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.
Chapter 13 Bankruptcy
Chapter 13 Bankruptcy, also known as reorganization bankruptcy, allows individuals to create a court-approved repayment plan to pay off their debts over a three to five-year period. This plan enables debtors to catch up on missed payments, protect their assets, and manage their debts in a structured manner.
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.
CHAPTER 13: IS IT STILL A VIABLE OPTION?
Chapter 13 was initially set up to allow people to keep their assets and pay back creditors over time. I think most people want to try to repay their bills
but at a level they can afford and without being constantly harassed and bullied. Chapter 13 was designed to allow creditors to pay house arrears, the
value of cars and pay unsecured creditors an amount equal to what they would get in a Chapter 7. The amount was set at the time the case was led. In
2005 Congress passed Bankruptcy “Reform” and new restrictions were put into place. The rules were supposed to limit Chapter 7 filings but in reality the
new rules have dis-proportionally disincentivized people from filing Chapter 13. The cost has increased and the payment amount is no longer a fixed
amount but rather a moving target.
There are very limited reasons to file Chapter 13
- If you make too much money to pass the means test.
- If you have debt that is dis-chargeable in Chapter 13 but not Chapter 7.
- You own property with others and want to make sure they are protected.
