Many people hesitate to consult an attorney on the prospect of filing for personal bankruptcy. However, this perception is unfounded. If you think their your debts have become overwhelming and you cannot pay them with your current earnings, and there is no scope of the situation improving anyways in the near future, then bankruptcy provides you a with a legal option to discharge your debts, or pay for some of them in affordable ways over an extended period of time. Once you are approved to file for bankruptcy by the bankruptcy court in Texas, your creditors must stop all collection activities, and you get the much needed peace of mind.
Bankruptcy attorneys Sarasota understand that it’s a difficult and emotional time for you, as most bankruptcies are caused due to circumstances that are beyond your control, like job loss or a major medical issue. When you seek bankruptcy consultation in Austin, TX from the lawyers of the trusted law firm like the Recovery Group, they do not judge the clients; rather work with them to find a solution to their bankruptcy. Initial bankruptcy consultation Austin TX will be around one hour wherein the attorney will ask questions about your assets, debts and income. Though these questions may seem very personal but without knowing about them, the bankruptcy attorney Sarasota will not be able to evaluate your complete financial situation, and will not be able to work out the best bankruptcy option for you.
Most bankruptcies are filed under Chapter 7 and Chapter 13
Most individual bankruptcies are filed either under Chapter 7 or Chapter 13. Chapter 7 bankruptcy, also known as liquidation bankruptcy, wipes out your debts. Relief is available to the debtor irrespective the amount of debt, or whether the debtor is solvent or insolvent. As your bankruptcy attorney Sarasota would inform you, you should not willfully fail to comply with court orders; else your bankruptcy petition may be dismissed. Moreover, as you may come to know during your bankruptcy consultation in Austin, TX, you may not file for Chapter 7 bankruptcy unless you have received credit counseling within 180 days from an approved credit counseling agency. Your bankruptcy attorney Sarasota will help in getting most of your debts discharged but certain types of debts will not be discharged, and it will not extinguish a lien on the property.
You can save your primary residence under Chapter 13 bankruptcy
Your bankruptcy attorney Sarasota may advise you to file for bankruptcy under Chapter 13 to repay all or part of your debts if you have some regular income in affordable installments over a period of three to five years. If your current income is less than the state median income, the repayment plan will be for three years unless the court approves a longer period. During your bankruptcy consultation Austin TX with Recovery Law Group, you will come to know that that Chapter 13 bankruptcy offers you many advantages over Chapter 7 bankruptcy, like you get the opportunity to save your home from foreclosure. You are also allowed to reschedule secured debts other than mortgages for your primary property, and extend them over the life of Chapter 13 bankruptcy. For more information on the best bankruptcy options, please visit Recovery Law Group’s website.
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