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Texas Bankruptcy - What Is Bankruptcy

Many people in Austin, Houston, San Antonio, Dallas, and throughout the State of Texas who are knee deep in debt, have questions about bankruptcy. If you are struggling with debt and are thinking about bankruptcy, consider all the famous individuals that have filed bankruptcy to deal with their debt. You don’t have to be famous to get a fresh financial start through bankruptcy; you just need to know what bankruptcy is and when to consult a bankruptcy lawyer.

So Just What is Bankruptcy?

Bankruptcy is a legal process which provides Debtors which goes to include both people & businesses that are unable to pay their creditors, an opportunity to resolve their debts, by liquidation or reorganization while under the protection of the United States Bankruptcy Court. The Bankruptcy Process was designed to help an honest debtor to get a fresh start.

Depending on your particular financial situation and what type of bankruptcy you are eligible to file, bankruptcy can allow you to significantly reduce your debt, reorganize your debt, or completely get rid of your debt by way of a discharge.

The Discharge in Bankruptcy allows your debts to be “discharged” or in other words to become free from the legal obligation to pay most of your debts. This is accomplished by submitting your property, and disclosing your financial affairs to the jurisdiction of the Bankruptcy Court. The right to file for bankruptcy is provided by Federal law, so all bankruptcy cases are handled in Federal court. Although Bankruptcy is a product of Federal law, certain state laws, specifically those pertaining to personal property, real property, and exemptions may affect the decision to file for bankruptcy.

Are There Different Kinds of Bankruptcy?

There are all types of bankruptcies and each bankruptcy has numerous rules as to the kind of debts that can be included, who is able and eligible to file, as well as what property can or cannot be kept. The Texas Bankruptcy Lawyers at The Law Offices Of R.J.Atkinson offer a free bankruptcy evaluation and a free bankruptcy means test to determine what type of bankruptcy is best suited for your debt situation.

There are two basic types of bankruptcy available to people, which are Chapter 7, and Chapter 13. They are named for the chapters of the Bankruptcy Code for which they apply. Chapter 7 Liquidation Under The Bankruptcy Code gets rid of most debts without paying anything to your creditors, and Chapter 13 Individual Debt Adjustment is a court supervised repayment plan whereby you pay all or a portion of your debt to a court appointed trustee over a period of time, usually three to five years.

Chapter 7 Bankruptcy is best used when a person can’t realistically expect to repay a significant portion of their debts. Chapter 7 bankruptcy is commonly known as ‘straight bankruptcy' or liquidation bankruptcy, which means the court will sell any non-exempt assets to pay creditors. In most Chapter 7 cases the person filing usually keeps all of their property because Texas law allows debtors a generous amount of property which is exempt. Chapter 7 bankruptcy does not discharge all debts. Child support and other support obligations can’t be discharged, along with student loans, and some taxes. Your house & car payments must be current when filing a Chapter 7 or you will loose them. For many people in Texas, Chapter 7 Bankruptcy is the best way to get rid of debt, and keep most all of their property. To qualify for Chapter 7 Bankruptcy, you must pass the Texas bankruptcy means test.

Chapter 13 Bankruptcy is commonly used when a person is facing foreclosure, repossession, & back child support, and needs to catch up on missed mortgage, car payments, or support arrears. Chapter 13 Bankruptcy is sometimes called a wage earner's plan, or personal reorganization bankruptcy. Chapter 13 bankruptcy is quite different from a Chapter 7 bankruptcy. In Chapter 13 bankruptcy, your income is used to pay some or all of what you owe to your creditors over a period of 3 to 5 years, depending on your disposable income and the amount of your debt. Some creditors will be paid back in full with interest, such as mortgage companies or car lenders; while unsecured debts, such as credit cards & medical bills, will be repaid a percentage of the debt, from what’s left over. This often allows credit card debt to be paid pennies on the dollar while missed mortgage payments and car payments are paid in full. Chapter 13 Bankruptcy is also used by creditors who don’t qualify for Chapter 7 under the means test.

Will Filing Bankruptcy Stop My Creditors?

