Experienced Personal Bankruptcy and Business Reorganization Representation & Credit Card Defense in Texas. If you are one of the millions of Americans struggling with overwhelming unpaid debt, you are not alone. There are a number of valid explanations as to why good, hardworking people throughout Texas are facing insurmountable debt they cannot afford to repay.
Maybe you were recently laid off from your job or your business has closed due to the poor economy? Maybe you have large medical bills from an unexpected accident, injury, or illness? Or perhaps there was a family emergency or death in the family? Maybe a divorce is to blame? Regardless of the reason behind your current financial situation, there are viable options available for overcoming your debts in order to achieve a fresh financial start in life.
When faced with mounting debt, you may want to consider bankruptcy as an option. Bankruptcy is a very practical way to get a handle your finances and overcome your financial burdens.
Maybe you were recently laid off from your job or your business has closed due to the poor economy? Maybe you have large medical bills from an unexpected accident, injury, or illness? Or perhaps there was a family emergency or death in the family? Maybe a divorce is to blame? Regardless of the reason behind your current financial situation, there are viable options available for overcoming your debts in order to achieve a fresh financial start in life.
When faced with mounting debt, you may want to consider bankruptcy as an option. Bankruptcy is a very practical way to get a handle your finances and overcome your financial burdens.
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Are you struggling to pay off debt you can't afford?
Is your debt spiraling out of control?
If so, you should consider speaking with a knowledgeable San Antonio bankruptcy attorney about filing for bankruptcy protection under Chapter 7,11,12 or Chapter 13.
As soon as your bankruptcy petition is filed with the Court, you will quickly experience the financial relief you've long desired.
Bankruptcy is the legal process of liquidating a debtor's non-exempt assets (Chapter 7), reorganizing a business debtor's debts (Chapter 11), reorganizing a farm or ranch business (Chapter 12) or, reorganizing one's personal debts (Chapter 13) in order to pay off his or her creditors.
Is your debt spiraling out of control?
If so, you should consider speaking with a knowledgeable San Antonio bankruptcy attorney about filing for bankruptcy protection under Chapter 7,11,12 or Chapter 13.
As soon as your bankruptcy petition is filed with the Court, you will quickly experience the financial relief you've long desired.
Bankruptcy is the legal process of liquidating a debtor's non-exempt assets (Chapter 7), reorganizing a business debtor's debts (Chapter 11), reorganizing a farm or ranch business (Chapter 12) or, reorganizing one's personal debts (Chapter 13) in order to pay off his or her creditors.
Chapter 7 bankruptcy, allows people in debt to get a fresh start by having their debt discharged.
Most debts are dischargeable.
These types of debts include unpaid personal loans, unpaid credit card bills, unpaid medical bills, unpaid utility bills, etc.
However, there are certain types of debts that cannot be discharged, even through bankruptcy.
Although the thought of liquidating your assets may seem like a scary thing, the reward of no longer having to suffer from the stress, anxiety, and constant headaches associated with mounting debt is well worth it.
Most debts are dischargeable.
These types of debts include unpaid personal loans, unpaid credit card bills, unpaid medical bills, unpaid utility bills, etc.
However, there are certain types of debts that cannot be discharged, even through bankruptcy.
Although the thought of liquidating your assets may seem like a scary thing, the reward of no longer having to suffer from the stress, anxiety, and constant headaches associated with mounting debt is well worth it.
Chapter 11 bankruptcy, allows a business or individual to reorganize and pay secured and unsecured debts over an extended period of time.
This is done through a plan and disclosure statement.
The Court must approve a disclosure statement which describes the plan for repayment.
Once this is approved creditors vote on the plan.
In order to obtain "confirmation" of the plan by the Court, a certain percentage and dollar amount of each class of creditors must affirmatively vote for the plan.
If they do not, then a process called "cram down" can be invoked which allows plan confirmation over negative votes by creditors under certain circumstances.
This is done through a plan and disclosure statement.
The Court must approve a disclosure statement which describes the plan for repayment.
Once this is approved creditors vote on the plan.
In order to obtain "confirmation" of the plan by the Court, a certain percentage and dollar amount of each class of creditors must affirmatively vote for the plan.
If they do not, then a process called "cram down" can be invoked which allows plan confirmation over negative votes by creditors under certain circumstances.
Chapter 12 bankruptcy, allows farmers, ranchers or fisherman to reorganize and pay secured and unsecured debts over an extended period of time.
This is done through a plan filed with the Court.
It can be used by individuals, partnerships or corporations whose income is primarily from farming, ranching or fishing operations.
The process is somewhat like a Chapter 13 but more flexible and with larger debt ceiling limitations.
A successful Chapter 12 case requires the skill of an lawyer with experience in Chapter 12 proceedings.
This is done through a plan filed with the Court.
It can be used by individuals, partnerships or corporations whose income is primarily from farming, ranching or fishing operations.
The process is somewhat like a Chapter 13 but more flexible and with larger debt ceiling limitations.
A successful Chapter 12 case requires the skill of an lawyer with experience in Chapter 12 proceedings.
Chapter 13 bankruptcy may be a viable option for those who do not qualify for bankruptcy protection under Chapter 7 and whose cases are too small for Chapter 11.
Unlike Chapter 7, which eliminates an individual's dischargeable debts, Chapter 13 works by consolidating an individual's debt into one lump sum, which is to be paid off over time (usually three to five years) under the terms of payment schedule approved by the bankruptcy court judge.
As soon as your bankruptcy petition is approved by the judge, your creditors will be prohibited from continuing to contact you and harass you, and you will no longer be subjected to any of the other negative effects of having unpaid debt.
Unlike Chapter 7, which eliminates an individual's dischargeable debts, Chapter 13 works by consolidating an individual's debt into one lump sum, which is to be paid off over time (usually three to five years) under the terms of payment schedule approved by the bankruptcy court judge.
As soon as your bankruptcy petition is approved by the judge, your creditors will be prohibited from continuing to contact you and harass you, and you will no longer be subjected to any of the other negative effects of having unpaid debt.
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