Considering Filing for Bankruptcy?
With the economy in its current state, hearing that people are struggling with debt is, sadly, not as uncommon as one would like to hear. Too many people find themselves slipping further and further down the slippery slope, caught between the fast paced world that we live in and the simultaneous culture of plastic money and wanting more. Credit card companies are of no help either, as at the end of the day they are only concerned with making a profit, not helping you get your feet back underneath you to successfully move forward with your life.
If you are currently facing a situation similar to this, it is in your best interest to talk to an experienced San Antonio bankruptcy lawyer about the possibility of filing for bankruptcy. By talking to someone knowledgeable about this process, you can have your answers questions answered. We offer a free, no-obligation consultation, and we can often see you the same day you contact us. This site contains a good deal of information; we welcome you to learn more about the following topics, or give us a call when you’re ready.
Chapter 7 Bankruptcy
Often referred to as “straight” bankruptcy, Chapter 7 bankruptcy involves the liquidation of assets to pay off creditors. It is generally the swiftest and most straightforward form of bankruptcy. Our team protects our clients’ rights and financial interests in these cases.
Chapter 11 Bankruptcy
Similar to Chapter 13, Chapter 11 bankruptcy involves the reorganization of debt. There is no limit to the amount of debt that can be restructured under Chapter 11, and as such businesses may choose this option if they have a large amount of debt to address.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is often a good choice for debtors with steady incomes and homeowners who wish to save their homes from foreclosure. All property is protected under Chapter 13, as well as co-signers. This form of bankruptcy involves the reorganization of debt through a repayment plan.
Filing for Bankruptcy
Making the decision to file for bankruptcy is important and should only be made with all the information about how it will affect your debt and your financial future. We offer helpful guidance in these matters and are ready to offer straightforward information that will guide you in the right direction.
Bankruptcy – Do I Qualify
You will need to complete credit counseling and must not have filed bankruptcy within a certain amount of time. For Chapter 7, you will also have to pass the means test. A San Antonio bankruptcy lawyer at our firm can help you determine whether you qualify.
Bankruptcy – Warning Signs
There are particular warnings signs to watch out for as a debtor, which may indicate that you may need to consider bankruptcy to eliminate debt. We can review these with you and can talk about your options to help you make the right decision.
Bankruptcy is not necessarily the right answer for every debtor, and there are specific alternatives you may wish to consider.
Contrary to what you may have heard, not all of your property is subject to liquidation in a Chapter 7 bankruptcy. State and federal bankruptcy exemptions protect most, if not all, of debtors’ property in these cases.
We understand that you probably have a number of questions about your case, your options and your legal rights. We are always happy to answer these for you when you call for a consultation, but we also welcome you to visit our frequently asked questions page.
Without proper legal representation, it is possible that a debtor may make certain mistakes that can have a detrimental impact on the speed and effectiveness of their bankruptcy case. We are here to help you avoid these mistakes so you can experience all the benefits that bankruptcy may have to offer.
With a topic like bankruptcy, it is only natural that there are numerous myths circulating about the process, what debt can be discharged, what property is protected, etc. A bankruptcy attorney at our firm can help to dispel these myths.
The ease and speed with which your case moves through the bankruptcy process will depend largely upon how you (or your attorney) handle your petition, meeting of creditors, and more. We are here to guide you every step of the way.
In 2005, a number of new bankruptcy laws were passed that affect eligibility, filing fees and more. We understand how these laws affect our clients and ensure compliance in order to help them eliminate their debt through bankruptcy.
How long will it take for your debt to be discharged? The answer will vary depending on whether you file under Chapter 7, Chapter 11 or Chapter 13.
Credit Card Debt
Credit card debt can be eliminated through bankruptcy, and considering that a large number of Americans faced with overwhelming debt owe on one or more credit cards, this is an important issue we address for our clients.
If you want to eliminate your debt once and for all, bankruptcy may be a viable option. Through bankruptcy, you can discharge your debt, releasing you from any further obligation to pay it. Not only that, you will be protected from all debt collection activity once you file.
When a homeowner defaults on his or her mortgage, the lender may repossess the property through the process of foreclosure. There are ways to fight foreclosure, possibly by filing Chapter 13 or by undergoing a loan modification, short sale or deed in lieu.
Life After Bankruptcy
What can you expect to face in life after bankruptcy? You can find out and can get helpful information about rebuilding your credit when you work with an attorney at our San Antonio law firm.
Psychology of Debt
Impulsive shopping, manipulation by credit card companies, and constant exposure to advertisements for expensive and often unnecessary goods may increase the likelihood that Americans accumulate debt.
Is it possible to stop creditors in their tracks? Once you file your bankruptcy petition, any and all contact and debt collection efforts by creditors and bill collectors must cease. If you’ve been victimized by creditor harassment, you may be able to take legal action against the at-fault debt collection agency.
There are a number of different benefits that may be experienced by filing for bankruptcy, such as immediate relief from debt collection and the ability to eliminate all unsecured debt. A competent professional can help you experience all of these benefits to the fullest extent by protecting your rights and properly handling your case.
Types of Debt Eliminated
Generally, bankruptcy only eliminates unsecured debt, or debt that is not secured by collateral. This may include credit cards, cell phone bills, personal loans, utility bills, medical and dental bills, and the like. There are some exceptions, however.
Wage garnishment is one ways that a debt collector may attempt to recover the money you owe, however wage garnishment is prohibited in Texas.
What Chapter Is Right For Me?
Determining whether to file Chapter 7, 13 or 11 is an important part of the bankruptcy process. With our experience and knowledge, we can help you determine which route will be best for you.
What Will I Lose?
A common misconception about bankruptcy is that you will lose all of your property when you file. This is simply not the case. By asserting your rights through the bankruptcy process, a lawyer at our firm can help to protect most, if not all, of your property.
Do I Need an Attorney?
As an individual, you are not required to have legal representation in filing bankruptcy. There are a number of advantages by having a skilled professional to handle your case, however, and at our firm we take this to heart. Let us properly file your petition and protect you through the entire process.
Bankruptcy can be a terrifying, confusing process to try and take on, but with the proper guidance, you have no reason to fear it. It can merely be a way for you to move forward into the next chapter in your life.
Why Hire a Bankruptcy Lawyer?
At the Malaise Law Firm, we understand the questions and concerns you will have if you are considering filing for bankruptcy. We know that it appears complex and the ideas of Chapter 7, Chapter 11 and Chapter 13 may appear foreign and overwhelming. There, are, however many things that you can do to help you. By closely working with your case, and giving you the undivided personal attention that you deserve, you can breathe easier knowing that you are dealing with someone devoted to getting you to the optimum outcome. No matter if you are concerned with credit card debt or life after bankruptcy, we will be here to help you.
If you are currently considering filing for bankruptcy, contact a San Antonio Bankruptcy Attorney today.