Richland Hills 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.
Chapters Of Bankruptcy Available to Richland Hills
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.
