Bankruptcy

Bankruptcy Attorney, Joel Gonzalez

WHAT IS BANKRUPTCY?

BANKRUPTCY MAY ALLOW YOU TO:

  1. Eliminate the legal obligation to pay most or all of your debts (this is known as “discharge” of debts).
  2. Stop foreclosure on your house, townhome, condominium, or mobile home and allow you an opportunity to catch up on missed payments over a longer period of time.
  3. Prevent repossession of a car or other property, and in some instances force the creditor to return property even after it has been repossessed.
  4. Stop debt collection calls, letters, and other creditor harassment.
  5. Restore or prevent termination of utility service.
  6. Allow you to challenge the claims of creditors who have committed fraud or who are otherwise trying to collect more than you really owe.
  7. Allow you to continue occupying a rented town home or apartment for additional time.

BANKRUPTCY CANNOT:

  1. Eliminate certain rights of “secured” creditors. A creditor is “secured” if it has taken a mortgage (i.e. home loan) or other lien (i.e. car loan) on property as security for a loan. While you can force secured creditors to take payments over time, and while you can also eliminate your obligation to pay any additional money on the debt if you decide to give back the property, you generally can not keep secured property unless you continue to pay the debt.
  2. Discharge certain debts that receive special treatment under bankruptcy law such as child support, alimony, most student loans, court restitution orders, most taxes, awards for your injury to others while driving or boating intoxicated, and criminal fines.
  3. Discharge debts that arise after you file for bankruptcy.
  4. Protect people who also signed on a loan (except when you re-pay under a Chapter 13 bankruptcy plan).

TYPES OF BANKRUPTCY

There are 4 types of bankruptcy available to individuals. The two most widely used are Chapter 7 (often referred to as straight bankruptcy) and Chapter 13 (often referred to as a repayment plan). Almost all people in South Texas who file bankruptcy file under Chapter 7 or Chapter 13. As such, only Chapter 7 Bankruptcy and Chapter 13 Bankruptcy will be covered in detail. A brief explanation of each is as follows:

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