What Do I Need to Know and Do Before Filing For Bankruptcy in Texas

There is a chance that you’re flooded with anxiety when contemplating filing for bankruptcy. Having challenges with debt can be a stressful period in one’s life. Creditors will be on your case and a simple mistake could make you lose your assets. That is why you should be getting in touch with an experienced bankruptcy attorney for a smooth process. The process itself is complex and confusing and isn’t something that you’d want to do on your own. Before you can start filing, here are a couple of things that you need to know about bankruptcy.

It is Not an In and Out Process

If you’ve never had any experience with bankruptcy cases, it is easy to assume that they’re similar to normal cases. A bankruptcy case can last up to a year. If you’ve filed for Chapter 7 bankruptcy, you can expect a shorter time but other types of bankruptcy could take more than a year before the cases are finalized. If you’re unsure of the process, it is imperative that you’re getting in touch with a Dallas bankruptcy lawyer.

You’ll Be Open For Financial Scrutiny

If you’re never the person to discuss your finances with friends and family, you should be prepared for financial scrutiny. This could sometimes mean that your financial life will open to the public. Once you’ve filed for bankruptcy, you’ll be required to attend the meeting with creditors in person. There are no restrictions on the kind of questions the creditors can ask provided they’re related to the case. This will mean that anything to do with your finances can be questioned.

Honesty is Required

It is crucial that you’re being completely honest with the information presented when filing for bankruptcy. This is because a bankruptcy court will be of the opinion that only an honest individual should be entitled to a debt discharge. The first thing you’ll be required to do is to list down all your creditors, debts, and property. If it is discovered that you’re being dishonest at any point, there is a chance that you might lose the bankruptcy discharge. The FBI could be involved as bankruptcy fraud is a serious offense.

Bankruptcy Forms Are Complex

A lot of people are of the assumption that filing for bankruptcy is a simple and straightforward process. This couldn’t be further from the truth. There will be complex questions that need answers and will mostly be centered on your financial affairs. It is important that you’re taking your time as you’ll not want to provide the wrong information. Having an experienced attorney will help you fill the forms correctly so that there are no chances of making mistakes.

The Discharge is Personal

For any filing of bankruptcy, the ultimate goal will be to have the debt discharged. This is because it will prevent all the creditors from collecting debt from you. The bankruptcy will only protect you as an individual. It doesn’t include shared debt. A good example is when you’re the co-signer of a loan. There is nothing that will be stopping the lender from collecting debt under such circumstances.

The Process is Not Cheap

You could be in a bad place financially but filing for bankruptcy could be costly. The cost of filing for bankruptcy will be determined by the attorney you’ll hire and if the fees will be waived. Doing the filing on your own could still attract substantial fees.

It Will Impact Your Credit

It could take up to 2 years before you can start recovering from a Chapter 7 bankruptcy. There are not a lot of creditors that will be willing to work with you. You’ll first have to rebuild your credit score. Don’t take on huge credit that you’ll have issues with repayment. The last thing you should be doing when still recovering from Chapter 7 bankruptcy is to accumulate more debt.

You Might Lose Property

It is possible to keep property when filing for bankruptcy but not all of it. Any property that isn’t exempt can be claimed by the bankruptcy trustee. The kind of property that you get to keep will be determined by the bankruptcy option that you go for. The exemptions will also vary from one state to the next.

Conclusion

Filing for bankruptcy will affect your credit for years to come but it could sometimes be the only way out. If it comes to that, you’d want to get an experienced bankruptcy attorney that will ensure that you’re getting the best out of the case.

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Things You Need to Know When Filing for Bankruptcy

Filing for bankruptcy is often seen as a scary proposition. As an individual or a business owner, you might never have imagined things taking that route but life is never short of surprises. The focus should be on getting back on your feet. It is important that you’re familiar with the process of filing for bankruptcy even if you’ll be working with an experienced attorney. Having a deeper understanding is crucial so that you’re aware of the steps to take.

There Are Two Main Options

When filing for bankruptcy, you’ll be faced with two main options. You will have to consult with the attorney in order to determine the one that is best for you.

Chapter 7 bankruptcy: Also referred to as liquidation bankruptcy, this option will mostly discharge all your unsecured debts. Such debt will include credit cards and personal loans.

Chapter 13 bankruptcy: With this type of bankruptcy, you’re required to come up with a repayment plan so that the creditors are paid over a period of time. There will generally be no liquidation of the property with this process but it could take up to five years before everything is finalized.

