Bankruptcy Attorneys Serving Mansfield, TX
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If over your head in debt that you know you won’t be able to repay, filing for bankruptcy might be worth considering. Our Mansfield bankruptcy attorneys have extensive knowledge of Texas’ bankruptcy laws and the experience necessary to guide you through the process seamlessly. Unlock the path to financial freedom and call Ted Machi & Associates, P.C. today for a free consultation!
What Is Bankruptcy?
While the idea of filing for bankruptcy usually gets a bad rap, it isn’t as tumultuous as most people believe it to be. Bankruptcy is the equivalent of a fresh financial start, as it can give you debt relief and also financial stability going forward. When you file, your debt-to-income ratio will improve, leading to a potential increase in your credit score rather than a decline (as many people fear). It can also alleviate the stress of creditor harassment, as an automatic stay goes immediately into effect that prevents creditors from being able to contact you or take even further actions, like wage garnishment or foreclosure, as soon as you file.
What Are The Types Of Bankruptcy?
There are three main categories of bankruptcy. Which one you should file for depends on your unique financial circumstances. Our Mansfield bankruptcy attorneys make sure you understand the benefits and drawbacks of each so you can make an informed choice about how to proceed!
Chapter 7 – Chapter 7 bankruptcy, which is also known as “liquidation bankruptcy,” is designed to provide both individuals and businesses the chance to start over by eliminating all of their unsecured debts like credit card debt, medical bills, personal loans, utility bills, and more. One thing to note about Chapter 7 bankruptcy is that it is income-restricted so you have to qualify before you can file.
Chapter 13 – Chapter 13 bankruptcy, also known as “reorganization bankruptcy,” or a “wage earner’s plan,” is a process that allows individuals with regular income the ability to pay off their debts via a 3-5 year payment plan that is set up with the court.
Chapter 11 – Chapter 11 bankruptcy is typically utilized by businesses or corporations with substantial debts. It allows them to continue operating while simultaneously reorganizing their finances and operations so they can develop a way to repay creditors.
Why Work With Mansfield Bankruptcy Attorneys
The process of filing for bankruptcy can be extremely complex. An attorney can assess your financial situation and help you determine your eligibility for bankruptcy, as well as the appropriate chapter to file for. Filing also requires the preparation of comprehensive documentation, like financial records, income statements, tax returns, and debt information. An attorney will be able to guide you in collecting the necessary documents, ensuring that they are completed accurately and that you are complying with the court’s requirements. These are crucial steps to take, and doing so without the help of an attorney can lead to mistakes that might cost you both time and money. That’s why you should trust Ted Machi & Associates, P.C.!
What Ted Machi & Associates, P.C. Can Do For You
At Ted Machi & Associates, P.C., we understand that the intricacies that come along with the bankruptcy process can be daunting. That’s why our Mansfield bankruptcy attorneys work diligently to make the process as stress-free and efficient as possible for you. We know that it’s in your best interest to pursue the guidance and knowledge of an experienced attorney who can provide you with one-on-one attention, explain your legal rights and options, and address your questions in a way that gives you peace of mind and confidence going forward. Our lead attorney, Ted Machi, can do just that as he is a board-certified consumer bankruptcy specialist and a member of the National Association of Consumer Bankruptcy Attorneys. Let our firm provide you with legal service that can’t be replicated anywhere else! Call now for a free consultation.
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Mansfield, 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.
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.
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Attorneys Have 20+ Years Of Legal Experience
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