Plano Personal Bankruptcy Attorneys
Times are hard. They get harder when you face a personal crisis. Job loss, medical bills, divorce, a failed business venture or any other unforeseen calamity can drain your available funds and often lead you to depend on credit. Before you know it, your debt has spiraled out of control and you cannot make even the minimum monthly payments. You are afraid to pick up the phone because of the constant badgering of collection agencies; and foreclosure or repossession notices are clogging your mailbox.
At Meyer and Colegrove, we understand hard times. If creeping debt has taken over your life, it is probably time to speak to a bankruptcy attorney. We can help you start anew.
If you are facing foreclosure or repossession, consult an attorney immediately. Our attorneys are ready to act quickly to save your property. By filing for bankruptcy relief your creditors are prohibited by law from foreclosing on your home, repossessing your assets, or even calling you to collect on debts.
Don’t be misled. Despite recent changes in the bankruptcy laws, bankruptcy remains a viable, legal, saving grace – a process almost everyone overcome by debt may use to clean the slate and get back on their feet.
To be sure, with the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 the process of obtaining protection from creditors became more complicated. All the more reason you need an experienced bankruptcy attorney to steer you through the turbulent waters.
The attorneys at Meyer & Colegrove can help you better understand the new bankruptcy laws; and will evaluate your individual case to help you determine the best approach to obtaining relief from creditors. (Click here to view and print our Individual Debtor Client Questionnaire). We will help you determine whether to seek bankruptcy protection and, if you co, whether you should file under for relief under Chapter 7 or Chapter 13 of the Bankruptcy Code, the federal law governing bankruptcy.
Chapter 7 Bankruptcy
A Chapter 7 bankruptcy is known as a “straight liquidation.” It will discharge almost all unsecured debts except for certain taxes, domestic support obligations, and student loans. In order to qualify for a Chapter 7 bankruptcy, the debtor must pass a “means test.” A Meyer & Colegrove attorney will investigate your case and do the financial analysis necessary to determine if you qualify for Chapter 7 protection.
If you do qualify, under Chapter 7 you need not worry about a repayment plan. Instead, the court names a bankruptcy trustee who gathers and sells nonexempt assets and uses the proceeds to pay your creditors according to the provisions of the Bankruptcy Code
Some of your property may have been pledged to secure certain loans. In many cases, that means the property itself may be sold or delivered to the secured creditor to satisfy the loan. However, even in bankruptcy, you will be able to keep certain "exempt" property, property not subject to liquidation.
What are nonexempt assets? Texas provides generous property exemptions so you can keep much of the property that means the most to you. Some of the exemptions are:
- Homestead Exemption:Unlimited; property cannot exceed 1 acre in town, village, city or 100 acres (200 acres for families) elsewhere; sale proceeds exempt for 6 months after sale.
- Personal Property:
- a.) Single adult: A single adult, who is not a member of a family is entitled to property he or she owns that has a fair market value (exclusive of liens) of up to $30,000. Tex.Prop. Code § 42.001(a)(2).
- b.) Family: A family is entitled to property with a fair market value (exclusive of liens) of up to $60,000. Tex.Prop. Code § 42.001(a)(1).
- Motor vehicles: A two-wheeled, three-wheeled, or four-wheeled motor vehicle for each member of a family or single adult who holds a driver's license or who does not hold a driver's license but who relies on another person to operate the vehicle for the benefit of the non-licensed person can be claimed as exempt property. Tex.Prop. Code § 42.002(a)(9).
- Retirement plans, IRAs, etc.: There is also an unlimited exemption for monies set aside in certain qualified accounts earmarked for the debtor's retirement.
