Experienced bankruptcy attorneys in Fort Worth and Houston to get a fresh financial start

Bankruptcy is a legal lifeline for the people who have unmanageable debt issues and drowning in debts. Such people can approach bankruptcy attorney Houston TX who can help them release from liability for their debts through appropriate court proceedings. Bankruptcy laws have been created to provide people with opportunity to start again once their finances have collapsed due to bad decisions or other reasons. The reasons for facing bankruptcy can vary, such as the fallout of marriage dissolution, job loss, unexpected emergencies, like theft or loss of property, and monumental medical bills.

A court trustee will examine the assets and liabilities of the individual, creditors and partnerships that have become overwhelming, and the person thinks that he or she cannot pay them. Your bankruptcy attorney Fort Worth may help you get a discharge from the court wherein you will no longer be required to pay your debts. However, if all depends on the satisfaction of the bankruptcy court, if the court believes that you have enough assets to pay your bills, the discharge may not be granted to you. However, good news is that almost everyone who approaches experienced attorneys in Fort Worth, such as those available with Recovery Law Group, is provided a second chance to settle their debts, either as discharge or through an extended and affordable repayment plan.

Bankruptcy will stop all financial activities 

If you have enough assets to repay your debts then your bankruptcy attorney in Fort Worth can help you repay your debts through proper restructuring. This is the best option for those who need to repay mortgage arrears or taxes through a structured repayment plan. Millions have lost jobs during the pandemic, but they still have bills to pay. Bankruptcy is a viable option for all such individuals as it not only gives them a chance to become financially safe but also restores peace of mind as bankruptcy will stop those collection activities.

Chapter 7 bankruptcy 

Chapter 7 bankruptcy is generally the best and the most common used one by the people with low income and a few assets. Your bankruptcy attorney Fort Worth will try to get a court judgment that will release you from the responsibility of repaying unsecured debts. At the end of successful Chapter 7 filing, the majority of your debts will be discharged, and you won’t have to repay them. However, some debts will not be discharged, like child support, alimony, and unpaid taxes.

Chapter 13 bankruptcy 

If you do not qualify for Chapter 7 bankruptcy, your bankruptcy attorney Houston TX may file for a Chapter 13 bankruptcy wherein you will be allowed to repay some of your debts over a period of three to five years, while the rest will be forgiven. This option is good for the people with high income, or those who do not want to lose their property in the form of bankruptcy liquidation. Any unsecured debt balance remaining after completing your repayment plan gets discharged. Chapter 13 bankruptcy will stop a mortgage foreclosure, and also allows you to keep the property not protected by a bankruptcy exemption.

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Created on Dec 20th 2022 23:30. Viewed 150 times.

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