Bankruptcy

Chapter 7 $1000 plus costs.

We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code.

*Our office will retain you as a client for as little as $1000 plus fees and costs. However, we are not able to file your case until the attorney fees & filing fee are paid pursuant to our fee agreement.

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At Roy Petty & Associates, PLLC, we are committed to aggressively fight for your case. Our attorneys are equipped with the skills, experience, and knowledge to provide guidance when so much is on the line. To arrange a consultation at any of our offices, call our toll-free number 888-888-0088.

Bankruptcy is not failure. It is your legal right to debt relief. Filing for bankruptcy is not a tragic ending, but a new beginning. Life happens and most often the reasons bankruptcy builds up are beyond an individual’s control. You can be the most financially responsible person on Earth, but when you lose your job, get into a car accident, or your spouse suffers an injury and you have no medical insurance, your history of excellent financial responsibility can drastically change

Roy Petty & Associates can help you with a fresh start.  We take the time to personally get to know each of our clients while providing high quality legal services. We offer the one-on-one representation that people expect and deserve from their attorney, and we do it without judgment or intimidation.  Filing for bankruptcy is a big decision.  You understandably have questions. For this reason, we offer a free consultation with a bankruptcy attorney before you make the decision to file.

At Roy Petty & Associates we want to empower you to take charge of your finances, we understand that sometimes life happens, and certain unforeseen situations arise. Bankruptcy is a great tool to get our client’s back on their feet while keeping their home and car. If you would like to seek relief from your debt, come talk to one of our attorneys to see if filing for bankruptcy the right option for you is.

Chapter 7

Chapter 7 is considered the “liquidation” bankruptcy.  It is designed to free the debtor from his or her financial obligations while still maintaining assets. Under Bankruptcy Law, there are provisions called Exemption Laws which allow the debtor to keep his or her property so long as the Exemption amount covers the value of the property.  It is rare in Texas that the Exemptions either Federal or State would not cover the value of the debtor’s assets. 

Chapter 13

Chapter 13 is generally referred to as the “repayment” Bankruptcy.  The main differences between a Chapter 7 and a Chapter 13 is length of time and the repayment plan.  Chapter 13 lasts anywhere between 3 and 5 years and is ideal for a debtor that has fallen behind on his mortgage or car payments.  In a Chapter 13, the debtor is allowed to pay back the amounts that he is behind to his secured creditors without additional interest over the life of the bankruptcy.  In addition to paying his secured creditors, the debtor can also include any non-dischargeable taxes or back child support to be paid over the length of the plan also without interest.

Chapter 11

Chapter 11 is also a reorganization plan; however, it is primarily used for businesses or individuals who have more assets and income than is allowed under Chapter 13.  Unlike the above Chapters, there is no Trustee.  The debtor plays the role of Trustee in these cases and is known as the “debtor in possession”.  Basically, this means that instead of the Trustee having control over the assets the debtor remains in control.  There are certain debts that cannot be included in bankruptcy no matter the Chapter.  Government backed student loans, any court ordered restitution for a criminal act and child support cannot be cleared through bankruptcy.

Foreclosure

Options For Homeowners Facing Foreclosure

The feeling created by the media regarding foreclosures, leads people to believe losing your home is an absolute conclusion if you fall behind on payments or can no longer afford your mortgage.  This is not the always the case.

At Roy Petty & Associates, our attorneys work closely with homeowners seeking ways to avoid foreclosure. Often, declaring bankruptcy may be the only or most effective means for keeping your home. We can evaluate your financial situation and determine how best to assist you in pursuing your financial and legal rights.

Foreclosure is expensive and a hassle for banks to jump through the required hoops. Most banks would rather modify a home loan than simply foreclose on a home. Banks often stand to lose money if they foreclose on a home as opposed to renegotiating the mortgage itself.  Oftentimes, just the act of filing for bankruptcy can increase your ability to modify your mortgage.

Roy Petty & Associates may be able to prevent you from losing your home to foreclosure.

Avoiding Foreclosure Through Bankruptcy

Depending on your financial situation, it may be in your best interests to file for bankruptcy under Chapter 7 or Chapter 13. Here are just a few”

First, the terms of Chapter 7 and Chapter 13 Bankruptcies contain a substantial homestead exemption.  Second, if the main portion of your debts are discharged, it is likely that you may have enough money to remain current on your mortgage payment or be able to negotiate a loan modification.

