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TX bankruptcy lawyerIf you intend on filing for bankruptcy, then you likely already have a decent idea of what a bankruptcy is. For many people, filing for a bankruptcy is a way to get a fresh financial start and change their lives immensely, yet many people do not actually understand what the process entails. The bankruptcy process consists of various steps that must be taken in order to accurately complete the process. Though the majority of the process consists of paperwork and other administrative tasks, it can be daunting to some, which is why hiring a skilled bankruptcy attorney is recommended.

  • Attend Pre-Bankruptcy Credit Counseling: Before you even begin your case, you are required to complete pre-bankruptcy credit counseling. This is typically one meeting that lasts for an hour or two with a credit counselor who is approved by the U.S. Department of Justice. This course must be completed within six months prior to your bankruptcy filing and usually involves discussing your financial situation and your options for bankruptcy.
  • Prepare Necessary Paperwork: Next, you will need to begin to collect all of the documents necessary to fill out the required paperwork and file your bankruptcy case with the court. This is typically one of the most confusing, yet essential parts of the bankruptcy process and one of the parts that your attorney will assist you with. Your attorney will ensure that the paperwork is properly filled out with information such as your income, your assets, your debts and your spending habits, among other things.
  • File the Petition with the Court: The next step is to actually file your bankruptcy case with the court. Your attorney will also assist you with ensuring your bankruptcy petition is filed correctly with the court to avoid any denials or delays. This is also the step during which you will have to pay filing fees.
  • Complete a Debtor Education Course: In all bankruptcy cases, you will also need to complete a second credit counseling course. The second course is a debtor education course, which is designed to help you make smarter financial decisions as you move forward. This course must also be completed from an approved credit counseling agency and the certificate of completion must be filed with the court before your debts can be discharged.
  • Receive a Notice of Discharge: The final step in the bankruptcy process is to actually have your debts discharged. Once you have completed all of the requirements and you have filed all of the necessary paperwork, your bankruptcy trustee will look over your case and make a decision as to whether or not your bankruptcy is granted. Once your bankruptcy has been discharged, you will receive a notice of discharge in the mail, officially clearing you of all of your included debts.

Our San Antonio, TX Bankruptcy Lawyer is Here for You

Filing for a bankruptcy can be an overwhelming and time consuming process, no matter your situation. If you are considering filing for bankruptcy, you should speak to a skilled New Braunfels, TX bankruptcy attorney before you make your move. At the Law Offices of Chance M. McGhee, we can help you through the process and provide you with assistance wherever it is needed. To begin discussing your case with our bankruptcy attorney, schedule your free consultation today by calling our office at 210-342-3400.

 

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When you are swimming in debt, ignoring phone calls from creditors, facing a repossession or foreclosure, and your mailbox is filling up with lawsuits and letters from collectors, it can feel as though your life is spinning out of control. But, is bankruptcy really the right debt solution for you? And if it is, which personal bankruptcy option should you choose? While there are a number of factors to consider in reaching the answers to those questions, and a qualified attorney is best suited to guide you, the following information on bankruptcy basics will help you understand the basics.

Common Types of Personal Bankruptcy

Both Chapter 7 and Chapter 13 bankruptcies allow you to manage or eliminate unsecured debts and stop the proceedings of foreclosures, garnishments, repossessions, utility shutoffs, and debt collections. However, child support, alimony, fines, some types of back taxes, and most student loan debts may be exempt, leaving you still obligated to pay them. Additionally, both may allow you to keep certain assets (within your state’s maximum valuation), such as a car or primary residence. But, this is where the similarities for the types of bankruptcies end.

In a Chapter 7 bankruptcy, sometimes known as “straight bankruptcy,” you will be required to sell all non-exempt assets, including (but not limited to) vehicles, work-related tools, basic household furnishings, and additional properties. In some cases, this sale must be completed by a court-appointed trustee. In others, the items may need to be turned over to the creditor. Once your bankruptcy is discharged, you must wait another eight years before you can file again.

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TX bankrutpcy lawyer, TX bankruptcy attorney, Many people share intimate details of their lives on social media — vacations they take, places they shop, purchases they make, and even what they wear. Unfortunately, this form of sharing can sometimes have legal repercussions. For example, angry posts about your soon-to-be ex-spouse can find their way into your divorce case. Similarly, social media posts that depict a financial situation that is different from what you have claimed in bankruptcy filings could also cause serious problems. In fact, a high-profile example from a few years ago shows just how difficult things can be when you are not careful on social media.

Bankruptcy Filing and a Social Media Blunder

In 2015, the rapper 50 Cent filed for Chapter 11 bankruptcy protection. Right in the middle of it all, he posted several Instagram photos with loads of cash — one of a stack of money in his freezer, one in which bills were arranged to spell the word “Broke,” and one of him surrounded by stacks of cash on a bed. The rapper claimed the bills were props, such as those used in music videos, but his creditors and the judge were far from amused.

According to the New York Times, 50 Cent stated that the postings were essential to maintaining his appearance and securing his future. When his history of merchandising deals and “living large” were mixed with a number of failed business ventures and several lawsuits, it was understandably difficult to determine whether he was hiding assets or telling the truth. Because of this, his creditors asked for a reevaluation of his assets, and a judge pulled him back into court to speak about the matter.

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TX bankruptcy lawyer, Texas chapter 7 attorney, The decision to file for personal bankruptcy is not one that is easily made. Moreover, the days, weeks, and months following the decision can also be difficult, as there may be feelings of fear or concern. Then there is still the stress of preparing for the bankruptcy process. The following may be able to help alleviate some of that stress and provide guidance on how to find the assistance you need.

Start by Contacting an Attorney

While there are many steps to take during the bankruptcy process, your first should be to contact an experienced bankruptcy lawyer. Not only does this help you prevent missteps during the bankruptcy process, but it can also expedite the next steps. By contacting a lawyer, you can get you on your way to less stress from the creditor calls and collection letters.

Cancel Your Automatic Payments

If you are like most consumers, you have automatic payments that are drafted from your account. Some might be for subscriptions while others might be with creditors, all should be eliminated. This can help you start to step forward and manage your debt more responsibly. It also gives you more control over what you are paying in the weeks leading up to the bankruptcy filing.

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bankruptcyLife can be unpredictable. Life can be messy and complicated. And, sometimes, the worst things that can happen to us are completely out of our control. But what do you do when the messy, unpredictable, and complicated lead to financial problems? How do you turn things around and regain control of your financial future? The answer really depends on where you are in the debt collection process. While some may be able to find a viable bankruptcy alternative, others may need more aggressive action. The following information may be able to help you in determining your best course of action for settling debt with creditors.

Creditor Harassment with No Negative Actions

If you have only just started being hounded by your creditors and have not yet received any notice of wage garnishment, tax or property liens, bank seizures, home foreclosure, or any other negative actions against you, you may be able to negotiate a repayment plan with your creditors. But, because not all creditors are willing to work with consumers, and because they have no incentive to actually help you, it may take the assistance of a skilled attorney to resolve the matter before things escalate.

Liens, Levies, Wage Garnishment, Foreclosure, and Other Negative Actions

If matters have already started to spiral out of control and you are facing negative actions, such as a tax lien or levy, wage garnishment, home foreclosure, vehicle repossession, or bank account seizure, resolving the issue can be a little more complicated. In some situations, a lawyer may be able to assist you with a negotiation that can keep you from further actions. If, however, the process has already begun, your only option may be to file bankruptcy.

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