Many people dread the stigma and complex proceedings that come with filing for bankruptcy. Though bankruptcy certainly isn’t a desired experience for most individuals, it is not as dreadful as many people believe it to be. In fact, filing for bankruptcy can provide you with significant relief, especially if you’ve been dealing with mounting debt, creditor harassment, or threats of mortgage foreclosure.
It is important to remember that bankruptcy is not a homogenous situation. Your finances are unique from others, and your financial situation should be handled in a way that is best suited for your needs. There are two primary forms of bankruptcy, both of which can be customized with the help of a Lake Worth bankruptcy lawyer to allow you to move forward with a clean slate.
To ensure that you reach your financial future as smoothly as possible, it’s important to hire a Lake Worth asset protection attorney to guide you through your bankruptcy proceedings. Without professional help, you may not be aware of the options available to you. It’s even more difficult to choose the right path for yourself and for your family.
Bankruptcy law is complicated, and not all attorneys are trained in this area. However, the team at Steele Law Firm exclusively practices bankruptcy law. You can rest assured that we have the direct experience and expertise to handle your case. Because we focus our attention on Dallas, Fort Worth, and Lake Worth bankruptcy proceedings, we have become the area’s preeminent bankruptcy attorneys.
If you’re searching for a trustworthy team to establish your bankruptcy case and help you secure your future, look no further than the team at Steele Law.
While most have a general idea of what bankruptcy involves, many people don’t realize that there are different kinds of bankruptcy. Each kind has its own advantages and disadvantages, and one may be more advantageous to you than another, depending on your financial circumstances. It’s important to understand both Chapter 13 and Chapter 7 bankruptcies, so you can make an educated and empowered decision about your finances.
Chapter 13 bankruptcy is not right for everyone, but it allows people with regular income to reorganize their finances and pay off their creditors. In these cases, the individual filing bankruptcy develops a payment plan to effectively repay their debts. In these situations, depending on the agreement approved by your creditors, you may not have to pay off all your debt but instead agree to pay a large portion in manageable installments. Though this doesn’t rid you of your debt altogether, it makes repayment much easier to deal with.
Most people who file for Chapter 13 bankruptcy are permitted to keep their homes and other valuable assets. Thus, a significant advantage to this form of bankruptcy is that it does not uproot your entire life or family. Another perk of Chapter 13 bankruptcy is that many people are able to rebuild their credit more quickly after they’re finished with their payments, allowing the earlier access to loans and other lines of credit. In the meantime, Chapter 13 also puts an end to the harassing calls, voicemails, and letters that often come with significant debt.
Chapter 7 is the other most common form of bankruptcy. In fact, when many people think of bankruptcy, they imagine something similar to a Chapter 7 structure. During a Chapter 7 bankruptcy, a trustee assigned by bankruptcy court takes possession of all non-exempt assets you hold and liquidates them to pay your creditors. Unless you are current on your mortgage payments and have relatively little equity in your home, you may experience mortgage foreclosure along with the sale of other valuable assets.
Compared to Chapter 13, which can take years to complete, Chapter 7 bankruptcy filings happen within just a few months. This gives bankruptcy filers more immediate relief from debt so they can begin to rebuild their lives sooner. Chapter 7 bankruptcy results in the total discharge of all debts but those considered non-dischargeable, such as tax debt, student loan debt, back child support, and back spousal support. However, to qualify for Chapter 7 bankruptcy, you must first pass the Texas state means test. If your income exceeds the standard, you must file Chapter 13 bankruptcy.
The ultimate cost of hiring legal help depends on your unique situation and the firm’s billing practices. Many bankruptcy attorneys charge by the hour, meaning that their final bill depends on how involved they need to be or how long the process takes. Others charge a flat fee for handling bankruptcy proceedings.
It’s important to discuss pricing with your Lake Worth bankruptcy attorney ahead of time. Most bankruptcy attorneys are happy to discuss payment upfront. With this knowledge, you can make empowered decisions about your finances.
It can be difficult to consider investing in legal services when you're in debt. However, guidance from a skilled bankruptcy attorney necessary if you wish to move forward with bankruptcy proceedings that fit your unique needs. Bankruptcy law is complicated and difficult to navigate without proper training. In fact, many attorneys don’t practice bankruptcy law because they don’t have a deep understanding of the many intricacies and ever-changing laws surrounding bankruptcy in Texas.
It’s important to remember that an attorney can actually save you money during the bankruptcy process. By helping you assess your options, we can help you reach a solution that preserves your assets or discharges your debts. In some cases, bankruptcy alternatives can take the place of filing for bankruptcy. No matter your decision, an attorney can help you address the intimidating tactics used by creditors to try to collect their money. Our asset protection lawyers can help you by fielding these calls and putting a halt to creditor harassment.
If you’re struggling with insurmountable debt and are considering bankruptcy, our Lake Worth bankruptcy law firm is here to help. We have guided hundreds of area families to fair, expedient solutions to handle their debt, and we can do the same for yours. When you trust Steele Law Firm to guide your bankruptcy case, bankruptcy can be freeing rather than intimidating. Contact us online today for more information or to schedule a consultation.