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Your Debt Relief Options in Arlington, TX
At this time, you may be considering a variety of debt relief options. Are you aware of the other possibilities you have besides declaring bankruptcy?
For example, if you pursue a debt settlement, you may be able to come to an agreement with your creditors that allows you to pay less than the amount you owe. Experienced bankruptcy attorneys are often able to effectively negotiate with creditors on behalf of their clients to reach a manageable solution. While this arrangement can only be made at the discretion and preference of each individual debt collector, many collection agencies will agree to settle for a smaller payment rather than risk losing the entire amount owed.
Loan consolidation is another form of debt relief that allows the debtor to compile his or her debts into one manageable payment. This simplifies the repayment process and could drastically lower your interest rate. On the other hand, if you do not need to employ firm debt relief measures but you are receiving harassing phone calls and letters from your collectors, the best way to end debt collector abuse is to contact a collections defense lawyer.
In addition to these debt relief options, there are several ways to avoid foreclosure without declaring bankruptcy. For example, many creditors today will accept a deed in lieu of foreclosure so as to avoid the expensive, drawn-out foreclosure process. This alternative method allows you to voluntarily trade in your home rather than continue making payments on an upside down mortgage. To learn more about your bankruptcy alternatives, consult the knowledgeable foreclosure attorney at the Law Office of Marilyn D. Garner as soon as possible.
Filing for Chapter 7 Bankruptcy
Chapter 7 allows you to cancel or "discharge" most, if not all, of your debts. This chapter, also known as "straight" or "liquidation" bankruptcy, is designed to help people with insurmountable debt get their financial house in order. In order to pay your debts, your assets that are not considered "exempt" may be sold in the process of a Chapter 7. It is important to discuss this with educated skilled bankruptcy lawyer who can assess your portfolio and help you understand which of your assets you could lose in a Chapter 7. The bankruptcy court holds control of your property until the bankruptcy is finished. Chapter 7 may give you the fresh start you need in the wake of exorbitant debt or an unexpected financial hardship.
Filing for bankruptcy under Chapter 7 puts an automatic stay - or "order for relief" - into effect on your behalf. This prevents your creditors from trying to retrieve what you owe them, including severe debt collection methods such as garnishing your wages and / or freezing your bank accounts.
If you are able to pass the criteria listed in the means test, then you are qualify to file for Chapter 7. This test was established by the U.S. Congress in 2005 to ensure that people who file are truly in need of debt assistance. The means test assesses an applicant's available disposable income - meaning the amount of money left after permissible expenses have been deducted from their monthly income. If you have too much income left after your expenses, you may not be eligible to file for Chapter 7, but you may still be able to file for Chapter 13.
Filing for Chapter 13 Bankruptcy
Also known as "reorganization bankruptcy," Chapter 13 bankruptcy allows you to keep your assets by re-consolidating your debts so that you pay back what you owe in manageable monthly payments over three to five years.
In addition, you may be able to cancel some of your debts in a Chapter 13. Some debts - known as "priority debts" - must be paid in full. These include child and spousal support payments, taxes, and employee wages. Your secured debts must be addressed with systematic monthly payments. Secured debts are those with collateral - such as a car loan, mortgage payment, or property taxes. If you still have disposable income left over after these payments, you will then make payments on any unsecured debts, such as credit card bills.
Don't Fall for Myths About Bankruptcy!
Have you been told by well-meaning friends and family members that bankruptcy will irreparably destroy your credit rating and prevent you from ever owning a house or car again? Maybe you've been told that declaring bankruptcy means you will lose your house and all your assets. While those who gave you this advice no doubt had the best intentions, these statements are simply untrue. You deserve to know the truth about bankruptcy.
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The lawyer who leads our firm has been practicing since 1983. Attorney Marilyn D. Garner understands what you are facing and is intimately familiar with the laws that affect your situation.
MYTH: Filing for bankruptcy means you will lose your property.
- FACT: Chapter 13 bankruptcy is actually intended to help you keep your property, and even most filers of Chapter 7 bankruptcy don't lose any important assets at all.
MYTH: People who file are never able to achieve good credit scores again.
- FACT: Filing for bankruptcy gives you the perfect chance to build good credit. You could achieve a better credit score just months after filing.
MYTH: If I file for bankruptcy, I'll never be able to buy a house or even get a credit card.
- FACT: If you are careful to rebuild your credit score, then you could be eligible to take out a loan, buy a house or car, and get a credit card much sooner than you think.
Unfortunately, there are many false stories when it comes to the bankruptcy process and what it entails. It is crucial that you not fall victim to this misinformation, because in reality bankruptcy is a viable option that has helped millions of Americans recover from a financial hardship and find renewed stability and independence. Avoid the bankruptcy myths in circulation: Learn the truth from the experienced Arlington bankruptcy attorney at our firm.
Are you receiving collection calls and watching bills pile up? Are you beginning to worry that you won't be able to pay back what you owe? Have you experienced unexpected financial hardship such as a job loss, divorce, or medical emergency? At our firm, we understand that bad things happen to honest, hardworking people. No one is invulnerable: Everyone has been through hard times, and sometimes those hard times are just too much to handle alone.
If you are feeling overwhelmed, obtain the legal help you deserve by calling the Law Office of Marilyn D. Garner. We have been able to help men and women in communities throughout North Texas - including Cedar Hill, Mansfield, Bedford, Fort Worth, and Grand Prairie - experience renewed financial independence and stability. Schedule your free case evaluation with our lawyer today and find out how we may be able to help you.
Call our Arlington office to set up a free consult with us. We are prepared to work with you toward the debt relief solution that meets your financial needs and goals.