Navigating the legal system can be frustrating and confusing; even the simplest of cases can get tangled in weaves of complications and legal repercussions if not handled well. In times like this, you need expert, thoughtful advice and robust representation, as well as iron-clad defense if necessary.
At The Boyce Law Firm PLLC, we have the expertise to give your case the treatment it deserves and the reassurance that we will represent you to the best of our resources and abilities.
Are you considering personal bankruptcy?
Are you experiencing overwhelming debt? We get it. If you’re like most people, you feel overwhelmed, hopeless, or a whole lot of anxiety. You might even be losing sleep over your financial situation.
Filing for bankruptcy can seem like a monumental decision, and it is. But with the right legal advice and counsel the process doesn’t have to daunting. At Boyce Law, our experienced personal bankruptcy lawyers that can prevent foreclosures and stop harassing debt collecting phone calls IN THEIR TRACKS.
Our intention is to get you back on your feet with a FRESH START. Whether the solution is debt renegotiation or filing for Chapters 7 bankruptcy, Chapter 11 bankruptcy, or Chapter 13 bankruptcy, we are prepared to find the solution specific to your needs.
Our experienced bankruptcy lawyers will be your partners in this process and gently guide you to your fresh start.
Chapter 13 Bankruptcy Overview
Chapter 13 Bankruptcy is a way for individuals to protect their property and reorganize their debts. Debtors in Chapter 13 bankruptcy cases usually fall into one of two categories:
- Debtors who are behind on payments to secured lenders and are at risk of losing their property
- Higher-income debtors who cannot afford to pay their creditors and wish to reorganize their debt.
In Chapter 13 bankruptcy, debtors file a plan to reorganize their debt with the bankruptcy court. This plan provides that the debtor will make payments to a trustee each month for thirty-six to sixty months. The trustee takes that money and disburses it to the creditors, as per the terms of the plan. At the end of the case, the debtor will receive a discharge, meaning that he or she are no longer liable for many types of debts. More…
Chapter 7 Bankruptcy Overview
Chapter 7 Bankruptcy is a way for individuals who cannot afford to pay their creditors to obtain debt relief. This type of bankruptcy is sometimes referred to as a straight bankruptcy or liquidation bankruptcy. In Chapter 7 bankruptcy, debtors list all their assets on schedules filed with the bankruptcy court. Values are assigned to these assets. In Texas, most Chapter 7 bankruptcy cases result in no liquidation of assets. More...
What Is the Bankruptcy Process Like?
Here’s a step-by-step description of the process for filing for bankruptcy
- File a petition
The Chapter 7 bankruptcy case begins when you file a petition with the bankruptcy court. Then you’ll also file descriptions of your financial situation, like your assets, debts, contracts and leases, co-debtors, current income, and a budget. You’ll also provide information about your financial history, such as past income, transferred property, recent payments made to creditors, closed bank accounts, etc.
- Means Testing
Chapter 7 bankruptcy is only for people who don’t have the means to pay their creditors. That’s where the means test comes it. The means test will calculate your overall disposable income and determine, through a set of algorithms involving your median income and deductions, if you are eligible for Chapter 7 bankruptcy. Too much disposable income means that the debtor may not qualify for a Chapter 7 discharge.
- Meeting with The Chapter 7 Bankruptcy Trustee
After your case is filed, you will meet with a Chapter 7 bankruptcy trustee. This will give the trustee an opportunity to confirm the accuracy of your documents with you.
- Reaffirmation Agreements
Sometimes debtors want to keep certain property, like houses and cars. In those situations, the debtor may agree to take on the liability liable for the debt after the bankruptcy discharge is signed. These agreements are only signed for secured debts like mortgages and car payments.
- After the Meeting of Creditors
Creditors have sixty days to object to the discharge of their claims, but this rarely happens. In cases where there are no assets to be liquidated, the case is closed once the sixty-day period has run and the judge has signed the discharge order. In cases where there are assets to be liquidated by the trustee, the case can stay open for up to two years. The case is closed once all funds acquired by the trustee have been disbursed to the creditors.
Filing for bankruptcy isn’t the end of the world, and people do it every day. Let us walk you through the process and make sure you get the best outcome possible.
Talk to Us