If you’re worried about losing your property during bankruptcy, it’s important to speak with a Fort Worth Chapter 7 bankruptcy lawyer whom residents trust. Some Chapter 7 filers opt to prepare their bankruptcy petitions on their own. However, this isn’t usually a good option for filers who own any significant property. Working with an experienced bankruptcy attorney will help to ensure that you are allowed to keep as much of your property as possible after filing for bankruptcy.
During the Chapter 7 bankruptcy process, the trustee assigned to your case will be empowered to sell any of your property that is considered “non-exempt.” This includes both items and/or assets that are non-exempt and the non-exempt value of more significant pieces of property that may only be partially non-exempt. As a result, you need to ensure that as much of your property as possible is covered by exemptions. Exemptions allow you to safeguard property from being sold by your trustee so that the profits of that sale can be funneled back to repay your creditors.
Choosing Between Texas and Federal Bankruptcy Exemptions
While the majority of states only permit their residents to file state-specific bankruptcy exemptions, some states permit residents to file federal bankruptcy exemptions instead. Generally speaking, you can only choose to file Texas exemptions or federal exemptions. You can’t pick and choose the exemptions you like from each model. It’s important to choose the type of exemptions that will best safeguard your property from the trustee assigned to your case.
Most of the time, because Texas exemptions are famously generous (and are among the best in the U.S.) it makes sense to file for state-specific exemptions. However, there are unique circumstances under which it would be more beneficial for a filer to choose federal exemptions. When you meet with our firm, consider bringing a list of your property and assets with you. After we examine the kinds of things you own and ask you about their relative value, our Chapter 7 bankruptcy attorneys will be able to tell you whether it makes more sense for you to file state or federal exemptions, based on your unique needs, priorities, and property ownership situation in Fort Worth.
Legal Assistance Is Available
If you don’t earn much income and you’re struggling to make ends meet while paying down your debts, please schedule a consultation with the experienced Texas legal team at Allmand Law Firm, PLLC, today. Once we learn the details of your financial situation, we’ll be able to advise you of your debt relief options accordingly. If filing Chapter 7 bankruptcy is a good fit for you and an option you wish to pursue in Fort Worth, our bankruptcy lawyer team will help you navigate this process successfully; we look forward to speaking with you.
Advantages of Chapter 7 Bankruptcy Over Chapter 13 Bankruptcy
If you want to file for bankruptcy, you have to decide between Chapter 7 and Chapter 13. Here are some of the advantages you can receive by filing Chapter 7 bankruptcy :
- No Repayment Plan: Unlike with Chapter 13 bankruptcy, you won’t be responsible for paying back any of your debts under Chapter 7 bankruptcy. Instead of putting your money towards these payments every month, you could put it in your savings account and secure a better financial future.
- No Limitations on the Amount of Debt: If you had filed for Chapter 13 bankruptcy, you would have a limit on how much debt you could discharge. If you file for Chapter 7, on the other hand, the court does not impose limits on the amount of debt you have.
- The Process Occurs Quickly: Bankruptcy is a stressful process, so you understandably want to get it over with as quickly as possible. If you file for Chapter 7 bankruptcy, you can discharge your debt in as little as three months. After that, you can have a financial fresh start and move on with the rest of your life.
Our Chapter 7 bankruptcy attorneys in Fort Worth can review your specific situation and assess your goals to determine the right option for you.
Disadvantages of Chapter 13 Bankruptcy
The primary disadvantage of Chapter 13 bankruptcy is that you are required to repay your creditors over three to five years. Although you will not have as much interest and the debt is more manageable, it is still another bill you have to worry about every month.
You will also be ineligible to file for Chapter 13 bankruptcy if your unsecured debt is more than $336,900 or your secured debt is more than $1,010,650.
Our Fort Worth lawyers can assess your eligibility for Chapter 13 bankruptcy and walk you through all of your options.
Speak to a Fort Worth Chapter 7 Bankruptcy Attorney
If you have decided that Chapter 7 bankruptcy is right for you, schedule a consultation with an experienced Fort Worth Chapter 7 bankruptcy lawyer today. He or she will look over your financial situation and determine if this type of bankruptcy is in your best interests.
To get the most out of your consultation, you should remember to bring the right documents, including six months of bank statements, six months of paystubs, mortgage and car loan statements, and billing statements. The more information your lawyer has, the better he or she can help you.
During your consultation, you also should not hesitate to ask your lawyer questions about his or her experience and training. For example, you may want to find out how many years of experience your lawyer has in bankruptcy law and where he or she attended law school.
