Chapter Seven Bankruptcy Attorneys in Burleson
If you ever find yourself feeling incredibly burdened by an overwhelming amount of debt that seems impossible to pay off, it might be worth considering the option of bankruptcy. Our team of experienced Burleson bankruptcy lawyers is equipped with extensive knowledge about all facets of bankruptcy law and the process of filing for it. We will not only provide detailed explanations regarding your available options, but also offer guidance throughout every stage, ensuring you have a chance at a fresh start financially. If you would like to learn more about this issue, please contact Machi & Associates, P.C., today to schedule a free consultation.
What Bankruptcy Is - And What It's Not
The concept of bankruptcy often instills fear in individuals due to misconceptions surrounding its implications. However, it is important to recognize the numerous advantages and true meaning behind this legal process. Bankruptcy should not be perceived as a personal failure or an avenue leading to complete loss of assets, permanent credit damage, or public humiliation. Instead, it offers a lawful means to alleviate most of your debts and embark on a journey towards establishing healthier financial practices.
Upon filing for bankruptcy, all forms of communication and harassment from creditors will promptly cease, along with their collection endeavors such as foreclosure, liens, and wage garnishment. Surprisingly, your credit score may even improve rather than decline since your debt-to-income ratio will become more favorable. Through collaboration with the courts, you have the opportunity to either eliminate your debt entirely or restructure it into a manageable payment plan that facilitates liberation from financial burdens and paves the way for recovery.
What Are The Different Types Of Bankruptcies?
There are different types of bankruptcy available for you to choose from based on your personal financial circumstances. Our Burleson bankruptcy attorneys can answer your questions and help you understand which one best suits 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 to no incomes. It is income-restricted, so you must first qualify in order to file. With Chapter 7, some possessions may be required to be liquidated 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 be able to retain.
Chapter 13 - Chapter 13 bankruptcy, also called “reorganization bankruptcy” or a “wage earner’s plan”, gives individuals with steady incomes 3-5 years to pay off their debts via installment payments made to creditors. Just as in a Chapter 7 bankruptcy, creditors are ordered to halt any further collection efforts.
Chapter 11 - Chapter 11 bankruptcy is typically utilized by businesses or corporations that 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 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 Burleson Bankruptcy Attorneys
The idea of declaring bankruptcy can be just as daunting as the debt itself. You might feel lost and unsure about where to begin or what steps you should take to safeguard your rights and interests. The process involves a significant amount of paperwork, and any errors resulting from your lack of familiarity with it or inadequate legal knowledge could jeopardize your financial future. Moreover, filing for bankruptcy is also a time-consuming endeavor.
That’s why it is highly beneficial for you to enlist the services of our skilled Burleson bankruptcy lawyers, who possess extensive experience in this field of law. With years spent practicing bankruptcy law and assisting numerous individuals through this intricate procedure, they are well-equipped to guide you through the steps of bankruptcy. Our attorneys will represent you in court, handling all necessary communications with both creditors and the judicial system on your behalf.
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!