Bankruptcy Will Open You Up to Financial Scrutiny

If you’ve never gone through a bankruptcy case before, one might assume that it is a normal process and the court system is the same. It should be noted that such cases could last for longer than 90 days and entail complicated legal matters. That is why it is important to have a bankruptcy attorney by your side for the best possible outcome of the case. When you file for bankruptcy, it will be mandatory that you attend the meeting of creditors. During such a meeting, you will be asked many of questions in a public setting and under oath. There are no restrictions on the questions and any creditor that is present is allowed to probe. You should expect your finances to be scrutinized.

Complete Disclosure Is Required

It is crucial that you’re completely honest and transparent when filing for bankruptcy. Leaving out important details could be detrimental to your case. You’ll be required to provide a list of all your properties, creditors, and debt. When dishonesty is discovered, you could be looking at losing your discharge, or worse.

Having looked at some of the most important elements when declaring bankruptcy, you might be wondering what is required in order to begin the process. There are some key steps that you should take and we’re going to highlight some of them.

Find an Attorney

This will be the first thing you’ll need to do if you’ve decided to file for bankruptcy. There is a lot of information on the internet about finding the right lawyer. Ideally, you should be looking for someone that is experienced with bankruptcy law and has handled a case similar to yours in the past. To get the right attorney, you can ask for references from your family lawyer or accountant that you’ve worked with.

Credit Counseling

It is a requirement by the Federal Bankruptcy Code that individuals get credit within 180 days before declaring bankruptcy. For married couples, both individuals will be required to attend credit counseling sessions. You’re not supposed to go to just any other counselor. There is a list of approved counselors by the U.S. Department of Justice.

Complete The Paperwork

This is the most time-consuming part of the whole process of filing for bankruptcy. Your attorney will need to prepare a petition. In addition to that, you’ll be required to provide detailed documentation of your assets, income, living expenses, and tax returns.

Meeting With Trustee

The court will appoint a trustee for your case once you file for bankruptcy. The role of the trustee is to oversee the case up to its logical conclusion. The trustee’s work is to look for assets to liquidate to pay your creditors with.  However, most assets are protected with bankruptcy exemptions.  For the process to be smooth, it is imperative that you’re cooperative with the trustee. You must furnish them will all the financial documents that they request.

Additional Considerations

There could be additional requirements for a married couple. You have the option of filing for bankruptcy together or separately. If you’re on good terms, it is recommended that you’re filing together to avoid filing fees. It might seem like a good idea for one spouse to file for bankruptcy so that their credit score isn’t being affected. It will be imperative to speak with an experienced bankruptcy attorney to determine if it makes sense to file bankruptcy together.

Conclusion

The process of filing for bankruptcy is complex and time-consuming. Once you’ve decided it is the best option for your situation, you’ll need to familiarize yourself with the process. There are potential pitfalls that can easily be avoided with the right information. It is also important that you’re working with an experienced attorney for your case. Take your time to do research. Look at all the available options before making any important decisions.

Butcher Law Office, LLC.

Butcher Law Office, LLC was founded on the premise of offering personal and one-on-one bankruptcy services for clients. You get to work with Tom Butcher who is an attorney with more than 12 years of experience and more than 1300 bankruptcy cases filed.

Find top rated attorneys and law firms profiles with Find Attorneys Directory, the best and free online attorney directory. Guest bloggers can also publish their articles here as other bloggers are doing.

You must know the advantages and disadvantages of bankruptcy before filing bankruptcy

Bankruptcy is a financial condition that a person and organization can declare when they cannot repay their creditors or lenders. Not as simple as it sounds. If announced bankruptcy, it badly affects your credit score, and you cannot get any credit from banks or any financial institution. A lawsuit is filed in court when a person declares bankruptcy. Then there is a legal process where all the entity’s outstanding obligations from the company’s assets are assessed and paid (in whole or part).

As we know, that declaring bankruptcy will affect your future earnings, credibility, and self-image. If a person filing for bankruptcy usually finds it difficult to restore their reputation and stable debts, it can be challenging to adapt to a scaled-down lifestyle. Nevertheless, Tucson Bankruptcy Lawyer often provides considerable relief to those trapped by dangerous debt levels. When bankruptcy is declared, the threatening phone and letters requesting payment will cease.

Tucson Bankruptcy Lawyer will help you evaluate the advantages and drawbacks of declaring bankruptcy so that you can make a choice. You must know the advantages and disadvantages of bankruptcy before filing bankruptcy is given below.