If you do not qualify for Chapter 7, you can still file for bankruptcy under Chapter 13.  In a Chapter 13 a Plan of reorganization is filing allowing you to pay any past due amounts back to the bank over a period of time. During this time, the bank cannot simply foreclose on your home once you have filed for Bankruptcy. In fact, filing for Chapter 13 may be the most effective means of convincing your bank to modify your loan or renegotiate its payment schedule.

Contact Our Lawyers

If you’re facing foreclosure or find that the bank is unresponsive to your requests for a loan modification, contact our attorneys at Roy Petty & Associates, today to schedule an appointment to discuss your situation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Collections

Putting A Stop To Collection Efforts

Have you gotten to the point where one more harassing call or letter from a creditor will drive you over the edge?  The firm of Roy Petty & Associates can discuss your financial situation and, if you are eligible, help you file for bankruptcy. This allows for you to put an end to harassment and collection actions.

The Automatic Stay When You File For Bankruptcy

When you file for bankruptcy, an automatic stay goes into place. The Automatic Stay is one of the main reasons that people file for bankruptcy.  This stay prevents creditors from taking action against you to satisfy a debt. The automatic stay is the one factor that probably brings the most immediate relief to clients. Through bankruptcy filing, you really can say goodbye to: 

  • Home foreclosure
  • Car repossession
  • Levies
  • Utility shutoffs
  • Harassing calls, letters and emails from creditors

We Can Provide Timely Help In An Efficient Manner

Our firm is equipped with the staff and technology to go to work on your behalf when you decide to file for Chapter 7 or Chapter 13. This means that the court-ordered injunction to stop collection attempts and stop foreclosures will occur in a timely manner. Why risk losing your home? Take advantage of our rapid service.

Talk To Us About Putting An End To Debt Collector Harassment

Contact Roy Petty & Associates to schedule a free initial consultation with a lawyer to find out about halting foreclosure, repossession, and collection actions. Our family looks forward to helping your family.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Taxes

Providing Bankruptcy And Taxation Assistance

Are you behind on filing your taxes because you know it is a bill you simply cannot pay? Call on the firm of Roy Petty & Associates, to help you sort out matters with the IRS and get back to living your normal life through bankruptcy filing.  Whether you are delinquent on your personal income tax obligations or you have overdue business taxes, we may be able to help you find a solution.

Bankruptcy And The Discharge Of Tax Liabilities

Not all taxes are dischargeable in bankruptcy. However, there are some circumstances under which tax debt can be discharged. When you visit our office to discuss your tax-related debt matter, we will look at the circumstances of your debt and advise you on ways to proceed in certain matters such as unfiled taxes. Once we have a clear picture, we can determine whether your tax debt can be included in your Chapter 7 or Chapter 13 bankruptcy filing.

In general, however, tax debt is dischargeable through bankruptcy if you meet the following conditions:

  • The unpaid taxes in question must be related to a tax return that is at least three years old.
  • The tax debt in question is related to a return filed at least two years ago.
  • You have not been charged with or convicted for tax evasion.
  • The tax debt in question cannot be part of a fraudulent tax return.
  • The IRS must assess your tax debt at least 240 days prior to your filing for bankruptcy.
  • Taxes owed for businesses, such as unpaid sales tax or unpaid federal or state unemployment tax (FUTA or SUTA) are not dischargeable in bankruptcy.

Paying Back Taxes Through Bankruptcy

One common way deal with back taxes is through bankruptcy. Chapter 13 bankruptcy allows people to repay tax arrears through the repayment plan while avoiding penalties and interest.

Letting Our Attorneys Help Your Family Out

Sometimes, when people face financial hardships and everything seems to be getting worse, ignoring a problem may appear to be the easiest answer.  Contact Roy Petty & Associates today to schedule an initial consultation to talk about bankruptcy, and taxes or unfiled or unpaid tax issues. Getting good legal advice should never be unattainable. Talk to us about your situation. We will work to help you find an answer.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Prefiling

The Importance Of Planning For Your Bankruptcy

What you do before you file bankruptcy is just as important to your case as what happens once your case is filing and could have a significant impact. Before attempting to handle or move your assets yourself, make sure you talk to a bankruptcy attorney about your options. Trying to give away or conceal assets in an effort in order to protect them may cause trouble later on with the court.

At Roy Petty & Associates, we will evaluate your unique situation and provide you with choices, as well as the pros and cons so you can make the decision that is best for you and your family.

How To Make The Most Of Your First Visit With Your Bankruptcy Attorney

When you call to book your consultation with Roy Petty & Associates you will receive a list of documentation that will be needed to assess your case.  The more information you can bring, the better idea we will have on how to advise you.

