait eight years before filing again.
Depending on the length of your trial, as well as the expertise of your legal team, the charges you incur for taking your case to court may vary. As a baseline, filing for Chapter 7 in Texas costs on average about $335, and if you cannot produce the money before your trial, you can pay the filing fee in installments. However, having the money when you file is in your best interest. Although any legal case does not require you to have attorney representation, when it comes to bankruptcy, having a trained legal professional to help argue your case is within your best interest. Paying for an attorney is included in the total cost of your case.
Going through the bankruptcy process can be tricky, especially when it comes to the legal process of filing for Chapter 7 bankruptcy. Between compiling your assets and debts to the filing process itself, having legal guidance throughout this process can help you feel confident in your filing. Finding proper legal representation should be the least of your worries, and with the expert team at Steele Law Firm, you can be sure your bankruptcy case is in the right hands.
Our legal team has extended experience with Chapter 7 filings and bankruptcy cases, helping you ensure your filing can be accurately represented in court. For those in the Irving area looking for accurate, dependable bankruptcy filing services, contact us for a consultation today.