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Affordable Bankruptcy Lawyers In Fort Worth And Houston To Help You With A Fresh Financial Start

Anyone considering filing for bankruptcy has already damaged their credit severely, like late payments, missed payments, and loans left unpaid for months. Affordable bankruptcy in Houston TX is not only a good idea, it is necessary when your finances get out of control. If you have unpaid bills and loans, those will sit in your credit history and continue to erode your credit score. Experienced bankruptcy lawyers Fort Worth at Recover Law Group can help remove those accounts, and provide you with a fresh start to begin the journey of financial healing.   

Your affordable bankruptcy Houston TX attorney will explain you how declaring bankruptcy in your case can work for you, and give your financial life back. Contrary to the popular belief, you won’t have to give up everything in order to file for bankruptcy. Every state, including Texas, has exemptions, and your bankruptcy lawyers in Fort Worth will help you to keep critical pieces of your property, such as your home or car.   

Chapter 7 and Chapter 13 bankruptcies   

All bankruptcy cases in the US go through federal courts, wherein the judge makes the decision, including whether a debtor is eligible to file for bankruptcy, and whether they should be discharged of their debts. Bankruptcy filings in the US are categorized by chapters, Chapter 7 involves the liquidation of assets, while Chapter 13 involves restructuring an affordable debt repayment plan.   

Chapter 7 bankruptcy by bankruptcy lawyers in Fort Worth will allow you to dispose of unsecured debts, such as credit card balances and medical bills. You must liquidate the property to repay some or all of your unsecured debts which are not exempt, such as second homes, stocks, and bonds. People who have no valuable assets and only exempt property, such as household goods and tools of the trade, may end up repaying no part of their unsecured debts. Most unsecured debts are eliminated in Chapter 7 bankruptcy, including credit cards, payday loans, and personal loans. 


Chapter 13 bankruptcy to restructure your debts   

Filing for affordable bankruptcy Houston TX allows individuals, as well as businesses with consistent income, to create workable debt repayment plans. You are allowed to repay some of your debts in order to have the rest forgiven. You will be provided with a 3 to 5 years repayment plan by your bankruptcy lawyer Fort Worth, which needs to be approved by the court. The payment will have to be done through a court-approved trustee. Upon the successful completion of the plan, the remaining debts are erased. Chapter 13 bankruptcy suspends pending foreclosures and payments of any other debts owed. It gives you relief from creditors while the court considers the plan but does not eliminate the debt. You will be left with enough free income to make regular mortgage payments and keep your house.   

The very fact that you are considering bankruptcy speaks of your difficulty in not only repaying debts but also paying an attorney to help you file. That’s why, Recovery Law Group provides affordable bankruptcy Houston TX, which means you won’t have to pay anything to your bankruptcy lawyer Fort Worth until your bankruptcy is filed, and it can be paid in an affordable payment plan. You will be provided with a free quote after an initial consultation on the phone.  

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