Wash & Thomas Attorneys helps people & businesses in Texas to file for Bankruptcy. We represent individuals and commercial clients in Chapter 7, Chapter 13, and Chapter 11 bankruptcy proceedings that are initiated by either an insolvent individual or business, or creditors seeking to have the debtor’s remaining assets distributed among the creditors, and thereby discharging the debtor from further obligation or restructuring, and reorganizing the insolvent’s debt structure.
Our Texas bankruptcy attorney has provided experienced, affordable, skilled legal counsel to people considering bankruptcy. Our bankruptcy lawyer can assist you in filing cases in Texas. Our primary aim is to help you to regain your financial stability. A bankruptcy attorney in Texas will efficiently guide you through the whole legal process, answering any queries you may have along the way.
Bankruptcy may help you to regain control of your finances so contact Wash & Thomas Attorneys for bankruptcy evaluation. At our firm, we take the time to fully analyze and evaluate your legal position and potential risks. We will help you to make the best legal decisions to protect your immediate as well as long-term interests. When our legal team handles your Bankruptcy case, you can rest assured that your case is in the best hands. Every client and every case is important to us. We welcome questions and feedback from our clients and we strive for your complete satisfaction.
Our Texas bankruptcy attorney is dedicated to get you debt relief and providing you with valuable & reliable information, services and advice to get you a safer financial future. Please feel free to contact our experienced Texas Bankruptcy Attorney at Wash & Thomas Attorneys for detailed bankruptcy evaluation
Types of Bankruptcy:
The Bankruptcy Code is divided into chapters. The chapters that usually apply to consumers are Chapter 7, where most or all your debt is wiped out, and Chapter 13, which involves a repayment plan.
In most cases, once you file your case, the “Automatic Stay” immediately goes into effect. The Automatic Stay means that a bankruptcy filing automatically stops, or stays, and brings to a halt most lawsuits, repossessions, forecloses, evictions, garnishments, attachments, utility shut-offs, and debt collection harassment. Generally, creditors cannot take any further action against you or your property without permission from the Bankruptcy Court.
We help our clients in the following Bankruptcy Proceedings:
Chapter 7 Bankruptcy
Chapter 7 is designed for people who are having financial difficulties and are not able to repay their debts.
Under the changes to the Bankruptcy Code that took effect October 17, 2005, you can usually quality for a Chapter 7 if your average gross monthly income for the last six months is below your state’s Median Income, your gross incomes less certain expenses is below your state’s Median Income, or you can show “special circumstances” that would allow you to quality for Chapter 7.
Under Chapter 7, you can usually exempt, or keep, most or all of your assets under Texas law, or if you have not lived in Texas for the past two (2)years, under the state’s exemption laws that applies to your case. Most retirement accounts and pension are also exempt. Secured property, normally your car and house, may not have any net equity, in which case you can keep it as well. The Trustee liquidates most non-exempt property and uses the proceeds to pay your creditors according to priorities of the Bankruptcy Code.
Once your Chapter 7 case is over, you receive a Discharge. The discharge prevents your creditors from taking any steps to try to collect their unsecured debt. They cannot call you, write you, sue you, or take any steps that could be considered an attempt to collect its debt. If you want to keep property that has lien on it, you must keep your payments current, and may be required to reaffirm your debt. Some debts cannot be discharged. Typical examples are child support, alimony, and other domestic support obligations, some taxes, student loans, criminal restitution, and debts for death or personal injury cases by operating vehicles while intoxicated with alcohol or drugs.
Chapter 13 Bankruptcy
Chapter 13 is a valuable tool that lets you catch up overdue mortgage or car payments, taxes and domestic support obligations. It also applies where you have the ability to repay some or all of your debts over time. You must have less than currently $383,175 in unsecured debt (such as credit cards and doctor’s bills) and less than $1,149,525 in secured debt (such as mortgages and car loans) to quality for Chapter 13.
Under Chapter 13, you keep all of your property, both exempt and non-exempt, as long as you resume making your regular payments on secured debt and keep current under the repayment plan that you propose. A repayment plan can last for up to five (5) years. After finishing your payments under your repayment plan, you are entitled to a discharge of all your dischargeable debt.
Chapter 11 bankruptcy
Chapter 11 is designed for primarily for business reorganization, but is also available to individual debtors. Its provisions are quite complex. In the vast majority of cases, Chapter 11 is unnecessary and too expensive for most consumer debtors.
Our bankruptcy lawyer is experienced and qualified to deal with your legal issues. To discuss your bankruptcy options as well as debt relief solutions, please contact us. We are a bankruptcy law firm dedicated to serving individuals, families and businesses throughout Central Texas.