When you file for Bankruptcy under any Chapter of the Bankruptcy Code, it immediately stops most all of your creditors from attempting to collect debts from you, or at least until the creditor gets permission from the Bankruptcy Court to proceed against you. So in either case, when you file for Bankruptcy under Chapter 7 or Chapter 13, the automatic stay of bankruptcy immediately stops the harassing phone calls, threatening letters, foreclosure proceedings, repossessions, pending lawsuits, IRS wage garnishments, lien attachments, or any other legal or collection action considered to be the collection of a debt.

If you want to learn more about bankruptcy, contact the Texas Bankruptcy Attorneys at The Law Offices Of R.J.Atkinson. We have helped thousands get a fresh start in Bankruptcy and we might be able to help you.

If you live in Houston, Austin, San Antonio, Dallas, Waco, Plano, New Braunfels, San Marcos, Round Rock, Georgetown, Garland, Addison, Richardson, Killeen, Fort Hood, Seguin, Arlington, Plano, Kerrville, Katy, Sugarland, The Woodlands, or anywhere in the State of Texas contact the Texas Bankruptcy Lawyers at The Law Offices Of R.J.Atkinson. An experienced Texas Bankruptcy Lawyer can help you decide if filing bankruptcy is the best option for you to get rid of your debt, significantly reduce your debt, or reorganize your debt.

Contact the Texas Bankruptcy Attorneys: 800-436-9056

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RJA Bankruptcy Attorney offer Affordable Bankruptcy, Debt Relief and Debt Consolidation. Texas Bankruptcy Lawyer offer Low Cost Bankruptcy Attorney Fees in Austin, Dallas, Fort Worth, Plano, San Antonio, & Houston *Principal Office.

Bankruptcy Lawyer / Attorney RJ Atkinson provides Chapter 7, 11, 12, 13, Bankruptcy, Debt Relief & Discount Legal Services
Filing Bankruptcy can sometimes be the fastest way to get out of debt and may be the most affordable way to get a fresh financial start. Chapter 7 Bankruptcy can quickly wipe out your debts, increase your credit score, stop wage garnishments, get rid of credit card debt, eliminate medical bills, stop payday loans, stop bill collectors, erase negative credit reporting, and reestablish new credit after bankruptcy. RJ Atkinson – Bankruptcy Lawyer have payment plans to make filing Chapter 7 and Chapter 13 Bankruptcy affordable which include low cost flat fees for Chapter 7 that may be considered the cheapest bankruptcy attorney fees depending on the costs other bankruptcy lawyer charge. Chapter 13 Bankruptcy can save your home from foreclosure, save your car from repossession, lower monthly payments, reduce interest rates, get rid of late fees, reduce credit card interest, payoff high credit card debt, raise your credit score, stop creditor harassment, get rid of debt, reduce debt, eliminate creditor calls at work, stop collection calls, start over financially, discharge debts and/or be debt free in 3 to 5 years. IRS tax problems, tax levies, wage garnishments, back taxes, payroll taxes, income taxes can often be handled in Chapter 13 bankruptcy. Divorce/Bankruptcy – past due child support arrears, alimony, spousal support, and divorce debt can often be handled in chapter 13 bankruptcy. The Law Offices of RJ Atkinson handles debt consolidation, loan modifications, credit card debt settlement, debt negotiation, lawsuit defense, IRS problems, credit card lawsuits, TROs temporary restraining orders to foreclosure, forbearance agreements to foreclosure, FDCPA Fair Debt Collection Practices Act lawsuits, FCRA Fair Credit Reporting Act lawsuits, credit report disputes, debt collection lawsuits, adversary complaints in bankruptcy, bankruptcies, foreclosure workouts, mortgage short sales, real estate property tax disputes, civil litigation, commercial litigation, tax lawsuits, small business bankruptcy, corporate bankruptcy, business creditor representation, and most every kind of debt related issue or financially based legal problem on a case by case basis.
Pursuant to 11 U.S.C. §528, “We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.”
R.J.Atkinson Texas Bankruptcy Lawyer - Principal Office: 8000 I.H. 10 West, Suite 600, San Antonio, TX 78230-3868. Phone: 800-436-9056