Do I need a bankruptcy?
Whether or not to file for bankruptcy protection is a very personal decision. I often visit with people and end the consultation with advice to take a different approach - other times a bankruptcy is the best choice. Most often, we will review your debt situation, your assets and your income and expenses in light of your goals and future prospects to determine what options are available to you. This initial consultation is complimentary.
What are the different types of bankruptcy filings available?
There are four types of bankruptcy filings available to most citizens pursuant to the U.S. Bankruptcy Code:
Chapter 7 - typically known as traditional or "straight" bankruptcy, this form of bankruptcy typically allows the debtor to discharge unsecured debts and get a fresh start.
Chapter 13 - a non-business consumer "reorganization", this type of bankruptcy is designed to allow a debtor to adjust the payment of accumulated debts according to a filed plan paid out of current income.
Chapter 12 - a bankruptcy plan for farmers or fishermen.
Chapter 11 - large scale reorganization for businesses and some individuals with very large debts.
Will I lose my house, car or other property if I file for bankruptcy?
In most cases there are laws that allow you to claim your equity in your home, a vehicle for each licensed driver in your family and most of your household items as exempt property that you may be able to keep despite filing for bankruptcy relief.
Each case is different and in order to keep an item that has a loan or a lien against it, that loan must generally be reaffirmed, kept current and paid. These issues will be thoroughly discussed at your initial consultation.
Why should I consider hiring Ed Price to help me with my debt issues/bankruptcy filing?
Ed Price has been in practice in Lubbock for over 37 years and has practiced bankruptcy law and debtor's relief for most of his practice. At one point, he was the senior partner of Price, Heald and Price, a firm with offices in Lubbock, Midland, Irving and Dallas that restricted their practice to bankruptcy, filing thousands of cases for thousands of clients. He and his paralegal Leesa take a personal interest in every client and handle every consultation and issue personally. They want you to get a fresh start and the weight off your shoulders!
What do I need to bring to the initial consultation?
Call today and speak to Leesa who will schedule your visit. She will send you a small packet to fill out with financial information that will provide the data needed to determine what course will best fit your needs.
Simply complete that packet as fully as possible and bring it with you to the appointment. We look forward to meeting you and devising a plan to solve the problem!