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Chapter 7 Bankruptcy Lawyers Serving Benbrook, TX

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Trying to manage life and all it throws at you can be very challenging and overwhelming at times. If you have debt you can’t pay, and are receiving phone calls and letters from debt collectors, Chapter 7 bankruptcy might be a way for you to get back in control of your finances. If you need more information about Chapter 7 bankruptcy, and how it might help you, give our Benbrook Chapter 7 bankruptcy lawyersa call and let us see what we can do for you.

The traditional Chapter 7 bankruptcy, or “liquidation bankruptcy,” allows you to sell off some of your non-exempt assets, that are used to pay back creditors, and discharge most of your debts. To begin, you file a petition with the bankruptcy court, disclosing all your financial information. You provide a comprehensive breakdown of your income, assets, expenses, debts, and creditors.

For individuals who have never filed for bankruptcy, the process can be quite confusing. To better understand the nuances of this legal proceeding, it is in your best interest to consult (for free) with our Benbrook Chapter 7 bankruptcy lawyers as soon as possible.

Benbrook Chapter 7 Bankruptcy Lawyers

Signs of financial distress

Understanding the severity of your financial situation is crucial. If one or more of these following situations applies to you, you should seek professional help:

  1. Crushing debt: If your debt is overwhelming and you can’t afford to make minimum payments at all, much less make a repayment plan, then it’s likely that you should file for bankruptcy.
  2. Continual creditor harassment: If creditors are repeatedly calling you or sending notices demanding payment or threatening to launch lawsuits, you might be reaching the end of your rope.
  3. Foreclosure or repossession: If you’re in danger of having your home foreclosed on or your car repossessed because of missed payments, bankruptcy could halt the proceedings and allow you to get back on track.
  4. Lawsuits or wage garnishment: These events can have a disastrous effect on your personal finances if your creditors file a lawsuit against you or garnish your wages.  Bankruptcy might be a way to stop wage garnishment and avoid the ordeal of a lawsuit.

How Chapter 7 bankruptcy lawyers can help

Our experienced, compassionate Benbrook Chapter 7 bankruptcy lawyer can provide a range of services to help you start over, including:

  • assessing your financial situation
  • determining your eligibility
  • Providing personalized bankruptcy advice
  • completing necessary paperwork
  • gathering documentation
  • representing you in court
  • negotiating with creditors
  • getting your debts discharged
  • protecting your non-exempt assets

With our assistance, you can navigate the bankruptcy process with confidence and achieve the best possible outcome for your financial future.

Things To Consider Before Filing For Bankruptcy

If filing for bankruptcy seems too good to be true, and you’re wondering why everyone isn’t doing it, you should know that there are some adverse effects to filing for bankruptcy that everyone needs to consider before doing so. Here are some of the main ones:

Remaining debt: Chapter 7 bankruptcy does not clear all your debt. You will still have to repay a mortgage on your house, an auto loan or a school loan, all of which are secured debts, as well as a tax obligation, a court order, alimony or child support. Ding to your credit rating: A Chapter 7 bankruptcy can ding your credit report for up to 10 years, which may make it harder to get loans, although it won’t ruin your ability to get credit or destroy your credit score (that’s a myth!). In many cases, in fact, because your debt-to-income ratio will plummet, your credit score will go up because of bankruptcy.

Sale of assets: The courts can sell non-exempt (i.e., not protected) property and use the proceeds to pay your creditors; things such as jewelry, boats and second homes are non-exempt, though most of your important possessions will be protected!

Social stigma: Bankruptcy can be a social stigma. Your friends and family members may treat you differently if they know what you are going through. While bankruptcy is a matter of public record, it is unlikely to affect your employment, however.

However, the consequences of debt that continues to pile up are usually worse for your credit and your health than any of these drawbacks, which is why bankruptcy may make sense for you! Most of the true cons of bankruptcy are not the same kind you often hear about that are not true (“You’ll lose everything you own!” “You’ll never be able to financially recover!”). In any case, it may be a very good idea that you consider both the pros and cons of Chapter 7 bankruptcy and get in touch with our experienced Benbrook Chapter 7 bankruptcy lawyer before making any final decisions.

Start Over With Ted Machi & Associates, P.C.

If you have fallen on hard times financially, and are in need of legal advice, call Ted Machi & Associates P.C.. We can help you determine if Chapter 7 bankruptcy is right for your situation, fill out all the necessary paperwork, and guide you through the entire process from start to finish. We’re here to help you take the first steps toward a new beginning. Call us today for a free consultation, and let’s discuss your situation together.

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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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