Bankruptcy Attorney in Robstown, TX
Dealing with financial difficulties is a challenge that can affect anyone, and numerous factors can lead individuals into the depths of debt. These situations often arise unexpectedly, making maintaining regular monthly credit card payments tough. For example, losing a job during an economic downturn can significantly impact one’s financial stability.
Similarly, if you are a business owner, the delayed payments from your customers or clients can create cash flow disruptions that strain your finances. It’s essential to understand that seeking bankruptcy relief is not an admission of wrongdoing. In reality, many individuals who explore bankruptcy in Robstown, TX, do so because they find themselves in circumstances well beyond their control.
A Fresh Start
Bankruptcy is an opportunity for debtors to regain control of their financial lives. In most cases, individuals can retain a significant portion or even all of their property once the bankruptcy process is complete. If you are in financial distress and have not considered bankruptcy as a viable option, now is the time to consult our bankruptcy lawyer in Robstown, TX, at The Law of Joel Gonzalez.
Our Approach
At The Law of Joel Gonzalez, we approach bankruptcy with a commitment to inform and empower our clients. Our role as bankruptcy lawyers in Robstown, TX, is not to pressure you into filing for bankruptcy, as we recognize that it may not be the right solution for everyone. Instead, we take a personalized approach, evaluating each client’s unique circumstances.
We provide comprehensive education on how bankruptcy works and its potential impact on your credit and finances. Furthermore, we discuss alternative options that may better align with your goals.
Chapter 7 Bankruptcy Essentials
Chapter 7 bankruptcy, also termed liquidation bankruptcy, is open to both individuals and businesses. A trustee manages the process, aiming to sell assets to settle debts. It’s suitable for various debt types, including credit cards, medical bills, utility bills, court judgments, collection agency debts, and personal loans. Exemptions protect property with limited market value like appliances, furniture, and clothing. Some assets, such as your home and vehicle up to certain limits, can also be exempt. To qualify, your household income must fall below Texas’s median income or pass a means test based on your debt and disposable income. Individuals can discharge specific debts upon completing Chapter 7, but businesses cannot.
Chapter 13 Bankruptcy Overview
Chapter 13 bankruptcy is designed for individuals (not businesses) who don’t qualify for Chapter 7. It’s a reorganization bankruptcy, allowing debt repayment rather than liquidation. Debtors usually retain most of their property. A 3-5-year repayment plan is proposed and, if diligently followed, leads to property retention and bankruptcy discharge. The reorganization plan is subject to review and approval by the trustee, judge, and creditors. Missed payments can reinitiate collection efforts.
Consulting a knowledgeable bankruptcy attorney to assess your debt and financial situation is crucial before opting for Chapter 13.
The Power of the Automatic Stay
Filing for bankruptcy, regardless of chapter, activates an automatic stay, shielding debtors from creditor collection attempts. This stay temporarily halts foreclosure actions, collection letters, phone calls, wage garnishments, repossessions, and creditor lawsuits. Creditors who breach the stay face penalties, although they can request its removal in certain cases.
Schedule an Appointment with a Bankruptcy Attorney in Robstown, TX
Our dedication to the client-centered approach to bankruptcy has earned us the trust of numerous individuals and businesses. At Toronjo & Prosser Law, we believe in empowering our clients with knowledge and guiding them toward the best course of action for their specific situations.
If you’re facing financial challenges or have questions about bankruptcy, reach out to us today. Let us help you navigate the path to financial recovery and a brighter future. Your peace of mind is our priority.
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