Bankruptcy Lawyer Austin: Your Guide To Legal Assistance
Are you overwhelmed by debt and considering bankruptcy in Austin? The bankruptcy process can be overwhelming, and you need to understand what are the different types of bankruptcy and what factors you should evaluate from your financial situation. It's also important to know how choose the right attorney to provide bankruptcy services and guide you through the process.
Understanding Bankruptcy
Bankruptcy lawyers in Austin are technically debt relief agencies because they offer legal options for individuals and businesses struggling with debt.
Filing bankruptcy can stop creditor harassment, get rid of unsecured debt, allow you to catch up on payments for secured debt that you've fallen behind on, and ultimately provide you with a fresh financial start and allow you to keep the money you've been paying toward your debt each month. The Austin bankruptcy lawyer at Kannon Moore Law can guide you through the intricacies of the bankruptcy code and how to file bankruptcy in Austin. Call today for bankruptcy solutions in Central Texas.
What is Bankruptcy?
Bankruptcy is a legal process that can provide relief to individuals dealing with financial distress and alleviate the stress associated with overwhelming debt. In Austin, the professional bankruptcy lawyer at Kannon Moore Law is a trusted bankruptcy lawyer and can guide you through the complex filing process.
The professionals in our law office are knowledgeable in handling bankruptcy cases, including Chapter 7 bankruptcy and Chapter 13 bankruptcy, and can help you understand your options, develop a plan to help you get out of debt, and navigate the legal requirements of bankruptcy proceedings. If you're considering filing for bankruptcy in Austin, seeking the guidance of a trusted bankruptcy attorney is highly recommended.
Different Types of Bankruptcy
What is the difference between a Chapter 7 bankruptcy and a Chapter 13 bankruptcy? Bankruptcy law provides different debt relief solutions to individuals and businesses that are struggling financially.
One of the options available is Chapter 7 bankruptcy, which sometimes involves the bankruptcy trustee selling certain assets that can't be protected with bankruptcy exemptions to pay off unsecured creditors. However, the majority of Chapter 7 bankruptcies are "no-asset" cases meaning that there is no unprotected (non-exempt) property for the bankruptcy trustee to take and sale. Chapter 7 is available to folks who qualify based on their income being at or below the state median in Texas, as well as folks whose debt is primarily business debt, regardless of their current income (this allows folks with a small business to file for
Chapter 7 bankruptcy). The benefits of Chapter 7 bankruptcy are that it is often pretty quick (can sometimes be over in as little as three months) and doesn't require the client (a.k.a. the "debtor") to pay any more money on the debt that gets discharged.
On the other hand, Chapter 13 allows debt reorganization and offers a repayment plan over three to five years. Chapter 13 is a good option for people struggling with debt in Austin who don't qualify for Chapter 7 bankruptcy because of their income. People who are behind on payments for secured debt, like behind on your mortgage or behind on car payments, will also need to consider filing Chapter 13 bankruptcy if they want to save their car or home. Chapter 13 bankruptcy can also help folks get their car back after a repossession in Texas if they act quickly enough.
It is essential to seek guidance from a bankruptcy attorney when considering these options, including debt negotiation. Our bankruptcy lawyer in Austin can provide in-depth knowledge about the different courses of action available, ensuring debtors make informed decisions. Our Austin bankruptcy attorneys can also help clients navigate the complex legal process of filing for bankruptcy, protecting clients' rights if they've been sued by debt collectors or have a judgment against them, and protecting clients' rights and interests in bankruptcy court. In addition to this, they can provide valuable advice on how to rebuild credit after bankruptcy and move forward towards financial stability.
Pre-filing Considerations
Our Austin bankruptcy lawyer provides free initial consultations to explore debt relief options. A comprehensive assessment of your finances is essential to understanding exactly how bankruptcy will benefit you and help you live the life you want to live after your bankruptcy is over. The selection of the right legal representative is essential in navigating the path toward debt relief. A personalized consultation with our Austin bankruptcy lawyer can help you see how personal bankruptcy or business bankruptcy may solve your financial challenges and get you back on stable ground.
Evaluating your Financial Situation
Assessing your debt and assets is crucial for how to prepare and file your bankruptcy. It's important to know how much debt you owe and what your average annual income is. You'll also want to know whether you've co-signed for any debts, including student loans. If you have any tax debts, it's important to know what the tax debt is from, what year it's from, and information about when the taxes were filed. Your credit report is also a great resource for finding debts that you forgot about and seeing what accounts are reported as "charged off" and can be included in your bankruptcy ("charged off" is basically an accounting note by the creditor which just means that they've written the debt off their books as a loss, it doesn't get rid of your obligation to repay the debt). Thorough financial evaluation is necessary for determining if bankruptcy is right for you, and our Austin bankruptcy lawyer provides
this guidance and evaluation during your free initial consultation.
