Affordable Ch 7 Bankruptcy in Houston TX
If you are drowning in debt, there are several options that can help restore your independence. A resourceful Houston bankruptcy lawyer can look at your debt troubles and suggest a solution. You need an attorney with an aggressive and innovative approach to your unique personal and business needs.
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Ch 7 Cost & Fees
Hiring a Houston bankruptcy lawyer should not put you into more debt because of exorbitant legal fees. Most Chapter 7 Bankruptcy cases can be filed for a very reasonable amount, including court fees, filing fees, and attorney fees.
Flat fees are required for most Chapter 7 bankruptcy cases and the filing fee is set by the court. But the amount your lawyer charges you also depends on your individual’s financial situation or case. For example, the number of creditors you have, whether you own a business or not and more.
Fortunately, the changing technology has made it possible for law firms to use advanced software to quickly file bankruptcy cases and prepare bankruptcy cases. In fact, cases that used to take days to prepare can now be prepared in hours. But be wary of law firms that charge hidden fees or costs.
Filing for Bankruptcy
People often turn to alternative schemes like debt consolidation services because they fear that bankruptcy will make them lose all their assets. They also fear that bankruptcy could ruin their credit or make them suffer more harm. Others feel that filing a bankruptcy is embarrassing because they view it as a sign of failure.
However, most of these negatives people believe about bankruptcy are not true .But bankruptcy can actually help alleviate all of your debts, and end harassing phone calls from your creditors. Apart from that, bankruptcy does not hurt your credit.
A Chapter 13 can help you reorganize your finances and make it easier for you to pay your debts. A Chapter 13 bankruptcy allows a debtor to develop a plan to pay all of their debts. The repayment plan is allows you make installments to creditors over three to five years.
You can use a Chapter 13 bankruptcy to make up missed car payments; stop foreclosure proceedings; stop interest from accruing on your tax debt and more. But you need to stick to the terms of the repayment agreement.
A Chapter 7 places an automatic stay which protects you from repossession, wage garnishment, bank levies, foreclosure and more. It provides for the liquidation or reorganization for businesses and debtors. In almost all Chapter 7 Cases, the debtor will keep all of their property.
See also…Chapter 7 Means Test
They may get to keep the property because it is exempt from seizure, or the trustee may choose not to take the property because the property has very low value. Often Chapter 7 process is normally over in about 3 ½ months after it is filed. But to you can only file Chapter 7 bankruptcy if you pass the means test.
There are alternatives to bankruptcy like debt consolidation services and other debt modification schemes.