Arlington, TX Bankruptcy Attorneys
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If you find yourself completely overwhelmed by enormous debt that you can’t repay, bankruptcy may be an avenue that’s worth considering. Our Arlington bankruptcy attorneys are highly knowledgeable about all aspects of bankruptcy law and filing. We can explain your options and guide you every step of the way to a fresh financial start! Call today to schedule a complimentary consultation and learn more.
What Bankruptcy Is – And What It’s Not
Many people are afraid of bankruptcy because they don’t realize the many benefits it can hold or what it actually means. Bankruptcy doesn’t mean that you have failed, or that you will lose everything you own, or that your credit will be ruined forever, or that you will be publicly humiliated; bankruptcy is simply a legal way to eliminate most of your debts and begin rebuilding healthier financial habits.
When you file, all creditor communications/harassment and collection efforts, including foreclosure and liens and wage garnishment, will cease immediately. Your debt-to-income ratio will increase, meaning that you will likely see your credit score go up, not down. You will work with the courts to either discharge your debt or reorganize it into a payment plan, with the effect of you being able to get out from under debt and back on your feet!
Types Of Bankruptcy
There are a few different categories of bankruptcy that you may qualify or choose to file for, based on your unique financial circumstances. Our Arlington bankruptcy attorneys can answer your questions and help you understand which one is right for your needs!
Chapter 7 – Chapter 7 bankruptcy, also colloquially known as “straight” or “liquidation” bankruptcy, is a form of bankruptcy that’s designed for individuals with low or no incomes. It is income-restricted, so you have to qualify to file. In a Chapter 7, some possessions may be sold to pay off debts, but this isn’t always the case, and there are many possessions that are protected under law from being sold that you will get to keep.
Chapter 13 – Chapter 13 bankruptcy, also called reorganization bankruptcy or a “wage earner’s plan”, gives individuals who do have regular incomes 3-5 years to pay off most or all of their debts via installment payments made to creditors. Collection efforts, just like in a Chapter 7, must still cease in a Chapter 13.
Chapter 11 – Chapter 11 bankruptcy is typically utilized by businesses or corporations who are in debt, although it can be used by individuals who don’t want to liquidate assets in a Chapter 7 and who have too much debt to reorganize in a Chapter 13. It functions similarly to a Chapter 13 in that a payment plan is set up to repay debts over a set period of time.
Why You Need To Work With Arlington Bankruptcy Attorneys
The prospect of filing for bankruptcy can seem just as overwhelming as the debt itself is. You may have no idea where to start or what actions you need to take to protect yourself and your rights. There is a lot of paperwork involved in bankruptcy, and any mistakes you make because you are unfamiliar with the process or don’t have the necessary legal knowledge can put you and your financial future at risk. In addition, bankruptcy is also time-consuming.
That’s why it’s in your best interests to retain our experienced Arlington bankruptcy attorneys, who have spent years practicing bankruptcy law and helping other people navigate what can be a complex process. We can advocate for you in court and take care of everything, including court communications and creditor communications, for you!
How Ted Machi & Associates, P.C., Can Help You
Our lead attorney, Ted Machi, is Board Certified in Consumer Bankruptcy Law by the Texas Board of Legal Specialization. He belongs to the National Association of Consumer Bankruptcy Attorneys, and he has over 25 years of experience. His extensive knowledge and skill in this area can give you an advantage! Because he and the rest of our team make up a small, boutique bankruptcy law firm, we are able to provide one-on-one attorney attention and personalized customer service that bigger firms can’t match. Call today to schedule a free consultation and get peace of mind!
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Arlington, TX Practice Areas
The team at Ted Machi & Associates help me through a difficult situation and was very responsive to insure a successful outcome. My attorney was very thorough in explaining and helping me make the right decision. If you need expert advice and a company with years of experience, I would consult with the team at Ted Machi and Associates. My outcome was favorable.
Dan Wright, embodied the persona of what an attorney should be. He restored our faith in the legal system with his professionalism and knowledge. We wouldn’t hesitate to recommend Machi & Associates to anyone needing assistance.
Why Choose Us?
Attorneys Have 20+ Years Of Legal Experience
Effective, Determined, Professional Representation