Professional Frisco Bankruptcy Lawyer

Texas bankruptcy allows a person to reduce their liability owed to certain creditors either by eliminating debts completely or through a reduction of amounts to be paid. For Texas consumers, bankruptcy is normally limited to Chapter 7 and Chapter 13 Bankruptcy.
In general Chapter 7 bankruptcy will eliminate most unsecured debts including credit card, hospitals, lease or car loan returns, and default deficiencies. Provided you earn enough to pay your monthly expenses, not including the discharged debt, you normally can keep your home and car. However, there are limits on who can file for Chapter 7, with limits in place for persons earning more than certain threshold amounts or persons having too much by way of personal assets.
Chapter 13 is available to persons who are excluded from filing Chapter 7 or are behind on their car or home loan and wish to get caught up under a structured repayment plan. In order to file for Chapter 13 you must have regular income so that a payment plan can be made. After the payment of your secured and priority creditors, money is then paid to unsecured creditors. The amount paid to unsecured creditors is based upon whatever sums are available.
Bankruptcy can be complex and confusing and serious consequence can occur should your bankruptcy paperwork be filed incorrectly, including the dismissal of your case. The Ferguson Law office is here to represent and advice you through the challenges that bankruptcy poses.

Aggressive Frisco Bankruptcy Attorney

Chapter 7
Chapter 7 bankruptcy is a proceeding where the debtor's non-exempt assets are sold by the Chapter 7 trustee whose proceeds are given to various creditors according to Federal law.
The ability to file Chapter 7 is based upon income as set out in the means test. First there is a threshold amount. It is determined by the size of the household filing for bankruptcy. If your last six month average income is under that amount then you qualify to file for chapter 7. If your income is above the amount, you proceed to go through a more exhaustive income and expense analysis. Should your income barely exceed expenses you may still qualify to file for Chapter 7.
Certain property is protected, or exempted, from being taken in bankruptcy. This includes home equity up to $125,000.00, household property, business tools, and vehicles up to a certain value. Also included are pension plans and 401k plans.
All debts must be listed in your bankruptcy case. A debt that fails to be included will not be discharged. Some debts automatically are discharged such as unsecured debts, others such as certain taxes, student loans, and child support may not be discharged.
Once the petition is prepared by The Ferguson Law office and signed by you, we file it with the bankruptcy clerk. Once filed, an automatic stay goes in effect, which acts to prevent any creditor from taking any action against you, including phone calls, letters, law suits or garnishments.
After filing the bankruptcy petition a §341 meeting will be conducted in approximately 30 days which occurs before the trustee assigned to your case. Testimony as to the petition will be had along with any questions trustee may have concerning your case.
Creditors and the trustee have a 60 days period from the §341 meeting to object and challenge, by filing an adversary proceeding, the debtor's right to a general discharge or of a particular debt .
Should no objection occur, usually the case will be closed shortly after the 60 day period to object concludes, whereby the debtor will obtain an order of discharge from the bankruptcy court.
Debtors must obtain a certificate of counseling to have been conducted within 180 days before filing the bankruptcy and also complete a course of financial management to get a discharge. The class is available online or over the phone from many approved sources.
Please feel free to contact our attorney for a free initial consultation, if you are looking for a Frisco bankruptcy lawyer, Frisco bankruptcy attorney, Plano bankruptcy lawyer, Plano bankruptcy attorney or a Frisco bankruptcy lawyer.
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