Arlington Bankruptcy Lawyer

Considering Bankruptcy in Arlington, TX?

Are you overwhelmed by debt and feeling like there is no escape? Bankruptcy might be a viable option for you to gain a fresh start and take control of your finances. At the Law Office Of Mark M. Childress, we provide comprehensive bankruptcy services to clients in Arlington and the surrounding areas.

Our experienced bankruptcy attorneys understand the stress and anxiety financial difficulties can cause. We are committed to helping you find the best solution for your specific financial situation. We will evaluate your financial condition closely and determine if bankruptcy is the right choice for you.

Choosing bankruptcy is a significant decision, yet it can be a strategic move to safeguard your financial future. At Law Office of Mark M. Childress, we guide clients through each step of the process, addressing any concerns and ensuring they understand their rights. Our personalized approach means we handle your situation with meticulous care, analyzing every detail to provide the best advice tailored to your circumstances.

Our bankruptcy services include:

• Chapter 7 Bankruptcy: This type of bankruptcy allows you to discharge most types of unsecured debt, such as credit card debt, medical bills, and personal loans. We will guide you through the process and help you protect your assets while eliminating your debt.
• Chapter 13 Bankruptcy: If you have a steady income and want to keep your assets, Chapter 13 bankruptcy may be a better option. This allows you to restructure your debts into manageable payments over a period of 3-5 years.
• Foreclosure Defense: If you are facing foreclosure, we can help you explore your options to save your home. We will work with your lender to negotiate a loan modification or other alternatives to foreclosure.
• Creditor Harassment: If you are being harassed by creditors, we can help you put a stop to it. We will work with your creditors to negotiate a payment plan or settlement that works for you.

Call (817) 497-8148 or fill out our online contact form to let us help you get a fresh financial start!

Is Bankruptcy the Right Choice for Me?

Bankruptcy is a legal process designed to help individuals and businesses facing overwhelming financial difficulties get a fresh start by eliminating or reorganizing their debts. While bankruptcy is a serious decision with long-term consequences, it can be the right choice for certain individuals and businesses under specific circumstances.

When considering bankruptcy, it's crucial to understand the immediate and extended results. Our team can explore your options and ensure you comprehend the implications of each choice. We detail the benefits of discharging versus reorganizing debts and emphasize informed decision-making. Additionally, we provide resources to help you rebuild credit effectively post-bankruptcy, ensuring a smoother transition to financial stability.

Here are some factors to consider when deciding if bankruptcy is right for you:

• Overwhelming Debt: If you have accumulated a substantial amount of debt you cannot repay, bankruptcy can provide relief. This includes credit card debt, medical bills, personal loans, and other unsecured debts.
• Foreclosure or Repossession: If you are at risk of losing your home due to foreclosure or your vehicle due to repossession, filing for bankruptcy can put an automatic stay in place, which temporarily halts these actions. Depending on the type of bankruptcy you file, you may be able to keep your home or car by restructuring your debt.
• Creditor Harassment: If creditors are harassing you through constant calls, letters, or even legal actions, bankruptcy can put an end to this harassment. The automatic stay prevents creditors from pursuing collection activities.
• Income Loss or Reduced Income: A significant decrease in income, such as job loss or reduced hours, can make it difficult to meet your financial obligations. Bankruptcy can provide a solution to manage these financial challenges.
• Medical Expenses: High medical bills are a common reason people consider bankruptcy. Even with insurance, medical costs can be substantial, and bankruptcy may help alleviate this financial burden.
• Business Debt: For struggling businesses, bankruptcy can be a way to restructure and reduce business debts. This can allow a business to continue operations while addressing its financial issues.
• Legal Judgments: If you are facing legal judgments, such as those resulting from lawsuits or court fines, bankruptcy may discharge these debts or allow you to establish a repayment plan.
• Tax Debt: While not all tax debts are dischargeable in bankruptcy, certain types of tax debt may be eligible for discharge if they meet specific criteria.
• Fresh Start: Bankruptcy can provide a clean slate and a chance to rebuild your financial life. Once your debts are discharged or restructured, you can work on improving your credit and making more responsible financial decisions.
• Peace of Mind: Knowing that you have taken a proactive step to address your financial problems can provide peace of mind and reduce the stress associated with overwhelming debt.

