Filing for bankruptcy offers businesses and individuals the opportunity to regain control of their finances, as well as secure a positive financial outlook for the future. Millions of American companies and consumers have enjoyed the benefits bankruptcy offers since the recent recession began in the late 2000s.
The experienced attorneys at The Smeberg Law Firm have been at the forefront of many of these bankruptcy proceedings throughout Texas. Our lawyers take the time to gain a full and complete understanding of their clients' financial situation. We then provide honest advice and personalize a case strategy to achieve their goals.
Please schedule your free, no obligation consultation with our business and consumer bankruptcy attorneys today. You may contact our San Antonio law firm online or by calling 210-695-6684.
Se habla español. Credit cards accepted. Flexible appointment hours.
Consumer Bankruptcy: Chapter 7 and Chapter 13
Credit card debt, unexpected medical bills and sudden job loss are common factors among families that struggle with finances. Depending on your situation, you and your family might be eligible for consumer bankruptcy relief under:
Chapter 7: A means test is conducted to determine your eligibility for Chapter 7 bankruptcy. The purpose of this test is to reserve Chapter 7 for those in the most dire financial situations. If eligible, you will go through a liquidation process where your assets will be sold to repay creditors. This thought scares many individuals, but most consumers are able to keep their home, car and other important personal assets. Upon completion, certain debts will be discharged.
Chapter 13: Those who do not qualify for Chapter 7 bankruptcy relief typically qualify for Chapter 13. Rather than liquidating your assets, you will work alongside your creditors to develop a three- to five-year repayment plan. At the end of the plan, much like in Chapter 7, eligible debts that remain will be discharged.
In addition, an automatic stay goes into effect once you file for bankruptcy. This automatic stay makes it illegal for creditors and collection agencies to pursue payment. In fact, it puts an immediate (although not permanent) end to any wage garnishments and foreclosure proceedings.
Business and High Net Worth Bankruptcy: Chapter 11
Bankruptcy protection under Chapter 11 allows businesses and high net worth individuals (who do not qualify for Chapter 7 or Chapter 13) to reorganize their finances. This reorganization gives companies a chance to step back and get a firm grasp on what it will take to be successful moving forward.
Contact a Texas Bankruptcy Attorney
Please contact our San Antonio debt relief law office online today to schedule a free, no obligation consultation with one of our experienced lawyers. You may also call our firm at 210-695-6684 to discuss your matter over the phone.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.