Fort Worth Bankruptcy Attorney
Securing Relief for Clients in Denton County and the Surrounding Areas
It can be easy to feel helpless in the face of overwhelming debt, but relief
options are available. If you are facing foreclosure, are fielding calls
from angry creditors, or know you will not be able to pay your obligations,
it may be time to consider bankruptcy.
Bankruptcy provides immediate and long-term relief from creditors and allows
you to discharge certain types of unsecured debts, including:
- Credit card debt
- Medical debt
- And unpaid utility bills
Our
Fort Worth bankruptcy attorney at
The Messerli Law Firm, PLLC can help you navigate the process and make the most of your filing. We
have over 20 years of business experience and are familiar with all elements
of the U.S. Bankruptcy Code. Our team can leverage our extensive knowledge
and resources to help you secure a future free from debt.
Our seasoned team provides professional and capable guidance throughout
the bankruptcy filing process. Schedule a consultation by completing the
online contact form or calling
(972) 850-2033.
Types of Bankruptcy
There are several major types of bankruptcy, each with its own process
and eligibility requirements. Whether you are an individual or a business
as well as your current financial circumstances will generally determine
which type of bankruptcy you can apply for. We can help evaluate what
types of bankruptcy you qualify for and help you understand the implications
of filing.
Our Fort Worth bankruptcy attorney can assist you with:
Chapter 7 Bankruptcy
This type of bankruptcy is intended for consumers with limited assets and
income. Filers must qualify to file for Chapter 7 by passing the state’s
Means Test, which compares current income with the median average for
your household size and measures your monthly disposable income.
Filers will go through a “liquidation” process where nonexempt
assets are sold, or “liquidated,” to repay creditors. Once
this process has been completed, filers can discharge unsecured debts.
Though liquidation can sound scary, the reality is that many filers lose
little to nothing.
Texas’s exemptions include:
- Equity in your home
- Vehicle
- Furniture
- Personal possessions
- Clothing
- And more
We can help you leverage these exemptions and minimize the impact of liquidation.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy is generally intended for business organizations.
Individual consumers can sometimes file if they do not qualify for other
types of bankruptcy.
Filing for Chapter 11 involves proposing a plan to repay creditors through
a reorganization of business assets and liabilities. Filers retain control
of their business during a Chapter 11 bankruptcy but must create a plan
that will survive creditor objections.
We can assist business organizations throughout the Chapter 11 bankruptcy
process and can develop a reorganization plan that will satisfy creditors
and the court. Our team can also pursue and facilitate streamlined Chapter
11 procedures for small businesses.
Chapter 12 Bankruptcy
This unique type of bankruptcy is reserved for family farmers and fishermen.
Individuals in these occupations with “regular annual income”
can be eligible to file if a majority of their debts are connected to
their commercial operations.
Filers will propose a plan that combines their debts into a lump monthly
installment that must be paid over a 3- to 5-year period. Once this repayment
plan has been completed, farmers and fishermen can discharge unsecured debts.
Chapter 13 Bankruptcy
Individuals that do not qualify for Chapter 7 bankruptcy will likely instead
qualify for Chapter 13 bankruptcy, especially if they have consistent
income. Filers will need to propose a plan that reorganizes their obligations
into a single monthly payment.
This payment amount will be rooted in your current monthly disposable income
and must be paid over a period of 3 to 5 years, after which you will be
permitted to discharge unsecured debts.
Additional Debt Services
In addition to our bankruptcy filing services, our firm also offers tailored
debt counseling. We realize that bankruptcy is not the right choice for
everyone and can help you explore all available relief solutions.
This can include working directly with creditors to negotiate refinancing
compromises.
Our firm also provides a full suite of
financial planning services that can help you make strategic short- and long-term decisions and avoid
accumulating debt.
Reach out to our firm by calling (972) 850-2033 or
contacting us online today.
