Are you drowning in debt and feeling like there’s no way out? We understand how overwhelming and stressful financial troubles can be. But don’t lose hope – with the help of an experienced San Antonio bankruptcy lawyer, you CAN get a fresh financial start and take back control of your life.At DelanceyStreet.com, we’ve helped countless clients in San Antonio and throughout Texas navigate the complex bankruptcy process and emerge on the other side with their finances intact. Our team of skilled bankruptcy attorneys has the knowledge and expertise to guide you through every step, whether you’re considering Chapter 7, Chapter 13, or exploring alternatives to bankruptcy.
Understanding Your Bankruptcy Options in San Antonio
When it comes to bankruptcy in Texas, you generally have two main options – Chapter 7 and Chapter 13. Let’s break down the key differences:
Chapter 7 Bankruptcy
Chapter 7, also known as “liquidation bankruptcy,” allows you to discharge most unsecured debts like credit cards and medical bills. Here’s what you need to know:
- Most of your assets are liquidated to pay off creditors
- Process typically takes 3-6 months
- You must pass a means test to qualify
- Provides a clean slate, but stays on your credit report for 10 years
Chapter 7 can be a good option if you have little to no disposable income and want to quickly eliminate unsecured debts. However, you may lose some assets in the process.
Chapter 13 Bankruptcy
Chapter 13 is a “reorganization” bankruptcy that allows you to keep your assets while repaying debts through a 3-5 year repayment plan. Key points:
- You keep your property and repay debts over time
- Good option if you have a steady income
- Can stop foreclosure and catch up on mortgage payments
- Stays on your credit report for 7 years
Chapter 13 is ideal if you have a regular income and want to keep your home or other valuable assets. It gives you time to catch up on missed payments.Still not sure which option is right for you? Don’t worry – that’s what we’re here for! Our experienced San Antonio bankruptcy attorneys will carefully review your financial situation and help you determine the best path forward. Give us a call at (210) 123-4567 to schedule a free consultation today.
The Bankruptcy Process in San Antonio: What to Expect
Filing for bankruptcy can seem daunting, but having a knowledgeable attorney by your side makes all the difference. Here’s a general overview of what you can expect when filing bankruptcy in San Antonio:
- Credit counseling: You must complete a credit counseling course from an approved provider before filing. This helps ensure bankruptcy is truly your best option.
- Preparing & filing petition: Your attorney will help gather all necessary financial documents and prepare your bankruptcy petition to file with the court.
- Automatic stay: As soon as you file, an automatic stay goes into effect that stops most collection actions against you.
- Meeting of creditors: You’ll attend a 341 meeting where the trustee and creditors can ask questions about your finances under oath.
- Confirmation hearing (Chapter 13 only): The court will review and approve your proposed repayment plan.
- Completing requirements: You’ll need to take a financial management course and make plan payments (for Chapter 13).
- Discharge: If all requirements are met, the court will grant a discharge of your eligible debts.
The entire process typically takes 3-6 months for Chapter 7 and 3-5 years for Chapter 13. But don’t worry – we’ll be there to guide you every step of the way!
Common Bankruptcy Myths Debunked
There are a lot of misconceptions out there about bankruptcy. Let’s set the record straight on some common myths:MYTH: Bankruptcy ruins your credit forever.
FACT: While bankruptcy does impact your credit, many people are able to rebuild their credit scores within 2-3 years of filing.MYTH: You’ll lose everything you own in bankruptcy.
FACT: Texas has generous bankruptcy exemptions that allow most people to keep their home, car, and personal property.MYTH: Only irresponsible people file for bankruptcy.
FACT: Most bankruptcies are caused by circumstances beyond people’s control, like job loss, divorce, or medical bills.MYTH: You can never get credit again after bankruptcy.
FACT: Many people qualify for new credit cards and loans within a year or two of filing.MYTH: Bankruptcy eliminates all debts.
FACT: Certain debts like student loans, recent taxes, and child support can’t be discharged in bankruptcy.Don’t let myths and misinformation keep you from getting the debt relief you need. Our San Antonio bankruptcy lawyers can explain the realities of bankruptcy and how it could benefit your unique situation. Call us at (210) 123-4567 for honest, straightforward advice.
Bankruptcy Exemptions in Texas: What Can You Keep?