It's important to note that bankruptcy is not a one-size-fits-all solution, and there are various types of bankruptcy, including Chapter 7 and Chapter 13 for individuals, and Chapter 11 for businesses. The right choice depends on your financial situation, goals, and eligibility criteria, and it's advisable to consult with one of our bankruptcy attorneys or a financial advisor to assess your options and make an informed decision. Additionally, bankruptcy has long-term consequences, including a negative impact on your credit score, so it should be considered carefully and as a last resort when other alternatives have been exhausted.

Understanding the full scope of bankruptcy's impact is essential. You should be aware of how this decision affects not just your present finances but also your future opportunities. We encourage clients to think about life after bankruptcy and explore ways to rebuild credit and financial health. Our bankruptcy attorneys offer guidance on asset protection strategies and provide educational resources that help you take control of your financial future.

Bankruptcy Laws in Texas

Bankruptcy laws in Texas offer unique advantages and challenges that our clients should be aware of. Texas has some of the strongest homestead protections in the country, which can significantly impact how bankruptcy affects your homeownership. Additionally, understanding exemptions and how they relate to your personal assets can help you make informed decisions as you file for bankruptcy in Texas.

At Law Office of Mark M. Childress, we ensure that our clients understand these local laws and how they can influence the bankruptcy process. Our attorneys bring years of experience dealing with the intricacies of Texas bankruptcy law, helping clients maximize their asset protection while minimizing debt burdens. 

Frequently Asked Questions

What Is the Difference Between Chapter 7 & Chapter 13 Bankruptcy?

Chapter 7 and Chapter 13 bankruptcy serve different purposes. Chapter 7, often termed as liquidation bankruptcy, allows individuals to eliminate most of their unsecured debts. It is suitable for individuals with limited income and significant unsecured debts. Meanwhile, Chapter 13, known as reorganization bankruptcy, allows you to keep your assets and pay debts over time, usually three to five years. This option is ideal for those with a regular income who wish to retain their assets.

Can I Keep My Car If I File for Bankruptcy in Texas?

Yes, Texas law allows for certain exemptions that may enable you to keep your car during bankruptcy proceedings. Under Chapter 13 bankruptcy, you can incorporate your car loan into your repayment plan, making it manageable while keeping the vehicle. Under Chapter 7, certain equity exemptions may apply, allowing you to retain your car, especially if it's essential for work and daily living. Our bankruptcy attorneys will guide you on asset protection strategies tailored to your specific situation.

How Does Filing for Bankruptcy Affect My Credit Score?

Filing for bankruptcy can lower your credit score initially, but it also offers a chance to rebuild credit over time. While bankruptcy can remain on your credit report for up to ten years, many find that they can begin rebuilding their credit within a year by responsibly managing any remaining debt and making timely payments on new credit. It is crucial to approach post-bankruptcy credit rebuilding with careful planning and strategic financial management.

Will Bankruptcy Stop Wage Garnishment?

Yes, filing a bankruptcy petition will typically trigger an automatic stay, which immediately stops wage garnishments along with other collection activities by creditors. This stay provides temporary relief by halting collection efforts, giving you the necessary breathing room to reorganize your finances. However, it is essential to consult with our attorneys to understand the nuances of your specific situation and how wage garnishments will be addressed.

Is It Possible to File for Bankruptcy Again if Needed?

It is possible to file for bankruptcy more than once, but there are specific restrictions and time limits between filings. For Chapter 7 bankruptcy, you must wait at least eight years from the date of your previous Chapter 7 filing. For Chapter 13, the waiting period is typically two years from the date of your prior Chapter 13 discharge. Our team can help explore all relevant factors and advise you on the best path forward should a second bankruptcy become necessary.

At Law Office of Mark M. Childress, we are committed to helping you get back on track financially. Contact us today to schedule a consultation and learn more about our bankruptcy services in Arlington, TX.