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One common bankruptcy misconception regarding the laws revolves around the well known change in the laws which happened during the session of federal congress in 2005. Some people mistakenly now believe because of the tightening of the laws that few can file Chapter 7 bankruptcy. But this is just not the case. Weaver & Associates bankruptcy lawyers in Fort Worth have recently provided access to a well known study comparing percentages of those who file for Chapter 7 prior to the change in law versus those who now file chapter 7. There is little difference between these groups.
Another study looked into the differences between Chapter 13 filers and chapter 7 filers. For those who filed bankruptcy since 2005, the number of chapter 7 bankruptcies not significantly decreased as many people think. To the opposite case, chapter 7 bankruptcies versus those filing chapter 13 since 2005 continues constant. Remember, that with chapter 13 bankruptcy, keeping assets is not a major issue (because it is the primary reason for filing chapter 13 bankruptcy in many cases,) but under chapter 7 bankruptcy, there are also bankruptcy exemptions which allow you to keep assets.
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Another common misconception regarding Chapter 13 protection in bankruptcy is that a person thinks they will be required to pay credit card balances or pay similar non-priority, unsecured debts. This is also rarely the situation. Instead, for those who file chapter 13 bankruptcies in Fort Worth, generally speaking they pay back secured debts like debts on a house or car that is collateral on a loan. Another important point about bankruptcy protection comes with the Automatic Stay, which is a court ordered injunction, barring creditor harassment, any efforts to collect, any lawsuits, as well as foreclosure and repossession.
Weaver & Associates: Powerful, Tried and True Legal Help
Because of the more than 25 years of bankruptcy experience, Weaver & Associates under the leadership of Richard Weaver, we’re able to efficiently and affordably provide you with excellent legal help throughout the bankruptcy process. Richard Weaver cares about his clients and seeks their best options in each situation.