Engage knowledgeable bankruptcy lawyers in Austin and Fort Worth to stop foreclosure and pay off eligible bills

1. Engage knowledgeable bankruptcy lawyers in Austin and Fort Worth to stop foreclosure and pay off eligible bills In the USA, bankruptcy laws are designed to aid those who find themselves in difficult financial circumstances in getting back on track and starting over. The procedure starts with the debtor submitting a petition. After the debtor's assets are assessed, the money is disbursed to creditors, who might not receive a sizable portion of their bills. When you work with a bankruptcy attorney in Fort Worth, Texas from the Recovery Law Group, a specialized bankruptcy law business, many unsecured obligations may be completely removed in accordance with the US Bankruptcy Code. Chapter 7 or Chapter 13 of the US Bankruptcy Code are the most common filing types for individual bankruptcies in the country. Your assets will be liquidated under Chapter 7 bankruptcy, and any nonexempt property will be sent to a trustee who will sell the assets and give the money to creditors. In addition to helping you with the foreclosure of your house, your Austin, Texas, foreclosure defense lawyer can also assist you save an automobile and, up to a certain amount, your home furniture. An individual's debts are discharged or abolished, and creditors are required to cease collection efforts, whether or not they receive payment from the debtor. Benefits and eligibility for Chapter 7 bankruptcy In order to qualify for Chapter 7 bankruptcy and keep your house, your foreclosure defense lawyer Austin TX could advise you to take the Means Test. To be eligible, your household income cannot exceed your state's median

2. income. If it does, the federal bankruptcy court may direct you to file for bankruptcy under a different chapter, typically Chapter 13. You can do this by hiring Recovery Law Group's skilled bankruptcy attorney Fort Worth, who can assist you throughout the entire bankruptcy filing procedure. Benefits and eligibility for Chapter 13 bankruptcy You may be required to repay some or all of your debts to creditors under Chapter 13 bankruptcy, but you will have a longer three- to five-year repayment period. When you hire bankruptcy attorney in Fort Worth, part of the process will involve filing a plan to pay back your debts that has been approved by the court. After the final payment is made, your debts will be discharged and any remaining balances will be forgiven. Although creditors are free to reject the plan, if it is accepted, they must accept it. How much time does a bankruptcy record have on your record? Furthermore, it is wise to deal with foreclosure defense attorneys Austin TX that can assist you with the process and represent your best interests, as preventing foreclosure is a difficult procedure. Bankruptcies under Chapter 7 and Chapter 13 each have advantages and disadvantages. Chapter 7 bankruptcy can remain on your credit report for up to 10 years, while Chapter 13 bankruptcy can stay there for up to 7 years, as you may learn when you engage a Fort Worth bankruptcy attorney. Chapter 13 bankruptcy filings could be seen more favorably by lenders than Chapter 7 filings. This is because the debtor has a track record of paying off debts on time over a period of several years, which gives lenders confidence that the loan will be returned.