Alvarado Bankruptcy Lawyer

Making the choice to file for bankruptcy is a serious decision. When you file for bankruptcy, it’s easy to feel like you are giving up on your ability to make ends meet and create the future you wanted for yourself. The reality, however, is quite the opposite. Bankruptcies are designed to free you from the burdens of an untenable financial situation which puts you on a path to starting over and seeing a better tomorrow.

Powerful legal representation from the bankruptcy law and debt relief specialists at Steele Law Firm, PLLC, can guide you through this trying situation and help achieve the best possible outcomes for you, your family, and your new beginning.

Bankruptcy is a legal tool described under federal law, but bankruptcies in Texas may be subject to additional regulations and exemptions. These subtle differences are one of the reasons it’s important to seek a local, detail-oriented bankruptcy attorney to take on your Alvarado bankruptcy case.

There are several types, or “chapters,” of bankruptcy available to struggling individuals and businesses in Texas and elsewhere in the United States. Many of these are highly specialized, such as chapter 9, which is used by bankrupt municipalities, or chapter 15, which only applies to foreign debt cases.

For individuals and small businesses facing the prospect of a bankruptcy suit, chapter 7 and chapter 13 are the most common forms.

Chapter 7 is sometimes called liquidation bankruptcy, and it is the most common (and simplest) form of bankruptcy. A trustee is appointed by the court to sell off all of your remaining non-exempt assets, and the proceeds are distributed among your creditors. After this process is completed, the debts are eliminated, and the creditors are no longer legally allowed to pursue collection activities against you. This will, however, have an impact on your credit rating and your ability to apply for credit in the immediate future.

There are several important exemptions that might apply to your Texas bankruptcy depending on your specific circumstances:

• Homes. A homestead exemption may be possible to safeguard your residence from the liquidation process
• Cars and trucks. Vehicles that are necessary for someone to meet the demands of day-to-day life may be exempt from liquidation
• Personal property. Important family heirlooms and other personal property are sometimes successfully exempted from chapter 7 liquidation.
• Structured income and government benefits. Social security, disability benefits, unemployment, spousal support payments, and retirement funds are all assets that may be safeguarded against liquidation. After all, the bankruptcy process is supposed to help you start over without financial liability, not hinder your ability to make ends meet in the future.
• Back taxes. Unfortunately, items on the debt side as well as the asset side may also be exempt from bankruptcy proceedings, with tax bills being a primary example of debts that won’t be wiped out after a bankruptcy case
• Federal student loans. Federal student loans are another example of an often-significant debt that is exempt from being cleared through the bankruptcy process
• Specific legal fees. These include other, less common debts relating to DUI cases or homeowner’s associations.

The qualified Texas bankruptcy experts at Steele Law Firm, PLLC, will undertake a comprehensive review of your Alvarado, TX bankruptcy case and determine which exemptions may apply to you, as well as the best strategy for protecting your assets, your rights, your family, and your future.

Chapter 13 bankruptcy in Texas works a bit differently than chapter 7 and will typically be employed when your income or number of assets are too high for a chapter 7 proceeding to make sense. Chapter 13 is an attractive option because it allows you to reorganize your debts and restructure the way you make payments to fit your current situation. Under chapter 13, you continue to work to pay your debts off rather than liquidating and losing all of your property in an effort to stop creditors from coming after you.

Your payment plan under chapter 13 bankruptcy will be mandated by the court, and it can last up to 5 years. To retain the benefits of chapter 13 bankruptcy (i.e., possession of your property), you must stick to the schedule agreed upon. Often, the amount paid back at the end of the payment plan will be significantly less than the original amount of the debt you owed. A qualified bankruptcy attorney can help you negotiate the best possible terms.

Every American has access to the legal tools described under the United States Bankruptcy Code, but that doesn’t mean courts will always accept your petition to begin a bankruptcy proceeding. The court may decline to accept your case for any of the following reasons:

• Errors or omissions in paperwork filed with the court
• Failing to attend court-ordered meetings, such as credit counseling
• Attempting to defraud or mislead officials or creditors during a bankruptcy case
• Having recently had other debts discharged through a bankruptcy case — when you file for bankruptcy, it may be up to 8 years before you can file again, depending on the chapter under which you filed

Steele Law Firm, PLLC offers its services to clients throughout the Alvarado, TX area and beyond. Since 2009, we have helped guide hundreds of clients through financial troubles and into a debt-free tomorrow. We seek the best outcomes for you and your family by treating every case with individual attention and compassion. You can trust our expertise during what is likely a difficult time.

When your monthly bills consume your life and you’re afraid of your own phone because of constant collection calls, it may be time to look into bankruptcy. Expert legal help from the experienced bankruptcy attorneys at Steele Law Firm, PLLC, can ensure you file all paperwork correctly and will fight for your right to claim exemptions that will allow you and your family to continue living a normal life while you rebuild financially. Contact us for a free consultation today.