The ability to declare bankruptcy in order to resolve serious debts and preserve future financial stability is a foundational American right—in fact, it is something explicitly addressed in the United States Constitution, which grants Congress the authority to set up “uniform laws” for bankruptcy that apply nationwide. However, just because legal bankruptcy has been around for a long time does not mean it is easy to file for it and take advantage of its intended benefits.
Unfortunately, many people learn that lesson the hard way by trying to declare bankruptcy without support from an experienced attorney, which can lead to them not being able to divest themselves of certain financial obligations or even to them facing criminal liability for violations of federal law. If you want to make sure your bankruptcy goes as smoothly as possible, contacting a Houston bankruptcy lawyer from Allmand Law Firm should be one of your top priorities.
Chapter 7 Versus Chapter 13 Bankruptcy
While there are several chapters of the U.S. Bankruptcy Code under which it is possible to file for bankruptcy, most individuals filing for bankruptcy will do so under either Chapter 7 or Chapter 13. A Chapter 7 bankruptcy is comparatively the more straightforward option, as it broadly involves the filing party “liquidating,” or selling, personal assets in order to pay off as many outstanding debts as possible, with certain assets being considered “exempt” from liquidation through this process.
Conversely, Chapter 13 bankruptcy centers around establishing a long-term repayment plan for outstanding debts without needing to liquidate personal property to pay them off immediately, with most plans lasting somewhere between three and five years. Both approaches have their benefits and drawbacks, and a conversation with an experienced bankruptcy attorney in Houston could be vital to determining which one would best suit your needs, as well as what steps you should take to get the process started efficiently.
Why Get Help from Legal Counsel with Bankruptcy Filing?
Of course, recommending a chapter of the Bankruptcy Code to file under is far from the only service that a seasoned legal professional could provide during the bankruptcy filing process. First off, there is a substantial amount of paperwork involved in formally starting a bankruptcy claim, and professional support can be key to ensuring everything is filed correctly and supported by sufficient documentation proving your eligibility to file.
A bankruptcy lawyer on our Houston team can also represent you at hearings in bankruptcy court as well as in meetings with creditors, fighting tenaciously—and with extensive legal knowledge and experience—to protect your best interests every step of the way. Finally, we can offer post-bankruptcy guidance about how to manage your finances in the years to come, or alternatively provide more direct support through the repayment period for a Chapter 13 bankruptcy.
Talk to a Houston Bankruptcy Attorney Today
Bankruptcy can be a crucial lifeline for people who are struggling with an imbalance between current income and previously established financial obligations. However, it can also be a procedurally and legally challenging process to go through, particularly if you try to navigate that process without a qualified legal professional’s assistance.
Fortunately, you have help available from Allmand Law Firm, which is helmed by an attorney Board-certified in Consumer Bankruptcy by the Texas Board of Legal Specialization and Board-certified in Consumer Bankruptcy Law by the American Board of Certification. Call today to see what a Houston bankruptcy lawyer from our team could do for you.
