- House Foreclosure
- If you own a home, this is probably your largest and most valuable asset. A bankruptcy petition stops the foreclosure of your home - it stops foreclosures on any type of physical property that you own. The lender has no option once a bankruptcy case is filed. The bankruptcy also allows you to restructure the amount you are behind and pay the past due amount over a period of up to 5 years. Even if you do not think you can afford your home, a bankruptcy may restructure the debts on your house to make it affordable. Please be aware - if you wait to act until after the foreclosure sale, you are probably too late in Texas. There is no right of redemption for foreclosures (except for ad valorem taxes). watch video »
- Car Repossession
- If you live in Texas, you know the need for transportation and a vehicle. If you have gotten behind on your car or truck payments, or even worse, your vehicle has been repossessed, then a bankruptcy filing can get your vehicle back. So long as the lender has not sold your vehicle after a repossession (which normally cannot occur for at least 10 days after repossession), the bankruptcy process allows you to recover your vehicle, restructure your vehicle payments, and continue to have transportation. All is not lost if your vehicle has been repossessed. In order to get your vehicle back, you will need to have proof of full insurance coverage and qualify to file a chapter13 bankruptcy case. watch video »
- Credit Cards
- Credit card companies have been pushing people to use credit cards for years. Unfortunately, many people have used credit cards with the expectation of repayment only to find themselves without a job, with significant medical bills or another issue that has prevented them from repaying credit cards. A bankruptcy may allow you to either restructure the payments on your credit cards or to discharge your credit card debts - in other words the credit card debts are extinguished. You do not have to live in fear of collection calls, harassment, or lawsuits from credit card companies. Bankruptcy can relive you of significant debts that will not go away when credit card companies want you to pay 15%, 20% and 35% interest on the debts. watch video »
- Types of Bankruptcies, Alternatives to Bankruptcy and the Bankruptcy Process
-
Bankruptcies fall into basically two types of categories - discharge of debts with no payments (chapter 7) and repayment plans for different types of debts (chapters 9, 11, 12, and 13). What type of bankruptcy is best for you depends on a variety of factors that include income, expenses, types of debts, long term goals and restrictions in various chapters. For instance, if you want to save a house, car or both, then a chapter 7 will not help. If you principally have credit card or medical bills and are current on your house and car payments, then chapter 7 may be the best solution. In order to accurately assess the best chapter for your needs, you should consider seeing a board certified attorney. watch video »
Bankruptcy should be the “option of last resort.” Prior to filing a bankruptcy, you should consider debt consolidation with a reputable and well known debt counseling company, if you have debts that can be consolidated. However, debt consolidation will not help on delinquent house or car payments. At Baker & Associates we assist people in submitting forbearance agreements on their homes. We also assist people with loan modifications. We will defend clients against credit card claims in state court lawsuits - and may be able to resolve credit card claims in state court lawsuits. We also will assist in credit card negotiations. We assist clients in many areas involving debt issues. watch video »
Bankruptcy is conducted in the federal courts. Bankruptcy is effectively a lawsuit that is filed against creditors. In order to file a bankruptcy, you must complete documents for filing with the court, you must complete a credit counseling course, and you must provide financial information for the court. After a case is filed, you will be required to meet with a trustee about 30 days after your case is filed. The process is different for chapter 7, 11, and 13 cases. The bankruptcy process should be completed for a chapter 7 in approximately 4 to 6 months from the date of filing. A chapter 13 case goes from 3 to 5 years. A chapter 11 case may be from 6 months to 1-1/2 years. During each step, we provide support and assistance to our clients. watch video »
- The Biblical History of Bankruptcy
- The current bankruptcy laws in the United States are very different from almost anywhere else in the world. The fundamental principles of our bankruptcy laws originate from the Bible. Look at Deuteronomy chapter 6 in the Old Testament. The basis of our laws comes from this part of the Bible. Many people also do not know that the current bankruptcy laws that originated in 1898 were put in place due to a large movement of the church in America. Creditors were being unmerciful in dealing with debtors (does this sound familiar) and the church took steps to address the creditor problems. watch video »
Got debt? Get relief!
If you are among the many individuals, families or small businesses that are struggling with overwhelming debt, filing for bankruptcy can be a viable option to discharge your debts, and give you a fresh financial start. Many people believe that the changes in the bankruptcy laws that occurred in 2005 will keep them from filing bankruptcy. On the contrary, the new laws may actually help you in the bankruptcy process.
