Debt Management & Bankruptcy
Carrying debt year after year is exhausting. Debt worrying impacts your sanity and relationships. But there is help!
You may be facing creditor lawsuits and harassing phone calls. You may be behind on your mortgage payments and wonder if a loan modification program fits your situation. You may also own a small business and worry about taxes and its income.
We are here to help, and our help starts with our initial consultation, which is free in most cases. During your consultation, we will evaluate your fit for different debt relief options. We discuss bankruptcy and non-bankruptcy options to see the pros and cons of each approach.
With good debt relief information tailored to your situation on hand, you can begin your path to managing and eliminating your debt.
Here are some of the more common debt challenges we resolve for clients:
Debt Lawsuit Representation: We fight your creditors in court and negotiate your debt.
Credit Card debt: Discharge unsecured debt like credit card debt, medical bills, voluntary vehicle surrenders, and broken leases.
Missed Mortgage Payments: We bring your mortgage current through Chapter 13 bankruptcy or a mortgage modification.
Tax Debt: We analyze your tax debt and determine bankruptcy and non-bankruptcy options to bring your tax debt under control.
Book your telephonic or Zoom appointment or call us to schedule an in-person appointment in one of our convenient locations in Austin, Houston, Bellaire, or San Antonio.
Start Fresh – Chapter 7
Chapter 7 is called the “fresh start” bankruptcy because it discharges (eliminates) your unsecured debt such as credit card debt, medical bills, some types of income tax debt, broken leases, and repossessions.
It is called a “liquidation” bankruptcy because it is theoretically supposed to liquidate your assets. In reality, most Chapter 7 cases are called “no asset” cases in which you don’t lose any of your assets or property.
If you have been googling Chapter 7 bankruptcy, you are probably reading that if you file for a Chapter 7 bankruptcy, you will lose your assets and property. That’s not typically accurate. Most Chapter 7 filers keep all their assets.
Our consultation includes a risk evaluation in addition to strategies to discharge as much debt as possible. Book your consultation now and begin your path toward a fresh start.
Payment Plans and Restructuring – Chapter 13
Chapter 13 bankruptcy is generally designed to protect the property you are trying to keep but behind.
Through monthly payments, you can bring current missed mortgage payments or back vehicle payments. Payment plans are designed to protect your property in a Chapter 13 bankruptcy case while discharging qualifying debt.
Do you have to pay all your debt back in a Chapter 13 bankruptcy case? It depends. In some cases, you can eliminate all your unsecured debt while paying back your missed mortgage payments. In some others, you are required to pay the debt back in structured and affordable payments. It depends on your income, assets, and bankruptcy law’s\ requirements. We are generally able to calculate a rough monthly payment during your consultation.
Chapter 11 Bankruptcy
A conventional Chapter 11 or the new Subchapter 5 bankruptcy restructure and eliminate debt in different ways. Both are typically used to restructure business debt and persons with high debt.
The subchapter 5 Chapter 11 bankruptcy was introduced during Covid as a more efficient and cost-effective alternative to a traditional Chapter 11.
Both Chapter 11 and Subchapter 5 bankruptcy can be structured to resolve all types of debt challenges.
While preparing our case and legal strategy, Hooman’s expertise and ability to explain complicated legal terms in common sense language put me at ease even when I felt stressed. His continuous reassurance was worth its weight in gold to me.