STOP home foreclosure
STOP threats from creditors
STOP lawsuits and judgments
STOP auto repossession
LAID OFF? FURLOUGHED?
Don’t lose another night’s sleep worrying about creditor harassment, or how to prioritize which bills to pay. Filing bankruptcy will put an immediate stop to creditors’ phone calls, letters, and collection efforts. Filing a Chapter 7 bankruptcy will discharge most debts and provide relief to you if you are facing difficult financial circumstances – like having reduced hours at work or being subject to a layoff. At Schorr Law Firm our experienced attorneys have years of experience assisting clients with creditor issues and bankruptcy. A common feeling all of our bankruptcy clients seem to share is the feeling of huge relief from stress and worries after completing bankruptcy.
Filing bankruptcy provides peace of mind and a fresh start in your financial life. And yes, there is life after bankruptcy!
Chapter 7 bankruptcies are especially helpful for people who have a sudden change in employment and high unsecured debts, including:
- Medical bills
- Credit card debt
- Unsecured personal loans
In most Chapter 7 cases, an automatic stay of legal proceedings and collection efforts goes into effect immediately once the bankruptcy is filed. The automatic stay will stop all creditors and debt collectors from contacting you and stop them from filing lawsuits against you or halt lawsuit if they have already been filed. In Texas most types of property are exempt assets and protected from creditors, which means you’ll be able to protect your home, your car, your retirement accounts. Property that is collateral for a loan can be kept as long as you have the ability to continue paying the loan. Contact us before you take a home equity loan or liquidate a retirement account to pay unsecured debts. In most cases, you can discharge your unsecured debts while saving your exempt assets and give yourself a fresh start.
Certain debts may not be dischargeable, including:
- Student loans
- Mortgage (arrearage when you wish to keep your home)
- Child support
- Certain taxes
- Spousal maintenance
If you have these types of debts, then a payout bankruptcy (Chapter 13) may be an option. Our attorneys can discuss your options with you.
CHAPTER 7 BANKRUPTCY
A Chapter 7 case may take up to 6 months from beginning to end. Before filing a bankruptcy petition with the court a debtor must first take a credit counseling course, and after successful completion a petition can be filed. After the petition is filed most people attend only one hearing that takes place in front of a Trustee, not a judge, and in a conference room, not a courtroom, and most cases takes less than fifteen minutes. With current public health concerns we believe hearings will likely be conducted by remote means. After the hearing there is a second debt counseling course. The purpose of the course is to help you with managing your financial affairs after bankruptcy. Next, most clients will receive a notice of discharge in the mail from the court. The discharge is the order that disposes of the debt that is dischargeable pursuant to the bankruptcy laws.
ALTERNATIVES TO BANKRUPTCY
If you have questions about how to best address your debt, one of our attorneys can discuss which options are available. Alternatives to bankruptcy include debt consolidation, negotiation to reduce outstanding debts, loan restructuring and more.
We’re here for you when you’re ready to discuss your options. Please let us know how we can help. Don’t wait to contact us for a free consultation if you are facing mounting bills because of a recent job loss or furlough. We can discuss your options with you and help you chart a course to a fresh start.