Evaluating bankruptcy issues and determining the bankruptcy process are key tasks for bankruptcy attorneys. Ultimately, your financial situation will help determine exactly how the entire bankruptcy process will unfold for you.
The Bankruptcy Filing Process
Carefully gathering the required documentation is a must when filing for bankruptcy. Having the proper documentation ensures that all of the information about your credit cards, medical bills, car loans and car leases, and other unsecured debts and secured debts gets recorded accurately in your bankruptcy petition. The meticulous preparation of your bankruptcy petition is vital for a successful filing and protecting against having your bankruptcy dismissed. This requires extremely fine attention to detail, accuracy, and knowledge of the bankruptcy code and process.
Filing the Bankruptcy Petition
What Happens After Filing?
Filing a bankruptcy petition involves understanding the intricate process outlined in the bankruptcy code. Seeking legal guidance for filing is crucial to ensure a successful fresh start and protection from creditor harassment. A bankruptcy attorney can provide expert assistance and a free consultation, guiding individuals through the entire filing process. This ensures that necessary documentation is prepared and filed accurately, adhering to the Western District of Texas bankruptcy requirements.
The automatic stay goes into full force as soon your bankruptcy is filed and protects you against anyone trying to collect any money from you at all. This means that collection agencies (a.k.a. debt collectors) have to stop contacting you, and if they violate the automatic stay they may end up facing sanctions from the bankruptcy court.
Bankruptcy Lawyer Austin: Life After Bankruptcy
Many clients begin feeling relief from debt before we even file their bankruptcy, and by the time their bankruptcy is over they're feeling like new people who are free from debt stress. Sometimes there are post-filing issues such as discharge violations, where a creditor or debt collector tries collecting a debt that was discharged in bankruptcy. Kannon Moore Law has a bankruptcy lawyer in Austin that provides legal assistance and protects all of our clients against discharge violations whenever they may occur. Additionally, our bankruptcy team helps you understand the path to rebuilding your credit after bankruptcy. It's imperative to seek guidance from a bankruptcy lawyer in Austin to effectively navigate life after bankruptcy, ensuring a smooth transition towards financial stability.
What are the benefits of hiring a bankruptcy lawyer in Austin?
Hiring a bankruptcy lawyer in Austin can provide numerous benefits, such as expert guidance through the complex bankruptcy process, protection against creditor harassment, increased chances of a successful bankruptcy filing, and assistance in developing a debt management plan for a fresh financial start.
Choosing the Right Austin Bankruptcy Lawyer
The significance of hiring a competent attorney to help you file bankruptcy in Austin cannot be overstated. Employing an Austin bankruptcy lawyer brings peace of mind and ensures proper creditor harassment solutions, before and after you file. Bankruptcy lawyers in the Austin area provide debt relief services, offering solutions to unsecured creditors, receivership, credit card debts, medical debt, and more. This knowledge is invaluable in navigating the complex landscape of consumer bankruptcy law.
Kannon Moore Law works with clients Austin, San Antonio, San Marcos, Round Rock, Cedar Park, Pflugerville, Marble Falls, Bastrop, Travis County, Williamson County, Hay County, Bexar County, and throughout Central Texas. Call for more details.
Importance of a Working with a Bankruptcy Lawyer You Trust
When considering bankruptcy, it's crucial to choose a lawyer you feel comfortable with and who makes you feel good about your decision to file bankruptcy and the bankruptcy process. Navigating the legal system for debt relief requires insights that our trusted Austin bankruptcy attorney can provide. With legal services tailored to debt relief, our bankruptcy attorneys Austin offer peace of mind and a fresh financial start. Moreover, qualified bankruptcy attorneys handle legal matters related to debt relief, ensuring that your case is in capable hands. Our Austin bankruptcy lawyer is licensed with the State Bar of Texas and admitted to practice in the Western District of Texas and the Bankruptcy Court in the Western District of Texas.
Conclusion
Finding the right bankruptcy lawyer in Austin is crucial to navigating the complex process of bankruptcy and ensuring your financial future. The help of a trusted Austin bankruptcy law firm can help you regain control of your finances. It is important to consider your financial situation before filing for bankruptcy and to choose a qualified lawyer who understands the intricacies of bankruptcy law. Once you have filed the bankruptcy petition, there are several steps that follow, and having a knowledgeable lawyer by your side can make the process smoother.
Remember, bankruptcy isn't the end, it's the beginning of your fresh start. Having the right support and guidance from a trusted bankruptcy team in Austin is important rebuild your financial stability. We're ready to help you get out of debt, are you ready?