Filing for Bankruptcy
If you’ve decided to file for bankruptcy, it’s important to know the options available to you as well as the rights you have. Hiring a Wichita Falls bankruptcy attorney can help guide you through the process to ensure that you are making a move that is best for your situation.
There are different laws that protect both businesses and individuals while filing for bankruptcy. Seeking the guidance of a specialized attorney can help you navigate through legal issues as well as find exemptions specific to your case.
What a Wichita Falls Bankruptcy Attorney Can Do for You
Filing for a Chapter 7 or a Chapter 13 bankruptcy are the two most common options that individuals choose to take. A Chapter 7 filing gives people the opportunity to refresh their financial situation. They are discharged from their current debts. However, to discharge their debts, filers of Chapter 7 are also giving up their properties and assets to their creditors. The creditors then liquidate their non-exempt assets, which pays off the debt.
A Wichita Falls bankruptcy attorney can help you protect your assets such as your home, vehicles, and retirement funds from acquisition and liquidation from your creditors. Furthermore, a good Wichita Falls bankruptcy attorney will be able to stop creditor harassment as well as stop garnishments. Once your credit card, loans, and other debts are cleared, you will be on your way to restoring your financial health.
The other option is to file for Chapter 13. Under Chapter 13, you are still required to pay back the debt, but it will be modified to fit your ability to pay. You must be able to prove that your income will be steady enough for you to repay the debt. Your Wichita Falls bankruptcy attorney can help you file the petition, schedule fees, determine your plan of repayment, deal with creditors, and assist you during the confirmation hearing. The help provided is an immeasurable asset.
Wichita Falls bankruptcy attorneys are not only limited to individuals. In the midst of the struggling US economy and rising competition, many businesses are facing debt struggles. Filing for bankruptcy is becoming more common for businesses. If you are a business struggling to stay afloat, consider hiring a Wichita Falls bankruptcy attorney to help you through the legal process and regain your financial footing.