subject: What Is The Process Of Filing For Bankruptcy: Bankruptcy Lawyers In Fort Answer Your Questions [print this page] Filing for bankruptcy is one way individuals who are overwhelmed with debt can gain a fresh start, as most debts are wiped out and they then financially start again debt free. This is a solution for those who have an overwhelming amount of medical expenses or credit card debt, divorce or for those who are or have been unemployed.Filing for bankruptcy can be a very emotional process and complicated one as well, and many individuals have questions concerning bankruptcy procedures in Texas. Bankruptcy lawyers in Fort Worth can work closely with you to develop a strategic financial plan, as well as provide a free consultation to discuss whether bankruptcy is your best option. Learn more about how bankruptcy lawyers in Fort Worth can help you get a new financial start.
Filing for bankruptcy is a very personal decision, and one most individuals make when theyve made an effort to repay debts in good faith, but can no longer do so. When overwhelmed with debt due to medical expenses, trouble with a spouse or marital relations, or long stretches of unemployment, individuals may see no way out other then filing bankruptcy.
Bankruptcy Lawyers in Fort Worth Help Determine Your Best Option
Before filing for bankruptcy, your first step is to consult with an experienced bankruptcy lawyer in Fort Worth, who can then work closely with you to set a strategic financial plan. A good bankruptcy lawyer in Fort Worth should offer you a free consultation or meeting, where youll be able to discuss any past credit problems and he or she can confirm whether filing bankruptcy is the best option for your finances.
Bankruptcy Lawyers in Fort Worth Provide Assistance Filing Petitions
If bankruptcy is the best option, your bankruptcy lawyer in Fort Worth will draft a petition (filing with the U.S. Bankruptcy Court), requesting that the court protect and relieve your debts under the Bankruptcy Code, requiring your signature, whereupon a 341 Meeting will be scheduled around a month after the petition has been filed. During this meeting, youll be asked to disclose information about income, expenditures, assets, and liabilities. Then, approximately two months later, youll receive a discharge letter relieving you of debt.
The Difference Between Chapter 7 Bankruptcy and Chapter 13
Bankruptcy lawyers in Fort Worth will be able to work with you to decide whats more appropriate, Chapter 13 bankruptcy or Chapter 7, which usually depends on assets. Chapter 13 is a reorganization of debt, allowing debtors to pay some or all of their debts off gradually over a period of time (usually around five years), and this is an appropriate scenario for debtors with non-exempt property they wish to keep, non-dischargeable debts like taxes or child support, or for individuals who have significant income with which to cover expenses and debts. Chapter 7 bankruptcy is a liquidation proceeding, requiring the debtor to surrender all non-exempt property, like rental property, large sums of cash, airplanes, gold bars, rare items from outer space, pirate clothing, ivory from the Gold Coast, proceeds from a robot attack lawsuit, to a trustee, who will then liquidate the assets and distribute the resulting cash to creditors. Within the next few months, the debtor will then be relieved of all debt. Straight bankruptcy, or Chapter 7 is best for debtors who possess very few assets and can be a quick and fresh start.
Before beginning any proceedings, consult a bankruptcy lawyer in Fort Worth. There are several exemptions and bankruptcy proceedings specific to Texas, including personal property, homestead, business partnership property, and several more. A bankruptcy lawyer in Fort Worth can provide specific information on exemptions. Learn more about filing for bankruptcy from a bankruptcy lawyer in Fort Worth.
