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Bankruptcy consultation in Fort Worth and Reno to protect your assets and harassment from creditors

 Bankruptcy is so fraught with negative image that most people who need bankruptcy consultation Reno, Nevada, and bankruptcy consultation Fort Worth, Texas. Bankruptcy is actually intended to provide legal reprieve to the one for whom debts have become overwhelming and unmanageable to provide them with protection from creditors’ harassment, and may be, even all debt obligations. It provides you with a safe route as an expert bankruptcy attorney will guide you through the process, with advice on available options under the US Bankruptcy Code, such as Chapter 7 and Chapter 13.  

 

Chapter 7 bankruptcy, also sometimes called liquidation bankruptcy, provides a way to legally wipe out most types of debts, with certain exceptions. A court-appointed trustee can sell your nonexempt property to pay your creditors within several months. During bankruptcy consultation Fort Worth, you may be advised to complete an individual or group credit counseling course from an approved credit counseling agency within 180 days before filing. Moreover, your average monthly income during the previous six months must be less than the median income for the same-sized household in your state. Additionally, you must also pass a Means Test to determine if your disposable income is high enough to make partial payments to your unsecured creditors.  


Some debts are exempt under Chapter 7  

Moreover, you must not have filed for Chapter 7 bankruptcy during the past eight years, or Chapter 13 bankruptcy during the past six years. As your lawyer providing you bankruptcy consultation Fort Worth would inform you, you will have to wait for at least 181 days in case you tried to file a Chapter 13 or Chapter 7, and it was dismissed. Also note that Chapter 7 bankruptcy will generally not discharge your unsecured debts, including medical bills, payday loans, and unsecured personal loans. Other unsecured debts that are generally not discharged under Chapter 7 bankruptcy include alimony, child support, court fees and penalties, and personal injury debts. The court may discharge all other eligible debts at the end of bankruptcy process.  

 

Benefits of Chapter 13 bankruptcy  

Under Chapter 13 bankruptcy, your debtors agree to a reorganization of your financial obligations under the supervision of a court. The attorney providing you bankruptcy consultation Reno can stop foreclosure proceedings that would have led to the seizure of your home. However, you may be required to pay all your secured debts, such as mortgages and car loans in full. You may only have to pay a portion of what you owe in the form of unsecured debts, such as credit card bills. You will have to submit a plan repaying to your creditors within three to five years.  

 

In most cases of Chapter 13 bankruptcy, the debtor must submit a repayment plan to provide a substantial payback to creditors, which must at least be equal to what they would have received under other forms of bankruptcy. The debtor will pay an agreed-upon sum of money to the trustee, who in turn, distributes the money. Under this bankruptcy, the debtors have no direct contact with their creditors.  

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