Bankruptcy Attorney in Waco, TX
If you are considering bankruptcy as a solution to unmanageable debt, it’s important that you know what bankruptcy is and what it does. As an experienced Waco bankruptcy attorney and Killeen bankruptcy attorney, I understand that bankruptcy can be very confusing. I’ve designed this page to give you a brief overview of the four types of bankruptcy, so you will have an idea which type is best for your situation:
Chapter 7: This type of bankruptcy is typically used by people who have large amounts of unsecured debt, such as credit cards. It completely wipes the slate clean – you can get rid of just about any type of debt, except for student loans, recent IRS debt, and child support payments. You can easily retain your home and car if you remain current on your payments to the creditors who are financing those assets for you.
Chapter 11: Business owners typically favor this type of bankruptcy, because it allows them to reorganize and repay substantial debt, while still continuing to operate their businesses. If you own a business with significant assets and income, this might be the way to go.
Chapter 12: This type of bankruptcy is for farmers and family fishermen. It’s less complicated and cheaper than Chapter 11, but allows for greater debts than Chapter 13.
Chapter 13: Often called “wage earner’s bankruptcy”, this type of filing is designed for people who have a regular income. It doesn’t get rid of your debts, but it does allow you to make payments over a longer period of time, usually at a reduced rate. This type of bankruptcy is helpful if your home is posted for foreclosure, because Chapter 13 stops the foreclosure sale and allows you up to five years to repay your missed mortgage payments – without paying interest or late fees.
If you’re struggling with debt, please call me to set up a free consultation. We’ll take about 45 minutes to discuss your situation, explore your options, and choose a strategy that is right for you. I have 28 years of experience, and my practice is exclusively dedicated to bankruptcy law, so you can rest easy knowing that you’re represented by someone who knows what you’re going through.
I’m not just a Waco bankruptcy attorney and a Killeen bankruptcy attorney: I represent clients across a wide area of Texas covering all of McLennan, Bell, Bosque, Coryell, Freestone, Hamilton, Hill, Leon, Milam, and Robertson Counties, including Waco, Temple, Killeen, Harker Heights, Hillsboro and Copperas Cove.
You can reach me at (254) 296-1161 (Waco) or (254) 690-4110 (Killeen). I look forward to hearing from you!