Corpus Christi Bankruptcy
Corpus Christi Bankruptcy Services
Whether you are an individual or a corporation, if you are thinking of declaring bankruptcy in Corpus Christi, there is no definitive formula for whether bankruptcy is the right choice. Your best bet in making this decision is to seek out Corpus Christi bankruptcy services and advice from an attorney skilled in all aspects of bankruptcy.
The attorneys at the Cavada Law Office can provide you with the type of Corpus Christi bankruptcy answers that you need to resolve your financial problems. We have years of experience and will guide you through the complex process of filing bankruptcy.
Bankruptcy in Corpus Christi
The attorneys of the Cavada Law Office offer the following FAQs to assist you in your information gathering about Corpus Christi bankruptcy:
- Are there any alternatives to filing bankruptcy?
- Does a bankruptcy discharge eliminate all debts?
- What kind of property do I have to sell in a Chapter 7 bankruptcy proceeding?
- How long does declaring bankruptcy stay on my credit report?
Q: Are there any alternatives to filing bankruptcy?
A: The short answer is, yes. Although the idea that declaring bankruptcy stops creditors from trying to collect from you is appealing, bankruptcy should be seen as a last resort because of the long-term impact it has on your credit report. Several other debt consolidation and loan modification options may be appropriate for your financial situation.
If your inability to make your payments is temporary, it is often best to ask your creditors to accept lower payments over a longer period of time so that each month's payment is more manageable. Your creditor may also be willing to change the actual terms of the loan, either temporarily or permanently, or allow you to stop paying for a while and accept a lump-sum payment later.
At the Cavada Law Office, we are experienced in both bankruptcy and loan modification alternatives, and we will work with you to determine which option is best for your particular financial situation.
Q: Does a bankruptcy discharge eliminate all debts?
A: It depends on which type of bankruptcy is filed. Under Chapter 13, the only debts discharged are those included in the repayment plan. Additional exceptions may apply, depending on the case.
Under Chapter 7, although most debts are discharged, there are still exceptions:
- Most student loans
- Back local, state, and federal taxes
- Child support and spousal maintenance
- Government-imposed restitution, fines, or penalties resulting from criminal activity
- Debts from fraud, embezzlement, larceny, or breach of fiduciary duty
Q: What kind of property do I have to sell in a Chapter 7 bankruptcy proceeding?
A: Generally, you have to give up anything that is "extraneous." These can include, but are not limited to expensive items, collections, heirlooms, cash and investment accounts, and any second vehicles or real property you may own.
Certain items are exempt, which means you do not have to sell them. Exempt items include those that are more necessary on a daily basis, such as motor vehicles up to a certain value and items for your home and profession (such as reasonable amounts of furniture, clothing, and appliances) that are reasonably necessary.
Q: How long does declaring bankruptcy stay on my credit report?
A: Consumer credit reporting agencies may keep Chapter 7 and Chapter 13 bankruptcy information for up to ten years from the time you declare. Most other credit information, including civil judgments entered against you, will remain on your credit report for seven years.
Consult with experienced bankruptcy attorneys
If you find yourself dealing with mounting debts, it is important to consult with an experienced attorney who can explain the options that are available to you. At the Cavada Law Office, we are dedicated to helping you through this difficult time. To schedule a free initial consultation, contact us today.
