Chapter 7 Bankruptcy Attorney Serving Fort Worth
Are you, like the countless number of Americans today, falling victim to the economy? Are you wondering how you will stretch your paycheck to pay your utilities, the mortgage, for groceries, and make the minimum payment on your credit card? Do you feel like you have tried everything and there’s nowhere to turn? Don’t lose hope! There may be a way to save your home, take away your daily financial stress, and keep your creditors at bay—Chapter 7 bankruptcy!
You may have told yourself you would never consider bankruptcy, but It might be a good option for people facing the possibility of losing everything. First and foremost, you must understand that, while most people regard bankruptcy as a shameful action, it is actually a valid legal process designed to assist those who are struggling financially. Basically, the law lets you start over from scratch.
If you have reached your limit and are fed up with financial stress, it is time to take action. Call our Fort Worth Chapter 7 bankruptcy attorney today for a free consultation and for details on how we can help you get back on track.
Through the Chapter 7 bankruptcy process, people can start over and get rid of most or all of their debts. The bankruptcy process is intended to help you eliminate debt and keep creditors from harassing you. However, not everyone is eligible to file for bankruptcy under Chapter 7. Certain requirements must be met in order to qualify for this kind of bankruptcy. For example, you must pass the means test. This test will determine whether you are eligible based on your current income and expenses. You will be required to provide financial information to the court in order for it to determine your eligibility. If you are thinking about filing for bankruptcy, you should talk to a skilled Fort Worth Chapter 7 bankruptcy attorney to find out if you are eligible.
If your Chapter 7 bankruptcy filing is accepted, you can start over and get rid of all of your unsecured debt. Credit card debt, medical bills, and personal loans are some examples of unsecured debt. A Chapter 7 bankruptcy will prevent all of your creditors from contacting you or pursuing legal action. Your creditors will be prohibited from garnishing your wages or taking any other legal action against you to collect on your debts. You will also be able to keep your house, car, and other treasured possessions. In some cases, Chapter 7 bankruptcy can help you catch up on your car or mortgage payments if you are behind.
Things To Consider Before Filing For Bankruptcy
If you believe you have discovered a way to start over financially, think about these less desirable outcomes before you commit. If it were that easy, why isn’t everyone doing it? Here might be some reasons:
- 1. Other debt: Chapter 7 bankruptcy does not discharge all your debt. You will still be liable for repaying any secured debt you may have, such as a mortgage on your house, an auto loan, or even a school loan. Furthermore, it does not erase tax obligations, court orders, alimony, or child support..
- 2. Hit to your credit score: Your credit report may be negatively impacted for up to ten years if you file for Chapter 7 bankruptcy, making it difficult to get loans. However, it will not ruin your ability to get credit or damage your score forever (that’s a myth!). In many cases, because your debt-to-income ratio will decrease, your credit score may actually improve due to bankruptcy.
- 3. Sale of assets: The courts can sell property deemed ‘non-exempt’ and pay your creditors. Jewelry, boats, and vacation homes are examples of non- exempt assets.
- 4. Social stigma: A bankruptcy filing can be a social stigma. Prospective employers may look upon bankruptcy unfavorably if they discover it (although they won’t be notified, it is part of the public record) which could lead to missed opportunities; however, depending on the career that you are pursuing, this is likely not a huge risk.
It would be wise for you to examine both the pros and cons of Chapter 7 bankruptcy and also seek advice from an experienced Fort Worth Chapter 7 bankruptcy attorney when considering your decision.
Don’t Delay—Reach Out To Ted Machi & Associates Today!
Deciding to file bankruptcy in Fort Worth is a life altering decision. You need to have as much information as possible before you make that decision. As your Fort Worth Chapter 7 bankruptcy attorney, we will not only help you make that decision, but also walk you through the process. If filing under Chapter 7 bankruptcy is the best course of action for you, we can help you identify which assets are exempt from the Chapter 7 bankruptcy process after assessing your eligibility. Before we can help you make the right decision, you need to make the first move and call us. So reach out to Ted Machi & Associates for a free, no-obligation consultation today and take the first step to a brighter tomorrow.
