Arlington, TX Chapter 13 Bankruptcy Attorneys
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If you’re overwhelmed by massive, quickly mounting debt that you can’t hope to repay, but you have a reliable income, Chapter 13 bankruptcy may be a great option to get you out of debt and back on your feet. At Ted Machi & Associates, P.C., our knowledgeable Arlington Chapter 13 bankruptcy attorneys can help you understand your options and guide you every step of the way through the process. You can rely on us to protect your financial future! Call today to book a complimentary consultation and get started.
What is Chapter 13 bankruptcy?
Chapter 13 bankruptcy, also known as reorganization bankruptcy or as a wage earner’s plan, is a legal recourse for people who are deep in debt to eliminate some of their debts and make a payment plan to pay back the rest. Debts will be restructured according to the Chapter 13 process and a court supervised payment plan, usually 3 to 5 years, will be arranged for any debts that are not able to be discharged (erased). The payment plan cannot exceed five years; whether or not your plan is three or five years (or somewhere in between) will depend on what your income is and how it compares to the applicable state median. Our Arlington Chapter 13 bankruptcy attorneys can explain what you can expect from a Chapter 13 filing and whether or not it’s the right choice for you.
What can it do for you (or to you?)
Bankruptcy is not a bad word – it doesn’t mean that you’ve failed or that you will be struggling financially forever. Many people are scared by the prospect of bankruptcy, but there are actually numerous benefits to filing Chapter 13 that you may be unaware of!
For one thing, Chapter 13 bankruptcy halts all creditor collection efforts/actions/aggressions. Your phone will stop ringing, and you’ll stop receiving mail. Your creditors have to stop harassing you for the money you owe, which can be a tremendous relief after months or years of them intimidating you. If foreclosure proceedings have started or were about to start, those have to pause – Chapter 13 can literally save your home (and your car, if repossession is a threat or in some cases, if it already has occurred).
Because secured debts can be extended over the life of the plan, payments will be lowered and become more affordable. As opposed to a Chapter 7 – another type of bankruptcy – Chapter 13 filing fees are lower, and bankruptcy also stays on your credit for only 7 years as opposed to 10 years.
One of the myths about bankruptcy is that it will ruin your credit, but because Chapter 13 reduces your debt-to-income ratio, it may actually start improving your credit score immediately in the short-term. In the long-term, it allows you to begin building healthier financial habits and better credit.
Why you need to work with our experienced Arlington Chapter 13 bankruptcy attorneys
Bankruptcy is first and foremost a legal endeavor; it involves much complicated paperwork, court communications, creditor communications, and other legalities. That’s why it is so important to enlist the assistance of local bankruptcy lawyers who can explain your rights and options and help you navigate the process without mistakes. At Ted Machi & Associates, P.C., we will take the time to answer your questions and ask all the questions we need to tailor our guidance to your personal financial goals. We are available to meet with creditors and represent you in court.
Our lead attorney, Ted Machi, is a board certified consumer bankruptcy specialist – an expert in this field – as well as a member of the National Association of Consumer Bankruptcy Attorneys. His extensive experience can give you peace of mind. To him and the rest of our firm, you are our top priority, and because we are a small law firm, we are able to provide one-on-one attorney attention and high-touch customer service that larger law firms can’t. We are your top choice for bankruptcy representation!
Call today to schedule a free consultation
Don’t wait any longer to get a fresh start. Call our Arlington Chapter 13 bankruptcy attorneys to learn about what your next steps should be! We offer free, no-obligation consultations where you can get to know us and get more information. Schedule yours today!
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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