Chapter 7 Bankruptcy Lawyers Attorney Serving Grand Prairie, TX

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Similar to the burden of paying taxes or going through surgery, bankruptcy is an unfortunate reality that individuals often try to steer clear of because of the initial difficulties it brings. Nevertheless, there are moments when we see that facing the unpleasant reality of the moment is necessary to bring about a better future and serve a higher purpose. If you are considering bankruptcy, or have already filed and are rebuilding your life, you need to know that it is possible to receive help that can get you through and recover!

Our Grand Prairie Chapter 7 bankruptcy lawyers believe in providing clients with the compassionate assistance and guidance they need to move forward. If you are considering bankruptcy, we can help you determine if it is right for you, and we can help you file a petition with the court. Please call us today for a free, no-obligation consultation.

Grand Prairie Chapter 7 Bankruptcy Lawyers

Types Of Bankruptcy

Few people file for bankruptcy because they want to: they do so because they have to. Most likely, by the time you decide to file, you have already gone through a long list of hard financial and emotional blows, and are at your breaking point. Don’t despair; bankruptcy is a viable legal tool that is intended to help you get back on your feet so you can continue on with your life. Bankruptcy is not the end of the world, and it is not a permanent solution. It is a legal process that will help you discharge your debts and get a fresh start.

If you are in the pre-bankruptcy stage, you may still be trying to figure out if bankruptcy is right for you. There are different types of bankruptcy, and the type that is right for you will largely depend on your financial situation. The two main types of bankruptcy for individuals or families are Chapter 13 and Chapter 7.

Chapter 13 Bankruptcy

Also called wage-earner bankruptcy, Chapter 13 bankruptcy is a debt-repayment plan that allows you to make payments on your debt over a period of three to five years. Sometimes called “reorganization bankruptcy,”  Chapter 13 involves filing for bankruptcy with a court-approved repayment plan that allows you to keep your assets while paying back your debts as you earn money. It’s not what you imagine when you think “bankruptcy,” because it involves repaying your debts, not wiping them out. However, it does provide temporary relief from your creditors, preventing them from pursuing debt collection while you work towards repayment.

Chapter 7 Bankruptcy

This is the type of bankruptcy that most people think of when they think of bankruptcy. It is also known as a liquidation bankruptcy. Chapter 7 bankruptcy is utilized by people with no steady income and those looking to wipe out all of their debts.

Prior to filing for Chapter 7 bankruptcy, it is necessary to meet certain criteria based on your income and the amount of debt you have. You will have to take a means test to see if you qualify for a Chapter 7. This test compares your income to the median income for a family of your size in your state. If you are below the median income for your family size in your state, then you will likely qualify for Chapter 7. Since the median income changes every year, your attorney can help you obtain the most current median income for your family size to determine if you are eligible.

Once you qualify, you’ll need to file a petition seeking relief under Chapter 7, along with various other forms. The bankruptcy will be assigned to a trustee, who will oversee the bankruptcy case. The trustee’s job is to sell your assets (that are non-exempt), or assets that you do not have the right to keep to satisfy all or part of your debts and pay back your creditors. You’ll get to keep some assets, such as your home, your car, your household goods, and your retirement accounts, so that you’re not starting over with nothing.

Once your petition is filed in court, the judge will issue an automatic stay, which will stop any and all foreclosure actions and any attempt by a creditor to collect a debt from you. If this is likely the case for you, you’ll want to reach out to our Grand Prairie Chapter 7 bankruptcy lawyers to help you through the process and protect whatever assets you can.

Secure Your Path To Financial Freedom With Ted Machi & Associates, P.C.

At Ted Machi & Associates, P.C., we know how Texas bankruptcy works. We can help you make the right decision for you and your family so that you can begin your new financial future. We understand the impact that financial difficulties can have on a family, and we are committed to providing the assistance you need to overcome these challenges.

Imagine that immediate feeling of relief when you no longer have to deal with that mountain of debt in front of you and no longer have to worry about unending calls from creditors or losing your home. In the short term, you may have less overall assets to show, but you will have so much less to worry about. You can finally breathe and begin rebuilding your life.

You can easily achieve this by making a quick, free, no obligation phone call to our office. Break free from the oppressive weight of debt with our help today!

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Grand Prairie, 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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