Dallas Texas Area Chapter 7 & Chapter 13 Attorney Services
Major life events like a job loss, illness, or divorce can wreak havoc on your personal finances causing the need for Dallas TX bankruptcy information. From late charges and interest rates to bill collectors and foreclosures, suddenly it seems your world has been turned upside down. If you are considering personal bankruptcy in Dallas, know that there is relief, and there are options for Spanish speaking individuals. You just need an experienced Spanish speaking bankruptcy attorney at your side.
Dallas Texas el Capítulo 7 es el capítulo relativo a la liquidación del Código de Quiebras. Los casos del capítulo 7 son comúnmente llamados quiebras directas ó casos de liquidación, y pueden ser presentados por un individuo, una corporación ó una sociedad. Bajo el capítulo 7, se designa a un fideicomisario para que venda y cobre todas las propiedades que no se encuentren exceptuadas é utilice cualquier procedimiento para pagar a los acreedores. En el caso de una persona física, al deudor se le permite demandar la excepción de ciertas propiedades. A cambio de ello, el deudor obtiene una descarga, lo que significa que el deudor no tiene que pagar cierto tipo de deudas. Las corporaciones y sociedades no pueden acceder a estas descargas. Consecuentemente, cualesquiera individuos responsables legalmente de las deudas de una sociedad ó corporación, continuarán siendo responsables de las mismas. Por lo consiguiente, en las quiebras de las personas físicas ellos pueden ser requeridos como ocurre en el caso de las sociedades y corporaciones.
¿Qué quiebra es la peor?
When consumers contemplate the option of bankruptcy generally, the remedy they are specifically referring to is chapter 7 bankruptcy. The effect of the filing is to discharge someone saddled with debt from having to pay debts no longer secured with a valid lien. It also has the added benefit of serving as a court order to creditors (or their collection agencies) to stop hassling you through telephone calls, letters, and personal contact in an effort to get you to pay the debt. But what, in effect, does that mean for you the borrower?
Filing for chapter 7 bankruptcy does not mean that immediately all of your debts are eliminated in their entirety. Rather, secured debt must be still be dealt with. It does mean, however, that commonly unsecured debts like credit card bills and medical expenses do not have to be paid back. But getting off the hook here does not come without costs. Rather, filing chapter 7 often means the necessary liquidation (selling off) of most of your personal property. While there are limitations to what can be confiscated by creditors, (such as your home under the homestead protection), expect that creditors will sell off most of your valued possessions to pay part of your debts to them. In addition, your credit rating will be devastated by this filing. In filing chapter 7 bankruptcy, you have essentially proclaimed to the world that you are no longer worthy to be trusted with future credit. That plays out practically insofar as it becomes virtually impossible to get a mortgage for a new home, a car loan, a credit card, and even limits very small forms of credit like appliance financing and at times payday loans. Because of the many drawbacks of filing for chapter 7 bankruptcy, many individuals in need of debt relief look for other options.
There are both benefits and costs to whichever bankruptcy approach you decide to take. On the one hand, filing Chapter 7 offers you the freedom to be rid of the heavy debt that is currently hanging over you, while Chapter 13 offers you only the chance to restructure that debt to be more manageable. But on the other hand, filing Chapter 7 also means the liquidation of almost all your valuables as well as the total devastation to your credit rating, whereas filing Chapter 13 allows you to keep many of your possessions while keeping your credit score intact.
El capítulo 13
Negotiations with creditors have failed. Repossession is imminent and foreclosure proceedings have begun. Your income is simply not sufficient to pay your bills, no matter how low the payments are. It may be time to consider bankruptcy.
Bankruptcy law evolved as a reaction to the abuses surrounding debtors prison. Before the nineteenth century a prison system existed for those who didn't pay their bills. If a merchant filed a claim, the debtor was incarcerated until his debts were paid. (Women were not found in debtor's prison, not because of chivalry but because they did riot have the ability to borrow). The lender was legally responsible for the expenses of the prison stay, including food, but seldom paid. After all, a debtor would have to sue in order to enforce this law, and it was rather difficult to sue when in prison. As a result, many borrowers languished in prison for years, surviving on what their family could bring to them or, in many cases, simply starving to death. Although some lenders would doubtless not object to the renewal of debtor's prison, fortunately we live in more enlightened times. Bankruptcy was created to provide a second chance (or third, or fourth) to those hopelessly in debt It provides a mechanism to wipe the slate clean and begin anew. As times have changed, though, so has the bankruptcy code. Not all debts can be wiped out. The proceedings can be easily disqualified in the event of improper procedures. There are many things a debtor should know before resorting to bankruptcy.
