Advice on bankruptcy in Fort Worth and Reno to save your possessions and avoid being harassed by creditors

1. Advice on bankruptcy in Fort Worth and Reno to save your possessions and avoid being harassed by creditors The majority of people who require bankruptcy consultation in Reno, Nevada, and bankruptcy consultation in Fort Worth, Texas, do so because bankruptcy has such a bad reputation. In reality, the purpose of bankruptcy is to give a person whose debts have grown too big to handle a legal break, shielding them from the pestering of creditors and possibly even from paying off all of their bills. It offers you a secure path since a knowledgeable bankruptcy lawyer will walk you through the procedure and advise you on your options under the US Bankruptcy Code, including Chapter 7 and Chapter 13. With a few exceptions, Chapter 7 bankruptcy, commonly known as liquidation bankruptcy, offers a mechanism to legally erase the majority of obligations. Within a few months, a trustee appointed by the court may liquidate your nonexempt assets to settle debts owed to creditors. It can be suggested to you during a bankruptcy consultation in Fort Worth that you finish a credit counseling course, either individually or in a group, from an authorized credit counseling organization 180 days prior to filing. Additionally, your preceding six months' average monthly income must have been less than the state's median income for a household of the same size. To find out if your disposable income is sufficient to make partial payments to your unsecured creditors, you must also pass a Means Test. Chapter 7 exempts certain debts Furthermore, you must have filed for Chapter 13 or Chapter 7 bankruptcy during the previous eight or six years, respectively. As your attorney offering you a

2. bankruptcy consultation Fort Worth would advise, if you attempted to file a Chapter 13 or Chapter 7 and it was denied, you will need to wait at least 181 days. It's important to remember that filing for Chapter 7 bankruptcy usually does not eliminate your unsecured debt, which includes payday loans, medical expenses, and unsecured personal loans. Chapter 7 bankruptcy typically does not discharge additional unsecured debts such as child support, alimony, court costs and penalties, and personal injury debts. When the bankruptcy procedure is over, the court may discharge any remaining qualifying debts. Advantages of filing for bankruptcy under Chapter 13 Your creditors consent to a court-supervised reorganization of your debts when you file for Chapter 13 bankruptcy. The lawyer who is giving you bankruptcy consultation Reno has the ability to halt foreclosure procedures that could have resulted in your property being seized. On the other hand, you might have to make full payment on all of your secured debts, including mortgages and auto loans. For example, you might only be required to pay back a fraction of your credit card payments or other unsecured obligations. You will need to present a three- to five-year repayment plan to your creditors. Most Chapter 13 bankruptcy cases require the debtor to present a repayment plan that would give creditors a sizable return that is at least comparable to what they would have gotten under previous bankruptcy chapters. The trustee will disburse the funds after receiving an agreed-upon amount from the debtor. The debtors and their creditors are not in direct communication throughout this bankruptcy.