Before filing bankruptcy, you should know it depends on the situation you have; this blog will help you to address the pros and cons of filing bankruptcy to determine that bankruptcy is the right solution for you.

Disadvantages of filing for bankruptcy

As you know that bankruptcy filing can affect your financial status and social image for many years, you should consider all your options carefully before filing. Such drawbacks are:

Your real estate and personal property can confiscate. If you cannot exclude all of your personal property or real estate property from the bankruptcy exemption, the bankruptcy court may seize some of your assets and sell to pay your creditors.

Unable to use the credit card- mostly credit card companies cancel your credit card when you file bankruptcy. After filing, you will likely receive several offers to apply for an “unsecured” credit card. That will help you restore your reputation but usually includes higher interest rates and annual fees.

Getting a loan or credit will be challenging – after filing for bankruptcy, you will not get a loan for your new house, study, and job.

Refusal of a tax refund- Due to bankruptcy, state, local and federal tax refunds can be dismissed.

Non-Refundable debts- Some forms of debt may not discharge bankruptcy. Commonly non-negotiable loans include alimony and child support, student loans, criminal reinstatement, fines, and any loans obtained by fraud.

Bankruptcy holds a strong stigma and personal bankruptcy more. However, to avoid embarrassment, it is necessary to enable oneself to take advantage of bankruptcy (see below)

Advantages of filing for bankruptcy

Issue stay against creditors – The court will immediately approve this stay against any debt collection practices after you file bankruptcy. It does not eliminate your mortgage and liability, but it suspends all debt recovery proceedings until the bankruptcy case completes or the moratorium is lifted.

Discharge your debts- You will be entitled to discharge or cancel the obligation to repay those debts. It is a debt that can be liquidated by bankruptcy. These usually include credit cards, medical and utility bills, and personal loans.

Credit Score- While filing for bankruptcy leads to multiple delays in credit ratings, and bankruptcy filings remain on record for 7-10 years, Tucson Bankruptcy Attorney eventually boosts your credit scores after filing for bankruptcy.

There is no need to worry about property seize – An exemption from bankruptcy may allow you to maintain over your assets after filing bankruptcy. If you file for bankruptcy, it means that you don’t have to worry about property seized in bankruptcy. These provisions play a significant role in both Chapter 7 and 13 bankruptcies.

No more financial burden- You can learn to live within your income without a credit card and avoid potential financial catastrophe.

Conclusion: A Tucson Bankruptcy Lawyer will help you decide whether to file for bankruptcy and what type of bankruptcy you should file according to your financial condition. When you plan to file, a Tucson Bankruptcy Attorney will help ensure that your assets/property are protected. All of your debts, financial obligations that can discharge and your creditors do not violate your rights so that you are on the right path to financial recovery when you do your bankruptcy to complete.

Note: Deciding to file bankruptcy is a challenging process for you because you do not know when and how to file. Therefore, you must consult with a competent Tucson bankruptcy Lawyer to decide whether bankruptcy is the best option for you.

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5 Kinds of Attorneys You Need at Some time in Your Life

Are you looking for an attorney that can be of great help in solving your legal issues? However, what type of attorney you are searching for. Now, there are several kinds of attorneys. The legal field is really very complex as well as large. You will discover that different attorneys specialize in different areas. That’s the reason why there are different attorneys, and whatever may be your legal issue, there’s an attorney who is an expert in dealing with a particular issue. Read more

John Barret is a blogger with the Elder Law Center of Wisconsin from the past four years. He is a law graduate in the US and enjoys writing about different legal processes, aspects of the laws, and the significance of having an attorney.

What to Do if Your Vehicle is Repossessed

We all depend on transportation to get us to work, run errands, and more. For most of us, that means having a dependable vehicle that can get us from point A to point B. Unfortunately, vehicle repossession is a real threat for many families.

If you wake up to discover that your vehicle has been repossessed, there are some steps you should take, according to a repossession lawyer in Ohio.

Know why your vehicle was repossessed

First, you have to know why your vehicle was repossessed. The most likely reason is that you defaulted on your loan. If you do not make timely payments, if you don’t make full payments, or if you’ve stopped making payments altogether, your creditor has the right to take your vehicle and recoup the losses it has incurred.

However, there are other reasons why your vehicle might be repossessed. For example, it may be a case of not stipulating the terms of vehicle insurance on the loan contract, or not making insurance payments. If there is any confusion as to why your vehicle was repossessed, you should definitely give your creditor a call.

