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Bankruptcy Lawyers Serving Benbrook, TX

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If you are searching online for a bankruptcy lawyer, then chances are you are over your head in debt and seeking answers to your financial problems. In addition, you are probably trying to figure out how to keep from losing your home and car and how to keep your creditors from harassing you. You may have decided that filing for  bankruptcy is your best, and last, chance to get out of debt and get a fresh start.

If you are contemplating filing for bankruptcy, it is important to have a clear understanding of the process and the consequences of bankruptcy. You also need to have the guidance of an experienced bankruptcy attorney by your side to help you successfully navigate the bankruptcy process.

Our Benbrook bankruptcy attorneys are here to help you get the debt relief that helps you move forward with your life. We have experience working with clients who have been in similar circumstances as you and we are able to help you, too. Call us today to schedule a free initial consultation to discuss your options and determine whether bankruptcy is the right choice for you.

Benbrook Bankruptcy Attorneys

Understanding Bankruptcy

The fear of bankruptcy stems from not truly understanding what it is and all the many advantages it can provide. Filing bankruptcy can release you from almost all your possible debt and allow you to rebuild your life with better money habits. Filing for bankruptcy does not mean you are a failure, that you will lose everything you own, that your credit is ruined, or that you’ll be publicly shamed.

As soon as you file, all calls, letters and collection actions by your creditors stop immediately, with no further wage garnishment, liens or foreclosure. Your debt-to-income ratio will improve, and, as a consequence, your credit ratings will likely increase rather than diminish. Our Benbrook bankruptcy attorneys will work things out with the courts to either have your debt eliminated or restructured into a paydown program. Your debt will be erased, and your peace of mind will be restored.

Your Bankruptcy Options

There isn’t a one-size-fits-all bankruptcy that fits everyone, so there are different options for different situations. The type of bankruptcy you choose will depend on your financial situation, including your debts, assets, income, and whether you have any non-exempt property that creditors may seize. There are two main types of bankruptcy for individuals: Chapter 7 and Chapter 13.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is the most common solution for people to eliminate their debts. Also known as “liquidation bankruptcy,” Chapter 7 bankruptcy is the fastest and easiest way to get out of debt. To pay off debt, Chapter 7 bankruptcy liquidates non-exempt assets. You can keep your non-exempt assets (typically your home, car, and certain personal items) but may have to turn over other property. You can keep a certain amount of equity in your home, and your car is protected if it is less than a certain amount.

Chapter 7 bankruptcy requires that you pass a means test to determine if you have enough disposable income to pay your current debts. To qualify, your income must be below the median income for the state. If you meet this criteria, you will be eligible for Chapter 7 bankruptcy. If not, you can pursue a Chapter 13 bankruptcy plan that allows you to reimburse your creditors rather than erase all your debt.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy, sometimes called wage earner’s or debt reorganization bankruptcy, helps you repay your debts over time under a court-approved plan. Chapter 13 is for those with a steady income who are in substantial debt and face foreclosure or car repossession. This bankruptcy is for people who are overdue on their mortgage or other secured obligations, like a vehicle loan. Chapter 13 bankruptcy lets you offer a repayment plan to creditors and keep your property.

The court will decide how much to pay creditors over three to five years. Once a plan is filed with the court, wage garnishments, bank levies, and other collection measures against you will cease. While in bankruptcy, creditors cannot contact you or collect debts. This is significant since you may rebuild your credit while filing bankruptcy. The court will help you decide on a manageable monthly payment, order your creditors to discontinue collection attempts, and enable you to pay the bankruptcy trustee monthly.

Call Our Benbrook Bankruptcy Attorneys At Ted Machi & Associates

We have seen many families in difficult financial situations similar to your own. It’s the reason we do what we do—to help people just like you. For over 30 years, we have been helping people find the relief they need to move forward with their lives. We are committed to providing you with the best possible legal representation, with sympathy and compassion. We’ve seen too many lives ruined by the burden of excessive debt. We know how to protect you from creditors and how to help you get the financial fresh start you need. Call our Benbrook bankruptcy attorneys for a free consultation and let us help you get back on the road to financial recovery today!

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Benbrook, 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.

Debra S.

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.

Roderick J.

*Ted Machi is a Certified Member of Who’s Who Top Attorneys of North America for 2023
Ted Machi & Associates, P.C.

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