The Bankruptcy Decision
There are two kinds of individual bankruptcy: Chapter 7 and Chapter 13. Chapter 7 bankruptcy, named for the chapter number in the bankruptcy code, requires a full liquidation of all debts and cancels all no-exempt debts. Chapter 13 bankruptcy is essentially a court-mandated payment plan that sets up affordable monthly payments to your creditors,
The decision to declare bankruptcy is not an easy one. Unfortunately, many bankruptcy attorneys recommend bankruptcy to just about anyone they consult with. All too often frightened consumers are advised to declare bankruptcy just to avoid a few debts. This is a mistake. Bankruptcy should truly be a last resort as the legal system meant it to be. A bankruptcy appears on your credit for ten years, and although lending criteria are slowly changing, many lenders will not even consider an applicant who has had a bankruptcy. What's more, a Chapter 7 bankruptcy can cost you most of your property. Before making a decision to declare bankruptcy, estimate how bad your situation really is. On a piece of paper, make a list of all your assets and the approximate value they could be sold for. On the other side, add up all of your debts. If the debts exceed the assets by a large percentage, you may wish to consider bankruptcy. On the other hand, if it seems that your situation may improve (you may get a new job or a second income), or if your assets are of greater value or close in value to your debts, a different approach may be appropriate.
Negotiate with your creditors
Explain your situation and ask for more time to pay. If the creditors refuse and continue to threaten garnishment tell them such action would force you into bankruptcy. No creditor wants to hear the "B" word. Using bankruptcy as a threat is a very powerful negotiating tool, confronting creditors with a choice between getting a little each month or probably getting nothing through bankruptcy. Don't try this tactic on secured creditors. They may decide to repossess your property to avoid having to go through court.
Contact Consumer Credit Counseling
As mentioned earlier in the book, Consumer Credit Counseling is a non-profit group funded by creditors to help consumers negotiate repayment plans. It is often able to negotiate payment arrangements better than the individual because of its constant contact with a variety of creditors. If you can't negotiate a satisfactory arrangement, give these people a try. Remember, the fact that you are using credit counseling may appear on your credit record.
Consider Chapter 13 bankruptcy
This kind of filing allows you to repay your debts in a court-mandated fashion and will appear on your credit record for only seven years, If negotiations fail or there simply isn't enough money to make ends meet Chapter 7 bankruptcy may be your only option. Bankruptcy does not necessarily discharge all debts. If your debts are exempt from bankruptcy, filing will do very little to improve your situation. If a co-signer was used, the debt would then be owed by the co-signer, unless that person also declared bankruptcy. In community property states a spouse's assets and debts would also be included in the bankruptcy, assuming they are community property. Consider all very carefully before deciding to file.
Non-Dischargable Debts - Bills You Have To Pay In Spite Of Bankruptcy
Certain kinds of debt cannot be automatically eliminated by bankruptcy filing. They must meet certain requirements before being eliminated by bankruptcy. If most of your debts are non-dischargeable, bankruptcy may not solve your financial dilemma. The only ways a non-dischargeable debt can be eliminated through bankruptcy are through an exception being granted by the court, a certain period of time transpiring since the debt was due, or because the creditor does not object to the discharging of the debt. Certain debts can only be discharged by an exception. They are:
The Filing Process
All the appropriate papers can be obtained from your local bankruptcy court. Consult the yellow pages under Government Services (usually in the beginning of the book) for an address and phone number. The court allows you fourteen days from the date of an emergency filing to complete the formal process. If Chapter 7 bankruptcy is being filed, you will need to send in the following forms after you have received them from the court:
· Statement of Financial Affairs.
· Schedule of Current Income and Current Expenditures.
· A schedule describing your debts.
· A schedule describing your property.
· A schedule listing exempt property.
· A summary of the above schedules.
· Statement of Intention in regard to your secured property and what you intend to do with it
· Statement of Executory Contracts describing contract that will need to be fulfilled, such as auto leases.
