Tired Of Swimming In Debt?
Need a lawyer for your bankruptcy in Katy? Anyone who has ever lived in debt can tell you that owing large amounts of money can make life difficult. You spend your days and nights feeling anxious about the possibility of missing your monthly bills and loan payments, and there is the ever-present threat of repossession or foreclosure hanging over your head. People who have large debts often find it difficult or even impossible to afford the things they want in life, and the situation can be even worse if you have a family to support. Fortunately, you may have a way out. You could qualify to file for bankruptcy, making it possible for you to relieve yourself of the burden of most or all of your debts within a relatively short period of time. Even if you don’t want to declare bankruptcy, there are other options available to you.
Solutions To Your Problems With Debt
Benefits of Bankruptcy
It would be difficult to exaggerate how much better life can be after you declare bankruptcy. Imagine not having to cringe in fear of creditor harassment every time you pick up the phone or open the mailbox. Imagine not seeing the majority of your paycheck going to loan payments. By declaring bankruptcy, you may be able to afford the things you want and begin to save money for the future.
Chapter 13 bankruptcy is also referred to as wage earner’s bankruptcy and involves repaying debts through a court-supervised repayment plan. In a Chapter 13 case, if you qualify, your existing debts may be restructured into a single monthly payment that is within your means, and you will continue to make those payments for a period of three to five years.
If you meet certain requirements, Chapter 7 bankruptcy makes it possible for you to discharge all of your unsecured debts (with some exceptions such as student loans) within a period of only a few months. In a Chapter 7 case, the court will assign a bankruptcy trustee to oversee the case. The trustee’s job is to determine whether you have any assets available for the benefit of your creditors and, if so, to liquidate those assets (i.e., sell them) and to pay your creditors the proceeds. The vast majority of Chapter 7 bankruptcies are what are referred to as “no-asset cases” in which the debtor gets to keep everything he or she owns. It is important to consult with a skilled bankruptcy attorney to determine whether Chapter 7 is the best option given your specific circumstances, and to assist you in protecting your assets as you go through the process.
Have you missed a mortgage payment? Have you received a notice of impending foreclosure? It may not be too late to prevent foreclosure, but even if you are ready to get rid of the house, there are options for limiting the damage to your credit score. Loan modification, deed in lieu of foreclosure, and even short sales are all effective foreclosure defense strategies.
Qualifying for Bankruptcy
The terms of U.S. bankruptcy law set strict eligibility requirements for anyone hoping to declare bankruptcy, and these serve to prevent unscrupulous individuals from abusing this powerful legal shelter. An attorney from our firm can guide you through your petition and ensure that you don’t make mistakes that could result in you being denied the opportunity to discharge your debts.
There are a number of different alternatives to declaring bankruptcy. For example, you could benefit from debt consolidation, which involves taking out a new loan to pay off all your other debts so that you have a single monthly payment at a lower interest rate. We can explore all your options including debt negotiation and settling with your creditors.
Do I Need An Attorney?
Looking for an attorney for your bankruptcy in Katy, TX? You have every right to handle your bankruptcy case on your own, but it is not at all advisable to do so. In fact, even the website for the U.S. courts recommends that you hire an experienced bankruptcy attorney to represent you and advocate for your rights in these cases. The truth is that U.S. bankruptcy laws are complex, and it is easy to make mistakes such as missing important filing deadlines, failing to include necessary documentation, or using the wrong information in your pleadings. Errors such as these could result in your request for bankruptcy relief being denied, or you could reach the end of the bankruptcy only to find that you have not been able to discharge all of your debts. Similarly, without an attorney you could be at risk of losing some of your personal property to liquidation by the bankruptcy trustee. Don’t take chances with your assets or with the outcome of your bankruptcy – you simply have too much at stake.