Is Bankruptcy Right for You?
You may feel like the world is against you if you are struggling under the burdensome weight of financial debt - but you should know that this isn't true. Many options are available to you. Our knowledgeable Arlington bankruptcy lawyer can help you assess your debt relief options and come to a conclusion about which avenue is the right solution to your unique dilemma.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.
Hear From Our Happy Clients
At Law Office of Marilyn D. Garner, your satisfaction is our priority! See for yourself what our clients have to say about working with us.
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You don't feel like you are just a number. They really listen and care.
- Analisa G. -
She made sure we walked away with information we could use. We highly recommend her to anyone that’s in need of fresh new knowledge to help their situation.
- Alice C. -
They made me feel at ease discussing my business matter & provided legal advice that was simple & easy to understand.
- D.J. -
They listened to my concerns and what brought me there and explained everything to me. They recommended the best path to take for my situation and guided me to a starting point.
- Stefanie J. -
Their staff is welcoming and amazing to deal with. Doesn’t make you feel like any less of a person for being in your situation.
- Alexandra L. -
Very responsive team. Everyone is very friendly and welcoming. Mrs. Garner explained everything in detail and made me feel ...
- Wendy A.
We can help you understand the processes for filing for bankruptcy and making an estate plan.