One of the biggest concerns people have about bankruptcy is whether they’ll lose their property. The good news is that Texas has some of the most generous bankruptcy exemptions in the country. Here’s an overview of what you may be able to keep:
| Asset Type | Texas Exemption Amount |
|---|---|
| Homestead | Unlimited value (up to 10 acres urban/100 acres rural) |
| Vehicle | One vehicle per licensed household member |
| Personal Property | Up to $50,000 per person/$100,000 per family |
| Retirement Accounts | Generally 100% exempt |
| Tools of Trade | Up to $50,000 in value |
| Wages | 100% exempt |
It’s important to note that these exemptions have some limitations and exceptions. For example, the unlimited homestead exemption only applies if you’ve owned the property for at least 1,215 days before filing. And certain luxury items may not be fully protected.Our experienced San Antonio bankruptcy attorneys can help you understand exactly which of your assets are protected under Texas law. We’ll work to maximize your exemptions and keep as much of your property as possible. Don’t risk losing valuable assets – call us today at (210) 123-4567 for a free exemption analysis.
Alternatives to Bankruptcy: Exploring Your Options
While bankruptcy can be an effective solution for many people, it’s not always the best choice for everyone. Before filing, it’s important to explore all of your options. Some alternatives to consider include:
Debt Settlement
Negotiating with creditors to settle debts for less than the full amount owed. This can reduce your overall debt, but may have tax consequences.
Debt Consolidation
Taking out a new loan to pay off multiple debts, ideally at a lower interest rate. This simplifies payments but doesn’t reduce the amount owed.
Credit Counseling
Working with a non-profit agency to create a debt management plan and potentially lower interest rates.
Loan Modification
Negotiating with your mortgage lender to modify the terms of your loan and make payments more affordable.
Selling Assets
Liquidating valuable assets to pay off debts and avoid bankruptcy.Our San Antonio bankruptcy lawyers can help you evaluate all of your debt relief options to determine the best solution for your unique situation. We’ll provide an honest assessment of whether bankruptcy or an alternative makes more sense in your case.Don’t struggle with overwhelming debt alone – let us help you find the path to financial freedom. Call (210) 123-4567 now to schedule your free consultation with a knowledgeable bankruptcy attorney.
The Importance of Hiring an Experienced San Antonio Bankruptcy Lawyer
When it comes to something as important as your financial future, you don’t want to leave anything to chance. While it’s possible to file bankruptcy on your own, working with an experienced attorney offers numerous benefits:
- Expert guidance: Bankruptcy law is complex and constantly changing. An experienced lawyer stays up-to-date on all the latest laws and court rulings.
- Maximized exemptions: A skilled attorney knows how to use Texas exemption laws to protect as much of your property as possible.
- Avoid mistakes: Even small errors on bankruptcy forms can have serious consequences. An attorney ensures everything is filed correctly.
- Creditor protection: Your lawyer acts as a buffer between you and creditors, handling all communication on your behalf.
- Explore all options: A good bankruptcy attorney will help you consider alternatives and determine if bankruptcy is truly your best choice.
- Peace of mind: Having an experienced advocate in your corner reduces stress and gives you confidence throughout the process.
At DelanceyStreet.com, our San Antonio bankruptcy lawyers have decades of combined experience helping clients achieve debt relief. We’ve seen it all and know how to navigate even the most complex bankruptcy cases.Don’t trust your financial future to just anyone. Call us today at (210) 123-4567 to schedule a free consultation with one of our knowledgeable bankruptcy attorneys. We’ll review your situation and help you make an informed decision about your next steps.
Recent Changes to Bankruptcy Law in Texas
Bankruptcy laws are constantly evolving, and it’s crucial to work with an attorney who stays current on all the latest changes. Here are some recent updates that could impact your bankruptcy case in San Antonio:
Small Business Reorganization Act
In 2020, the Small Business Reorganization Act went into effect, creating a new Subchapter V of Chapter 11 bankruptcy. This provides a streamlined, more affordable reorganization process for small businesses with less than $2,725,625 in debt.
CARES Act Provisions
The Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 made several temporary changes to bankruptcy law, including:
- Excluding coronavirus-related payments from income for Chapter 7 and 13 bankruptcy
- Allowing Chapter 13 debtors to extend their plans to 7 years if impacted by COVID-19
- Increasing the debt limit for Subchapter V to $7.5 million (expired March 27, 2022)
Texas Homestead Exemption Update
In 2021, the Texas legislature passed HB 1118, which clarified that the homestead exemption applies to manufactured homes that are considered real property.
