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Houston Bankruptcy Attorneys
Do not let debt destroy your financial life when an affordable lawyer can guide you through the rough process of becoming debt free.
Chapter 13 vs Chapter 7 Bankruptcy
You can either file a Chapter 13 bankruptcy or a Chapter 7 Bankruptcy. Chapter 13 allows you to pay your debts over an extended using a payment plan approved by the court.
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Ch 13 Bankruptcy – Houston
With Chapter 13 you do not need to be paid in full and unpaid amounts will be discharged. Filing for a bankruptcy makes the court notify all your creditors of your bankruptcy filing and tell them that they may no longer send you letters or call you. It also helps:
- Stop home foreclosure
- Relieve stress brought about by debt
- Prevents or stops lawsuits
- Stops evictions and repossessions.
Ch 7 Bankruptcy
Chapter 7 bankruptcy gives you an opportunity to wipe out medical debt, credit card debt and other types of unsecured debts if you can no longer afford to pay them. It involves a trustee collecting all your assets and selling any assets which are not exempt. The net proceeds from selling these assets are then distributed to your creditors.
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Major Differences Between Chapter 7 and Chapter 13 Bankruptcy
How much does it cost to file bankruptcy in Houston?
An affordable lawyer for a personal Chapter 7 bankruptcy case should charge a reasonable flat fee of maybe about $650. Flat fees are standard in most Chapter 7 Bankruptcy cases but there is also a court filing fee set by the court and credit counseling fee.
A court filing fee is usually $299 and the credit counseling fee may range from $15 to $50. An affordable attorney does not charge hidden fees or costs. So in total, most Chapter 7 Bankruptcy cases should be filed for about $999.
But you may spend more than that depending on the complexity of your case. Some Chapter 7 cases may cost $1500 or more plus costs. The total cost is determined by whether a business is involved, the number of creditors, amount of debt and other factors. But not all attorneys are the same and shopping for lawyers based on price is a mistake.
Cheap Bankruptcy Lawyers?
You don’t want your bankruptcy case mishandled just by an attorney that happens to be cheaper. A mishandled case could mean you losing very valuable property. Find a firm that has an excellent reputation. Most law firms do charge reasonable fees.
The costs can be kept down because of the attorney’s experience guiding many people through a Chapter 7 process. Advanced software used for Bankruptcy Court filing and internet accessibility make preparing a bankruptcy case cheaper and less time consuming. In the past it could take days to prepare a Chapter 7 case but now it takes hours.
A resourceful lawyer will help you separate the myths from facts and take the time to learn and consider your financial issues. Your attorney will talk to you about your debts, income, mortgage payments, auto payments and more. Then the attorney will take you through the legal solutions that can offer you the best protection for your assets while limiting your liabilities.