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Bankruptcy
Your financial health can sometimes affect your physical health. Bankruptcy can be the solution that is right for you.  

Bankruptcy is remedy debtors use to help eliminate their debts or repay them under the protection of the Federal Bankruptcy Court. Our firm handles Chapter 7 and Chapter 13 bankruptcies. Let us guide you through the necessary legal proceedings to help alleviate your financial problems.  

Chapter 7

Under a Chapter 7 Bankruptcy, we will petition the court to discharge your debts. Once your petition is filed, the bankruptcy court issues an “Automatic Stay? stopping collection proceedings and law suits. 

A bankruptcy trustee is then assigned and he or she will liquidate nonexempt assets and distribute proceeds to your creditors. If there are not enough assets to cover liabilities, some creditors’ debts will go unpaid. Any remaining debts are discharged and therefore, no longer your responsibility. Certain debts, such as child support obligations, student loans, and tax debt are non-dischargeable. 

Chapter 13

Under a Chapter 13 Bankruptcy, or Reorganization, we file a plan with the bankruptcy court proposing how you will repay your creditors. The amount you’ll have to repay depends on your income, assets, and types of debt. Filing for reorganization will also begin an automatic stay of most collection activity. Under the plan, debts are paid over a three to five year period through a bankruptcy trustee. Once this plan is successfully completed, remaining dischargeable debt is cancelled.  

For more information, please schedule a free consultation to discuss your options.
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1205 Hall Johnson Road Colleyville, TX 76034
817-503-0776 | info@teferalaw.com
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