Bankruptcy Lawyer Services in Lake Jackson Texas
Do you currently find yourself going bankrupt with unsettled debts piling up with no possible solutions in sight? Then you have just found the right place that can provide you with practical solutions to your dilemma. Polansky Law Firm is here to provide you with legal assistance in helping you settle your bankruptcy case. Moreover, the firm is here to provide you with debt relief assistance. With the Polansky Law Firm handling your bankruptcy case in Lake Jackson, you are always in good hands.
Incurring heavy debts and not being able to settle them immediately can get anyone in big trouble. This can lead to being incapable of providing the needed support for your family. Being worried over the problem can get anyone stressed thinking about ways to solve the issue he or she is currently facing. If you think nothing or no one can help you, then you are wrong because in spite of the weight of your situation, you still have options to get you back to financial stability. With the help of a competent bankruptcy attorney in Lake Jackson, you will surely surpass your financial difficulties in no time at all.
Chapter 7 - Liquidation or Straight Bankruptcy
In a Chapter 7 bankruptcy the debtor does not attempt to pay back creditors. It is designed for debtors who do not have the ability to pay even a portion of their debts. Debtors whose debts are primarily consumer debts are subject to a "means test" to determine whether they are permitted to file bankruptcy under Chapter 7. The federal government determines the median income for your geographical region and family size. If your income is greater than the median income for your region you may not be permitted to file bankruptcy under Chapter 7.
A debtor may claim certain property as exempt under governing law. Most household items and necessities will be considered exempt. The Trustee may have the right to take possession of remaining non-exempt property and use the proceeds from the sale of the property to pay off creditors.
A Chapter 7 bankruptcy will result in the discharge of certain debts. Debts that may be eliminated are credit card debt, medical bills, unsecured loans, lines of credit, foreclosure deficiencies, repossession deficiencies and most judgments. The debtor will still be responsible for most taxes, student loans, child support, property settlement obligations and other exceptions. Please call our office to consult with an attorney regarding your specific circumstances.
If the debtor is current on their home and/or car payments they may be able to "reaffirm" the debts and continue to make the payments and retain the property.
Approximately four weeks after the Chapter 7 petition is filed the debtor attends a Meeting of Creditors. The debtor is asked some basic questions about their financial situation. If everything is satisfactory the Court issues a Discharge Order approximately two months after the Meeting of Creditors.
Chapter 13 - Wage Earner's Plan
The Chapter 13 bankruptcy differs from the Chapter 7 bankruptcy in that the debtor agrees to pay a portion or all of their debts over a period of three to five years. This is referred to as a Payment Plan and is designed for debtors with regular income. The Court must approve the plan before it can take effect. The debts are discharged after completion of the plan. However, as in a Chapter 7 bankruptcy certain debts are not dischargeable.
One advantage of the Chapter 13 bankruptcy is that it may be possible for the debtor(s) to make up an arrearage on their home mortgage during the life of the plan, thus preventing a foreclosure on the home.
Please call for a free initial consultation if you are considering filing for bankruptcy to obtain relief from you creditors.
Polansky Law Firm is your trusted source of legal services that will as much as possible, help you solve your legal problems especially those concerning all kinds of debt-related situations. Whether you have unpaid mortgages, auto loans, credit card issues, unsettled medical bills, utilities, rent, or taxes, you can count on my legal services to provide you with the necessary assistance that will get you out of your current fix.
As one of the most reliable and trustworthy bankruptcy attorneys in Lake Jackson, I will help you file for bankruptcy relief under the bankruptcy code. As expected, our office will carefully review your case and will draw the necessary documents and paperwork. These will include documents such as Petitions, Schedules, and a Statement of Financial Affairs. If a certain case so requires, we will also provide a Statement of Intention. All documents prepared for the client will be done correctly as required under the law and shall be filed with the bankruptcy court. Furthermore, as your attorney for your bankruptcy case, the law firm is ready to provide you with the necessary information to help you fully understand your situation and therefore, help you make proper decisions to help in the success of your case.
Do not proceed with any steps without making sure you have an experienced bankruptcy lawyer in Lake Jackson to help your through the process.
The most important thing you can do is to seek legal assistance early in a case.
Call 979-266-9281 for an appointment.
