Johnson & Bryan Can Help You Understand If Chapter 7 Bankruptcy Is Your Best Option
CALL US FOR A FREE CONSULTATION AT (713)-751-0070!! YOU CAN ALSO EMAIL US AND CONTACT US ONLINE BY CLICKING ON THIS LINK.
How much does it cost to file Chapter 7 bankruptcy?
We are unable to quote fees because every situation is different. However, once an attorney has reviewed your situation, he will give you a price. Johnson & Bryan offers payment plans if needed.We do not low ball you just to get you in the door like a lot of other law firms. We don’t want to mislead anyone. I do promise our fee is fair and affordable.
What is a bankruptcy discharge?
A bankruptcy discharge is the end-result in a bankruptcy case. A bankruptcy discharge releases you from personal liability for certain types of debts. In other words, you are no longer legally required to pay any debts that are discharged. The discharge is a permanent order prohibiting the creditors of the debtor from taking any form of collection action on discharged debts, including legal action and communications with the debtor, such as telephone calls, letters, and personal contacts.
Although a debtor is not personally liable for discharged debts, a valid lien (i.e., a charge upon specific property to secure payment of a debt) that has not been avoided (i.e., made unenforceable) in the bankruptcy case will remain after the bankruptcy case. Therefore, a secured creditor may enforce the lien to recover the property secured by the lien.
When does the bankruptcy discharge occur (how long will my bankruptcy case last)?
In a chapter 7 case, the court usually grants the discharge 60 days following the first date set for the “meeting of creditors”. Typically, this occurs about four months after the date the debtor files the petition with the clerk of the bankruptcy court.
Will I need to go to court?
After you file bankruptcy, you will only need to attend one meeting at the courthouse. This meeting is called the “Meeting of Creditors,” and it is an opportunity for your creditors and the bankruptcy trustee assigned to your case to ask you questions regarding your filing. The meeting is not held in front of the Judge…it is conducted informally in a small, private room.
Generally, this is the only time in your bankruptcy you will have to attend court.An attorney from Johnson & Bryan will attend the meeting with you, and help you answer any questions you may have.I still owe money on my house and car loans.
Will I lose either if I file Chapter 7 bankruptcy?
The general answer is “NO,” but you must be current on both loans in order to keep the property. If you are not current on your house or car loans, please know there are still options available to keep the property (notably, Chapter 13 bankruptcy). The attorneys at Johnson and Bryan will be glad to give you a free overview of your options.
Will I lose my property once I file bankruptcy?
The usual answer is “NO”. The Texas Property Code and the Federal Bankruptcy exemptions will provide for protection of various kinds of assets. Most importantly, these exemptions protect your house, home furnishings, car, clothes, furniture, jewelry and most retirement and pension plans.
Can bankruptcy help with a lawsuit filed against me?
Yes, filing a bankruptcy will immediately stop lawsuits filed against you.Filing a suggestion of bankruptcy in that court will stop any lawsuit until the outcome of the bankruptcy, or the creditor will stop pursuing the lawsuit because they are aware that it will not provide them any relief.
Can I file bankruptcy without my spouse?
Technically, yes. However, Texas is what’s called a “community property” state. That means that one spouse may be liable for any debts incurred by the other spouse. If only one spouse were to file bankruptcy, the other may still be liable for debts after the bankruptcy is over.
Generally, if you have been married for a long time, it is a good idea to file jointly with your spouse.
Can I choose which debts to list in my bankruptcy filing?
No, you cannot pick and choose which debts to list in your bankruptcy petition. You must list all of your debts, including credit cards and debts you owe to friends and family members. Intentionally leaving a debt off your bankruptcy petition is against the law.
When you sign a bankruptcy petition, you are certifying under penalty of perjury that all of your assets and debts are listed. During the meeting of the creditors, you will also be asked under oath if all of your debts have been listed on the petition.
Even though you have to list a particular debt, there is nothing in the law that prevents you from voluntarily repaying the debt after it has been discharged. In fact, with secured debts, such as mortgages and car loans, you can choose to reaffirm the debt in order to keep the property.
CALL US FOR A FREE CONSULTATION AT (713)-751-0070!! YOU CAN ALSO EMAIL US AND CONTACT US ONLINE BY CLICKING ON THIS LINK.