The Importance Of Bankruptcy In Texas

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Bankruptcy Lawyer Arlington TX

If you're in need of a bankruptcy lawyer Arlington TX trusts, contact Brandy Austin Law Firm. Bankruptcy is proceeding in federal court in which a person who cannot pay his or her bills can get a fresh financial start. The right to file for bankruptcy is provided by the bankruptcy code under federal law. Filing bankruptcy stops all of your creditors from seeking to collect debts from you immediately and at least until your debts are processed according to the law.

Can Filing for Bankruptcy Help?

Bankruptcy often makes it possible for to eliminate the legal obligation to pay most debts. This is referred to as a “discharge” of debts. Talk to a top bankruptcy lawyer Arlington TX has to offer. Among many things, …show more content…
It not always the right step for every individual or family. It is usually not possible to eliminate certain rights of “secured” creditors in bankruptcy cases. A creditor is considered “secured” if it has taken a mortgage or other lien on actual property as collateral for a loan. Examples include car loans and home mortgages. You can make secured creditors take payments over time in certain bankruptcy cases and bankruptcy may eliminate your obligation to pay any additional money on the debt if you do decide to give back the property. Conversely you generally cannot keep secured property unless you continue to pay the debt. A seasoned bankruptcy lawyer Arlington TX counts on can guide you through the …show more content…
Chapter 12 is for family farmers and fishermen.

Chapter 13 is a type of “reorganization” used by individuals to pay their debts over a period of years using their current income.

Most people filing bankruptcy generally want to file under Chapter 7 or Chapter 13. Either type of case may be filed individually or by a married couple, filing jointly.

How does Bankruptcy affect My Credit?

A top bankruptcy lawyer Arlington TX trusts can give you in depth information on how bankruptcy affect your credit. There is no clear-cut answer to this question. The fact that you’ve filed a bankruptcy can appear on your credit record for ten years from the date your case was filed, but because bankruptcy wipes out your old debts, you are likely to be in a better position to pay your current bills, and you may be able to get new credit. Generally, your credit score will improve significantly within 18 to 24 months after your bankruptcy
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