· Bankruptcy Petition cover sheet.
· Mailing addresses of all creditors.
· Any required local forms.
A fee will also be assessed, usually $90, due at the time of filing. The court will usually accept installments of a four-month period. An application for installments must accompany the petition.
After your petition is filed, a meeting of the creditors will be arranged. The court appoints a trustee to preside over the meeting and to be responsible for the liquidation of assets. With most smaller bankruptcies, only the person filing and the trustee will attend. The trustee, who is usually a local attorney, will ask several questions about the information on the bankruptcy documents. Call and ask the court clerk what papers you will need to bring (usually financial statements or sometimes even tax returns). If a lot of property is involved, especially if it is nonexempt, property, your creditors may show up to protest any exemptions. They may also attempt to grill you about your intent to pay the bill or about lying on your application. Answer truthfully and there shouldn't be a problem.
If the creditors' attorneys become abusive, demand a hearing before the bankruptcy judge before the proceeding goes any further. If the creditors object to any of your exemptions, they have 30 days after the creditor's meeting to file an objection with the court. The court will schedule a hearing and you will be given the opportunity to respond, although you don't have to. A creditor may also try to claim a debt as non-dischargeable because of fraudulent acts, a @ or malicious act, or embezzlement or theft. He can only accomplish this if he successfully raises the objection within sixty days of the creditors' meeting. To defend yourself, you or your attorney will have to file a written response and be prepared to argue your case in court.
Once all the requirements have been met and your intentions have been made clear, the court can declare the bankruptcy discharged. No formal hearing will be held unless you have chosen to reaffirm your debt in which case the judge will want to be sure that you understand what you are doing. After this time, provided the creditors do not raise any objections, the dischargeable debts are erased.
Picking Up The Pieces
Bankruptcy was once the lowest disgrace that could befall someone. Today, however, it is commonplace. Corporations declare bankruptcy to get out of contracts or avoid legal judgments. Individuals rely on it to protect them from a society that extends credit too quickly.
Bankruptcy does not mean that you will automatically be denied all credit for ten years. In fact, many firms look at bankruptcy as a responsible way of discharging debts when there is no other way out. Creditors fear bankruptcy, but they also realize that if they lend to someone who has declared bankruptcy, they need not worry about another bankruptcy for seven more years (you can only file once every seven years). If you happen to have a good explanation for the bankruptcy, such as medical bills, divorce, or some other catastrophic event, a creditor may be willing to overlook it and extend credit. Ask potential creditors about their policy toward bankruptcies. Their responses may be surprising.
Why Bankruptcy Is A Last Resort
Certain financial products have proven to be confusing for the general public, and bankruptcy is certainly one of them. This lack of knowledge on a particular subject generates undesirable misconceptions. Bankruptcy certainly has its share of myths surrounding it. This article seeks to answer many questions consumers have regarding this subject.
FAQ #1: What Are The Most Common Chapters And Which One Is Right For Me?
Bankruptcy comprises several chapters, each being suitable for a different situation and bringing about different outcomes. The two most common chapters are Chapter 7 and Chapter13, being the rest of the chapters: Chapter 9 for municipalities, Chapter 11 which is most commonly filed by businesses and Chapter 10 for family farmers.
Regarding the second issue, which one to choose, sometimes it is not a matter of choice or convenience, but a matter of eligibility. Under the new law, some individuals may qualify for Chapter 7 and 13, and some may only qualify for the latter. Do some research on eligibility criteria for each chapter and you will find out which one is for you. On the other hand, provided that you qualify for both chapters, the choice is completely up to you and depends on what you have in mind. Chapter 7 is a very popular type of bankruptcy because the debtor is not required to pay off his debts. But Chapter 13 also carries benefits that should be taken into account when making this decision.
FAQ #6: Will I Be Able To Obtain Finance After Filing?
As a general rule, it will take some time for the debtor to obtain finance after he has filed for bankruptcy. Though nowadays there are many financial institutions out there who specialize in high risk lending and might be willing to help the debtor out, it is advisable for the applicant to wait some time before applying for a loan, at least a year after the bankruptcy is discharged, being two years the optimum time. Again, it all comes down to the creditor's will to lend the loan, not to the applicant's will to get one.
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