Bankruptcy Threshold Adjustments
As of April 1, 2022, several bankruptcy thresholds were adjusted for inflation, including:
- Chapter 13 debt limits increased to $465,275 for unsecured debts and $1,395,875 for secured debts
- Means test median income levels updated
These are just a few examples of recent changes that could impact your bankruptcy case. Our San Antonio bankruptcy attorneys stay on top of all the latest legal developments to ensure you receive the most up-to-date advice and representation.Curious how recent law changes might affect your situation? Give us a call at (210) 123-4567 for a free case evaluation with an experienced bankruptcy lawyer.
Frequently Asked Questions About Bankruptcy in San Antonio
We know you probably have a lot of questions about the bankruptcy process. Here are answers to some of the most common questions we hear from clients:Q: Will I lose my house if I file bankruptcy?A: In most cases, no. Texas has an unlimited homestead exemption that protects your primary residence in bankruptcy, as long as you’ve owned it for at least 1,215 days.Q: How long does bankruptcy stay on my credit report?A: Chapter 7 bankruptcy remains on your credit report for 10 years, while Chapter 13 stays for 7 years. However, the impact on your credit score lessens over time.Q: Can I keep my car in bankruptcy?A: Yes, in most cases. Texas allows you to exempt one vehicle per licensed driver in your household, regardless of value.Q: Will bankruptcy stop foreclosure on my home?A: Filing bankruptcy triggers an automatic stay that temporarily halts foreclosure proceedings. Chapter 13 bankruptcy can allow you to catch up on missed mortgage payments over time.Q: Can I discharge my student loans in bankruptcy?A: It’s very difficult, but not impossible. You must prove that repaying the loans would cause “undue hardship,” which is a high legal standard to meet.Q: How much does it cost to file bankruptcy?A: Court filing fees are $338 for Chapter 7 and $313 for Chapter 13. Attorney fees vary but typically range from $1,500-$3,500 for Chapter 7 and $3,500-$5,000 for Chapter 13.Still have questions? We’re here to help! Our San Antonio bankruptcy lawyers are always happy to provide clear, honest answers to all your bankruptcy questions. Call us at (210) 123-4567 to schedule a free consultation and get the information you need to make an informed decision.
Why Choose DelanceyStreet.com for Your San Antonio Bankruptcy Case?
When it comes to something as important as your financial future, you need a bankruptcy attorney you can trust. Here’s why clients throughout San Antonio choose DelanceyStreet.com:
- Decades of experience: Our attorneys have successfully handled thousands of bankruptcy cases in Texas.
- Personalized attention: We take the time to understand your unique situation and tailor our approach to your specific needs.
- Comprehensive service: From start to finish, we handle every aspect of your bankruptcy case so you can focus on rebuilding your life.
- Affordable rates: We offer competitive pricing and flexible payment plans to make quality legal representation accessible.
- Compassionate approach: We understand how stressful financial troubles can be and treat every client with empathy and respect.
- Proven results: Our track record speaks for itself – just check out our numerous 5-star client reviews!
Don’t just take our word for it – here’s what one of our recent clients had to say:“I was drowning in debt and didn’t know where to turn. The team at DelanceyStreet.com was a lifesaver! They walked me through every step of the bankruptcy process and helped me get the fresh start I desperately needed. I can’t recommend them enough!” – Sarah T., San AntonioReady to take the first step towards financial freedom? Call us today at (210) 123-4567 to schedule your free, no-obligation consultation with an experienced San Antonio bankruptcy attorney. We’re here to help you get the debt relief you deserve!
Conclusion: Your Path to Financial Freedom Starts Here
Facing overwhelming debt can feel hopeless, but there IS a way out. Bankruptcy offers a chance to wipe the slate clean and start fresh – and with the right legal guidance, the process doesn’t have to be scary or confusing.At DelanceyStreet.com, our experienced San Antonio bankruptcy lawyers are dedicated to helping you regain control of your finances and build a brighter future. We’ll be by your side every step of the way, from exploring your options to filing your case to rebuilding your credit after discharge.