Bankruptcy
Chapter 7 $1,200 plus costs.
We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code.
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We offer flexible payment plans. Pay what you can afford.
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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.
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.