Spring, TX Bankruptcy Lawyer

Debt Relief Attorney in Harris County

Bankruptcy is a valuable tool for getting out of debt quickly. While many are afraid of the impact bankruptcy will have on their life, those who choose this option usually find that filing for bankruptcy is the best decision they could have made. As soon as you file, all collection efforts will cease. If you choose Chapter 7, you will be out of debt the moment the bankruptcy process is over. If you choose Chapter 13, you could be debt-free in as little as three years. Businesses may have additional options depending on the size of the corporation and whether it wishes to keep operating.

The Fealy Law Firm, PC is committed to helping people and companies find the best possible debt relief solution. Attorney Fealy will begin with a careful assessment of your personal and financial situation to help determine which type of bankruptcy might benefit you the most. You likely have more—and better—options than you may realize. If your goal is to get out of debt as soon as possible, but you know that you cannot pay it off yourself, bankruptcy may be the best option.

Types of Bankruptcy Texas Residents and Companies Can Choose From

Bankruptcy is not a one-size-fits-all process. There are multiple types of bankruptcy, and the person or corporate entity can choose which one is right for them based on the advice of an attorney. Types of bankruptcy you may be able to choose from include:

• Chapter 7 - Liquidation bankruptcy is commonly chosen by individuals or families who do not want to or cannot make long-term payments. This option may also be used by businesses that plan to close down. A surprising amount of the belongings a family owns will be exempt from liquidation—you can keep things like basic furniture, a personal car of reasonable value, and other items you need in your daily life. Things you need for work, like your laptop or tools, are also exempt. After liquidation, any unsatisfied debt is discharged.
• Chapter 13 - Reorganization bankruptcy does not involve liquidation. Instead, it involves creating a plan to pay back as much of your debt as possible over the next three to five years. You will continue making only one monthly payment toward all of your debt. However, that payment will be calculated to approximately equal your disposable income. That means that any money you are bringing in that exceeds your basic needs will go toward paying off your debt. Any unsatisfied debt will be discharged when the repayment term ends.
• Chapter 11 - This type of bankruptcy is most commonly used by large corporations, but it may also be used by certain individuals with complex financial situations. Your creditors will be organized into groups, and you will continue making payments but do not need to close your company.
• Chapter 5 - This is similar to Chapter 11 bankruptcy, but it is more likely to be accessible to small businesses. Many small business owners who are faced with unexpected expenses in the first year of operation use Chapter 5 bankruptcy to save their businesses. You will be able to keep operating, but you will need to begin repaying the debt.

Choosing the most beneficial type of bankruptcy for a specific business or family requires the skill of an experienced lawyer. A number of factors, like what type of assets you own and whether you are able to make payments, should be considered.

Contact a Spring, TX Debt Relief Attorney

The Fealy Law Firm, PC is experienced in helping people and businesses alike discharge their debts through bankruptcy. Skilled Texas attorney Vicky Fealy will carefully asses your personal or corporate finances to help you choose the best bankruptcy plan for you. Contact us at 713-526-5220 for a complimentary consultation.