What We Review Prior To Your Filing

During pre-bankruptcy planning stage of your case, we use the information you have provided to get a clear picture of your finances. In some cases, bankruptcy may not be your best choice. In order to make that determination, we must examine your income, your living expenses and other related costs.

Together, we will review your assets and advise you on how to proceed. In some cases, that may mean waiting to file for bankruptcy if you anticipate your income falling or if you will be in danger of losing assets you wish to keep. Our goal is to discharge your debt without you losing any of your assets.

Preparing For Our First Meeting

When you come to Roy Petty & Associates to discuss your case, please bring with you:

  • Your tax returns for the last two years
  • Your 4 last paycheck stubs and an idea of what your gross income has been for the six months prior to your meeting with one of our lawyers
  • An informal list of bills
  • A statement showing what is owed on your home and its value
  • For the self-employed — we would like to know what your business income and expenses have been for the six months preceding your meeting
  • Pre-Bankruptcy Planning Forms sent to you when you book your appointment
  • Please fill out this form and bring it to your first meeting with one of our lawyers.

Let Us Talk About Your Options For Eliminating Your Debt

 Contact Roy Petty & Associates, today to schedule your initial consultation to determine what options may be best for you and your family. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Commonly Asked Questions/Frequently Asked Questions (FAQs):

What is a bankruptcy and how can it help me?

A bankruptcy is a legal proceeding in federal court.  The concept of Bankruptcy dates back to biblical times and was incorporated by our founding fathers as a way to relieve people with debt of their obligation to pay certain debts and to distribute assets, if any, to their creditors. Upon the filing for bankruptcy, the court grants an automatic stay. Once the case is filed, your creditors cannot call you, sue you, or harass you in any way.

What are the most common forms of consumer bankruptcy?

There are four types of bankruptcy that are available to individuals, depending upon their specific circumstances. The most common forms of consumer bankruptcy are Chapter 7 bankruptcy and Chapter 13 bankruptcy. A Chapter 7 bankruptcy is a discharge of debts and a Chapter 13 bankruptcy is a payment plan. A Chapter 11 bankruptcy is a business reorganization and a Chapter 12 bankruptcy is a bankruptcy specifically for family farmers and fishermen.

 

Will I lose everything if I file bankruptcy?

No. There is a common misbelief that by filing bankruptcy they will lose whatever possessions they own. This is not true. The law is very generously provides for the person with debt to keep certain property deemed “exempt” in the bankruptcy. In most instances, property owned by the person with debt fits within these exemptions and the bankruptcy is deemed a “no-asset” case allowing the person with debt to keep all of their property.

How will filing bankruptcy affect my credit?

A bankruptcy can stay on your credit report for 7 to 10 years. Your credit will take a hit upon filing.  However, this does not mean that a person with a bankruptcy on their credit report cannot get credit.  In general, if a person who has filed bankruptcy will find that their credit score begins to increase within 12 months of filing bankruptcy.  Additionally, many creditors consider someone who has filed bankruptcy a good risk. They have little, if any, debts after the bankruptcy is filed and they cannot receive another Chapter 7 bankruptcy discharge for eight years.

It is important to note that a bankruptcy will not wipe out a bad credit report. A bankruptcy will eliminate a person’s obligation to pay certain debts and provides a fresh start to build good credit.

Should my spouse and I file a joint bankruptcy?

Spouses are not required to join in the filing of a bankruptcy.  However, as Texas is a marital property state in most situations it is recommended that a married couple to file a joint bankruptcy petition. People oftentimes forget that in a marital property state both the debts and the assets become joint property.  Therefore, if both parties do not file a petition jointly a creditor of the filing spouse may look to the non-filing spouse for payment. Therefore, we generally advise that the best protection for married people with debt is to file jointly.

How much does bankruptcy cost?

Many factors play a role in the cost of filing bankruptcy. We are happy to give you an estimate of the fees and costs involved over the telephone. After we have an opportunity to meet with you, we will be able to evaluate your case completely and quote you an accurate fee.

Will bankruptcy stop a lawsuit against me?

The automatic stay prevents creditors from filing any lawsuit against you.

What should I do if I cannot make my Chapter 13 payment?

If the debtor cannot make a Chapter 13 payment on time debtor should contact our office immediately. Depending on the circumstances of why a debtor cannot make their payments will determine what actions need to be taken. The determination of whether to modify, dismiss or convert a case requires contact with Roy Petty & Associates.

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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.