I need help filing for bankruptcy
I Need Help Filing for Bankruptcy
Early bankruptcy laws in the United States provided temporary relief to debtors but didn’t offer long-term financial solutions. The Great Depression changed how the courts and legislators viewed bankruptcy, though, and legislators enacted permanent protections. Those protections were solidified in 1934 when the United States Supreme Court determined that bankruptcy laws were created to provide a “fresh start” for debtors.
Sadly, creditors have muddied the waters and turned bankruptcy into a dirty word. Greedy creditors have helped spread myths to stop people from getting the fresh start they need. While it’s true that you can expect some financial consequences if you file, they aren’t as great as creditors would like you to believe.
Filing for bankruptcy doesn’t have to be embarrassing or frightening. Daniel Ciment of Ciment Law Firm provides compassionate legal help for people in financial distress. The firm can go over the details of your case during your free consultation and help you decide if bankruptcy is the right choice.
Learn more about filing for bankruptcy in Texas and contact Ciment Law Firm to schedule your consultation.
Answers to Common Bankruptcy Questions
If you’re considering filing for bankruptcy in Texas, you likely have lots of questions. Go over the answers to the most common questions. You can ask additional questions during your free consultation with Ciment Law Firm.
What is Chapter 7 bankruptcy?
Chapter 7 bankruptcy is also known as liquidation bankruptcy. You can use this process to discharge personal loans, credit card bills, and other unsecured debts. Chapter 7 bankruptcy does not discharge federal student loan debt or child support. If you file for Chapter 7 bankruptcy, you will need to continue to pay on your secured debts, such as your mortgage loan, if you wish to keep the property. If you are behind on your secured debts and need help catching back up, Ciment Law Firm can go over your options with you.
What can I expect if I file for Chapter 7 bankruptcy?
Ciment Law Firm will file the bankruptcy paperwork on your behalf. The paperwork will include all of your assets and debts. You need to have all the required information, taking special care to avoid leaving anything out. That means you cannot choose which debts to discharge in bankruptcy. All eligible debts must go through the process.
Once filed, your creditors will be notified of the bankruptcy and must stop all collection efforts. The court will also freeze collection lawsuits.
Ciment Law Firm will then represent you as you meet with your creditors and the bankruptcy trustee. This is an informal meeting, and your creditors can choose whether or not to attend. Generally, creditors don’t come to the meeting. If they do, you can use the time to ask and answer questions. You don’t have to worry about making a mistake since you’ll have an attorney by your side.
Then the court will review the bankruptcy and process it. Your debts will likely be discharged within 60 days of meeting with the creditors. Once discharged, you do not have to pay the debts. The creditors cannot take legal action to collect, and you have a fresh start, as the U.S. Supreme Court intended.
Can I keep my property if I file for bankruptcy?
When you file for bankruptcy, you can keep all of your exempt property. This typically includes vehicles, your house and its furnishing, jewelry, retirement plans, and more. While your trustee can liquidate your non-exempt property to pay your creditors, this is rare. For most people, all of their property is exempt, so they can keep everything while discharging their unsecured debts.
How will bankruptcy impact my credit score?
Your credit score has likely already decreased due to missed payments. When you file for bankruptcy, your score will go down some more, but it’s often a modest decline. You can begin rebuilding your credit immediately. You can even start to obtain credit while the bankruptcy is still on your credit report. You can fast track the process with the 7 Steps to a 720 Credit Score program from Ciment Law firm. The program is free for all clients and provides useful tools to help you rebuild your score.
Can bankruptcy wipe out a judgment?
If you currently have a judgment such as a bank account garnishment against you, filing for bankruptcy can help, as long as the associated debt is dischargeable. For instance, if the judgment is due to credit card debt, you can likely have it discharged through bankruptcy. The judgment will stay on your record, but you won’t have to pay it.
I’m married. Can I file without my spouse?
You can file for bankruptcy as an individual, even if you’re married. This is complicated because Texas is a community property state, meaning your spouse might be liable for the debts you’ve incurred. Consult with an attorney before filing to see if it makes more sense to file as an individual or a couple.
Do I need to file for Chapter 7 bankruptcy?
While a lawyer can provide counsel, you are the only one who can decide if filing for bankruptcy is the right decision for you. You should consider your financial situation before choosing bankruptcy. Bankruptcy might be the right choice if you’ve fallen behind on payments, can’t save any money, and are stressed out about your current situation. Also, bankruptcy might be the right choice if you have lost your job or you’re paying your bills with credit cards. Finally, if creditors or lawyers are contacting you, it’s time to get help.
Why do I need to hire a lawyer to file for bankruptcy in Texas?
Bankruptcy is a complex legal proceeding. Making a mistake can cause your case to be dismissed, meaning you’ll have to start from the beginning. You can also face a creditor challenge that will force you to try the case in front of a judge. You are much more likely to get the outcome you desire when you hire a Texas bankruptcy attorney from Ciment Law Firm.
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