Best Best Hispanic Bankruptcy Lawyers in Fate Texas
If you are reading this, then you are probably struggling with debt, and looking for answers to your problems. Get immediate debt relief by speaking with an attorney at our firm. You can discharge debt, stop creditor harassment and get started on the path to freedom from all of your financial worries. Speak with a Fate Texas bankruptcy lawyer at our law firm about your options.
Our law firm is a trusted and tested bankruptcy law firm in Fate , serving residents of the Fate TX area for close to 30 years.
Because of the narrow scope of bankruptcy courts, it is a highly recommended that anyone seeking this form of legal debt relief seek the advice of a competent bankruptcy attorney. This offers a number of distinct advantages for the debtor, among them being that hiring the right bankruptcy attorney will give you valuable insight to how the court in your district operates, in addition to, having worked with the employees of the court in the past.
Over these years, we have helped Fate residents:
- Keep their homes
- Keep their cars
- Stop harassment
- Stop lawsuits
- Stop wage garnishment
- Unfreeze bank accounts
- Discharge debt
A fin de declararse en quiebra bajo el Capítulo 7, usted debe presentar una petición ante su tribunal de quiebras local, junto con varias de las formas que se requieren donde se listen sus ingresos, sus activos, deudas y gastos para vivir. En consecuencia, es necesario proporcionar a su abogado en quiebras una imagen clara y detallada de todos sus asuntos financieros. Si usted tiene principalmente deudas del consumidor, tal como las originadas por las tarjetas de crédito, el tribunal de quiebras requerirá que se someta a una asesoría de crédito con una agencia aprobada, antes de declararse en quiebra. Usted puede declararse en quiebra bajo el Capítulo 7, en forma individual o conjuntamente con su cónyuge.
Which Bankruptcy Is Worse?
A solution to money hardship can be found when you are faced with the situation of non-payable debts.
The ability to alter these debt obligations can be found in the United States constitution.
Individuals will at most times use chapter 13 and chapter 7 for bankruptcy. Chapter 7 mostly about removing the debtors liability through discharge, but there are exclusions. Chapter 13 is about applying a repayment plan for the debtor to repay all or some of the debt.
Clearing all or most of the debt under chapter 7, makes way for a new financial start.
This type of bankruptcy is also known as liquidation or a straight bankruptcy, as your assets are sold or collected to repay some of the debt. These assets are non- exempt status, which can be readily converted into cash, savings and checking accounts are of this type.
A court hearing will be held to approve your plan, in which the creditors can raise objection. The judge ultimately decides whether it will accept the plan. Your installments to court will be used to pay your creditors, up to the end of your plan any debts still remaining on your account will be released.
If you are unable to fulfill the means test of Chapter 7 or require use of some of your assets you can use Chapter 13 to claim bankruptcy.
Bankruptcy is a complex area of law, however there are companies out there that can help you to file for bankruptcy in your state at a fraction of the cost of an attorney.
¿Por qué la quiebra es importante?
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.
Bankruptcy - When is Filing For Bankruptcy a Good Choice?
Financial stresses and strains can be hard on a person or a family. When bills get tight, the stress levels in a home reach epic proportions. It is during these times when a person or family begins to think about filing for bankruptcy. But, deciding to file for bankruptcy comes with a lot of additional financial strain that can last up to 10 years. Before filing for bankruptcy a person must take many factors into consideration.
o Can you get out of debt on your own? This is the first question that needs to be asked. If the debt is so overwhelming that the person will be unable to pay their way out of the creditor obligations they have created, bankruptcy may be a choice. Before filing, a careful look should be taken at the total financial picture. Are there cars that can be traded in for a lower payment? Can the home be refinanced for a lower mortgage? Are there higher paying jobs that will add to the financial income of the household?
Filing for bankruptcy means all debts owed to credits will be discharged if the filing is turned in the favor of the persons involved. The best choice before filing for bankruptcy is to take a careful look at what the alternative options are and trying to work out the debt owed with the creditors. If filing for bankruptcy is the best choice for you and / or your family, finding a great bankruptcy lawyer can make the process a bit easier to handle and stress free.