Chapter 7 $600
We are a debt relief agency. We help people file for bankruptcy 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.
Can I file for bankruptcy every few years?
No. You can only receive a discharge in a Chapter 7 case once every eight years or once every 6 years if you previously filed a Chapter 13 case. That said, there are instances where filing a bankruptcy knowing that a discharge is not obtainable is in a Debtor’s best interests. Please contact Roy Petty & Associates, for other options.
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.
DISCLAIMER: THE INFORMATION PROVIDED IS GENERAL AND SHOULD NOT BE RELIED UPON FOR ANY PARTICULAR SITUATION. CONSULTATION WITH A LICENSED PROFESSIONAL ATTORNEY IS ADVISED. THE DISSEMINATION OF THIS INFORMATION AND ANY RESPONSE THERETO DOES NOT CREATE AN ATTORNEY/CLIENT RELATIONSHIP AND IS NOT A CONFIDENTIAL NOR PRIVILEGED COMMUNICATION. NO VISIT, EMAIL COMMUNICATION OR OTHER INTERACTION WITH THIS WEBSITE WHATSOEVER CONSTITUTES AN ATTORNEY-CLIENT RELATIONSHIP UNLESS FORMALLY OBTAINED WITH THE ATTORNEY BY A MUTUALLY WRITTEN AGREEMENT.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.