Understand your rights

It’s easy to feel a bit helpless if your car is repossessed. Because it has been repossessed due to a breach of contract that was caused by you, you may feel like there isn’t anything you can do, but it is important to know that you still have rights.

Although your vehicle can be repossessed, the items inside cannot. If you left something in your car, you have every right to reclaim those items. However, alterations you made to the vehicle aren’t likely to apply. If you just installed a high-quality speaker system, it will most likely have to stay with the car.

Determine the best way to get your vehicle back

You will likely want to get your vehicle back after it has been repossessed, but there are a few different ways you can go about it.

If you have the money to pay off the loan and pay the repossession fees, that is definitely the best course of action. The key is speaking with your lender and buying it before it goes to auction, otherwise, you’ll have to buy your own car back when it goes up on the auction block.

If you don’t have the money to buy it back, you can try and work out new payment terms with your lender. However, if you’re struggling financially, it’s a good idea to speak with a bankruptcy attorney. In some cases, you may discover that filing for Chapter 13 bankruptcy is the best course of action. It can allow you to regain possession of your vehicle while the terms of the loan are negotiated.

What to do if you allow your car to be sold at auction

If you can’t afford to purchase your vehicle in full, if your lender refuses to alter the terms of your loan, or if Chapter 13 bankruptcy isn’t an option, you may have to allow your car to be sold at auction.

However, keep in mind that you may still owe your creditor money. For example, if you had $10,000 left on your loan, but the car only sold for $7,000, then you still owe $3,000.

With so many things to consider, it’s always a good idea to enlist the help of a repossession lawyer in Ohio who can help you figure out the best course of action.

Find top rated attorneys and law firms profiles with Find Attorneys Directory, the best and free online attorney directory. Guest bloggers can also publish their articles here as other bloggers are doing.

Know Your Rights if Your Wages are Garnished

Wage garnishments are no laughing matter. They can reduce your paychecks by hundreds of dollars each month, severely compromising your ability to pay rent, stay on top of other bills, and keep food on the table.

You don’t have to accept a low quality of life just because a creditor has started garnishing your wages. There are a few things you can do, according to a Columbus wage garnishment attorney, to stop your wages from being garnished.

Take a close look at the details of your garnishment judgment

Even if you owe creditors money, it is important that every T is crossed and every I is dotted. Without adhering to the proper process, creditors can garnish your wages unfairly, stomping on your rights in the process. The trick is to take a close look at the judgment in your wage garnishment case.

Is the address on the judgment correct? Something this simple may be grounds for stopping or postponing garnishments. In addition, only up to 25 percent of your income can be garnished. If more than that is being taken from your paycheck, you have grounds to stop the process and possibly eliminate the garnishments. Digging into the details of the account you have with the creditor who is garnishing your wages is a good idea as well.

Because there are a lot of details to comb through, it’s a good idea to enlist the help of a professional attorney. They know where to look and what to look for, identifying potential problems much more quickly and accurately than you can on your own.

Consider filing for bankruptcy

If there are no discrepancies in your garnishment judgment, but you’re really struggling financially, bankruptcy may be a viable option.

Both Chapter 7 and Chapter 13 may be able to eliminate or reduce your garnishments. With Chapter 7, any garnishments being taken from a credit card provider will be eliminated, while Chapter 13 will include garnishment payments in a repayment plan.

Unfortunately, there are payments, such as alimony and child support, that can continue to be garnished even if you have filed for bankruptcy. In addition, filing for bankruptcy won’t stop the garnishments immediately. To make sure bankruptcy is in your best interest, and if so, that it actually stops your garnishments, you should consult with a professional attorney.

Professional help from a wage garnishment lawyer is a must

The bottom line is that you still have rights, no matter what your financial situation and you deserve to be protected from unfair or detrimental wage garnishments. Unfortunately, figuring out those rights is extremely difficult because the legal system is so complex. Every case is different, and every state does things a little differently.

If you’re putting up with wage garnishments that are severely affecting your quality of life, schedule an appointment with our Columbus wage garnishment attorney. We can dig through the details of your case, providing you with options and solutions that will help you get your life back on the right track.

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Life after Bankruptcy: How to Recover

A lot of time, thought, and attention goes into deciding if filing for bankruptcy is right for you and your family. When you feel confident that you’ve made the right decision with the help of a bankruptcy attorney in Columbus, Ohio, a weight is taken off of your shoulders and you likely feel like you can finally move on with your life. Read more

Find top rated attorneys and law firms profiles with Find Attorneys Directory, the best and free online attorney directory. Guest bloggers can also publish their articles here as other bloggers are doing.