Bankruptcy
San Antonio Bankruptcy Attorney
Take advantage of a FREE consultation.
If you qualify, Bankruptcy helps eliminate harassing phone calls, letters, lawsuits and collection actions. Contact Heidi McLeod Law Office PLLC today to have a confidential free initial consultation to discuss how bankruptcy can help improve your financial situation.
Heidi McLeod has been representing debtors in the San Antonio area for 30 years. Heidi McLeod is Board Certied by the Texas Board of Legal Specialization in Consumer Bankruptcy.
Heidi McLeod is a solo practitioner who believes in personal service. When you make an appointment with her office you will meet with her. She will personally review your situation and determine what course of action is best for you.
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy, also known as liquidation bankruptcy, is designed to help individuals eliminate most of their unsecured debts and start anew. This process involves the liquidation of non-exempt assets to pay off creditors. However, many individuals are able to retain essential property through exemptions.
Loan Modification
We offer guidance and assistance in modifying your mortgage loan to better suit your financial circumstances. Loan modifications can help you reduce your monthly payments, lower your interest rate, and extend the term of your loan, providing you with more manageable and sustainable mortgage terms.
CHAPTER 7 BANKRUPTCY RELIEF
This is the most common form of bankruptcy and allows the elimination of most debt. A Trustee is appointed to oversee the process. It is
designed for the Trustee to sell certain assets known as nonexempt assets. Most people do not have any property that would be lost to the
Trustee. People can go through Chapter 7 and keep all of the assets they own that are paid for. If there are assets that a creditor can claim they
gave the funds to purchase, those debts must be paid in order to retain the property.
+ Chapter 7 Benefits
- No court ordered wage garnishment.
- No court imposed payment plans.
- The case usually only lasts a few months.
- Most property acquired after ling is protected from pre-petition creditors.
- Exempt property is protected from pre-petition creditors.
- Chapter 7 Pitfalls
- Filing when you have non-exempt assets.
- Filing when you have paid insiders within a year of filing.
- Not passing the means test.
- Cosigners are not protected.
- Cross Collateralized vehicles.
Chapter 7 can be the best solution to financial problems in today’s economy. But you need to have the help of a trained professional to insure you don’t fall prey to the many traps for the unwary within the Bankruptcy Code. Call today for your free initial consultation.
