Fort Worth, TX Bankruptcy Lawyers
Filing for bankruptcy could be a viable option if you are totally overwhelmed by massive debt that you are unable to pay back. Our Fort Worth bankruptcy lawyers have extensive experience with every facet of filing for and practicing bankruptcy. We are able to walk you through every step of the process of starting over financially! Call today to schedule a complimentary consultation and learn more about your options and how we can assist you.
Bankruptcy: What It Is And What It Is Not
Many people fear bankruptcy because they are unaware of its true implications and the many advantages it can offer. Filing for bankruptcy is a legitimate way to get rid of most of your debt and start over with better financial practices; it does not indicate that you have failed, that you will lose everything you own, that your credit will be permanently damaged, or that you will be publicly humiliated.
Following your filing, all correspondence, harassment, and collection actions from creditors will stop right away. This includes wage garnishment, liens, and foreclosure. Your debt-to-income ratio will improve, which means your credit score will likely rise rather than fall. You will work with the courts to either discharge or restructure your debt into a payment plan, allowing you to get out of debt and back on your feet!
Chapters Of Bankruptcy
Based on your specific financial circumstances, you may be eligible for or choose to file for one of several types of bankruptcy. Our Fort Worth bankruptcy lawyers can answer your questions and help you determine which option is best for you!
Chapter 7 - Often referred to as “straight” or “liquidation” bankruptcy, Chapter 7 bankruptcy is a type of bankruptcy intended for people with low or no incomes. Because it is income-restricted, you must be eligible to apply. Although it is not always the case, many of your belongings that are legally protected from being sold during a Chapter 7 bankruptcy will be retained. Some assets may be sold in order to satisfy debts.
Chapter 13 - Chapter 13 bankruptcy, also known as “reorganization” bankruptcy or a “wage earner’s plan,” allows people with regular incomes 3-5 years to pay off most or all of their debts through installment payments to creditors. Collection efforts in a Chapter 13 must, like in Chapter 7, come to a halt.
Chapter 11 - Chapter 11 bankruptcy is commonly used by indebted businesses or corporations, but it can also be used by individuals who do not want to liquidate assets in a Chapter 7 and have too much debt to reorganize in a Chapter 13. In a Chapter 13 bankruptcy, a payment plan is set up to repay debts over a set period of time.
The Benefits Of Working With Fort Worth Bankruptcy Lawyers
The prospect of declaring bankruptcy can be as intimidating as the debt itself. You may be unsure where to begin or what steps to take to protect yourself and your rights. Bankruptcy involves a lot of paperwork, and any mistakes you make because you are unfamiliar with the process or lack the necessary legal knowledge can jeopardize your financial future. Furthermore, declaring bankruptcy takes time.
Because of this, it is advisable that you work with our skilled Fort Worth bankruptcy lawyers, who have years of experience practicing bankruptcy law and guiding clients through what can be a challenging procedure. We can represent you in court and handle all of the paperwork, including correspondence with creditors and the court!
What Ted Machi & Associates, P.C., Can Do For You
Our lead attorney, Ted Machi, is Board Certified in consumer bankruptcy law by the Texas Board of Legal Specialization. He is a member of the National Association of Consumer Bankruptcy Lawyers and has over 25 years of experience. His vast experience and proficiency in this field can provide you with a significant advantage!
As a small, boutique bankruptcy law firm, he and the rest of our team are able to offer individualized client care and one-on-one attorney attention that larger firms are unable to match. Get peace of mind by giving us a call to arrange a free consultation.
