Houston Board Certified Bankruptcy Lawyer
What is a Houston Board Certified Bankruptcy Lawyer?
A Houston bankruptcy lawyer may be board certified in bankruptcy law by the Texas Board of Legal Specialization in one or both of the following categories:
Consumer Bankruptcy – Houston bankruptcy lawyers in this area must have represented non-business debtors and creditors in all areas of bankruptcy including debtor/creditor relations affected by bankruptcy and debt adjustment.
Business Bankruptcy – Houston bankruptcy lawyers in this area must have extensive experience in representing business debtors and creditors in all areas that involve the Bankruptcy Code and other aspects of debtor/creditor relations.
To become board certified bankruptcy lawyer, an attorney must have:
Been licensed to practice law for at least five years
Devoted a required percentage of practice to bankruptcy law for at least three years
Handled a wide variety of bankruptcy law matters to demonstrate experience and involvement
Attended bankruptcy law continuing education seminars regularly to keep legal training up to date
Been evaluated by fellow lawyers and judges
Passed a daylong written examination
To remain certified, a bankruptcy lawyer must apply for recertification every five years and meet practice, peer review, and continuing legal education requirements for the specialty field.
Bankruptcy Law
Chapter 13 is a wage earner repayment plan. It is a federal law designed to help individuals, married people and single-owner businesses repay a portion of their debts with dignity and peace of mind. A plan for the repayment of debts is created by you and your lawyer and, with the approval of your creditors, confirmed by the Court. The process of creating the plan and getting it approved by creditors and confirmed by the Court takes about 9 months. Upon successful completion of the plan, the bankruptcy is discharged. A Chapter 13 bankruptcy filing may:
Allow you to stop the foreclosure on your home
Give you up to 5 years to catch up on your house payments
Stop the repossession of your vehicle
Stop the IRS from garnishing your wages
Chapter 7 is a federal bankruptcy law enacted by Congress to give individuals, married couples or businesses in financial difficulty a fresh start. Chapter 7 is a straight liquidation bankruptcy that allows individual debtors to discharge (and not pay) unsecured debts. Filing under Chapter 7 allows you to keep many assets and then start over. In exchange, the debtor surrenders the remainder or non-exempt assets, if any, to be liquidated for the benefit creditors.
If you decide to file Chapter 7, you will need to work with your Houston bankruptcy lawyer to create schedules showing your creditors, assets, income and expenses. These schedules are signed by you and filed with the Court along with a voluntary petition for bankruptcy. Once these documents are filed the automatic stay of the Federal Bankruptcy Code immediately goes into effect. The bankruptcy clerk's office will notify your creditors of your filing and the harassment will immediately stop.
It generally takes 3-4 months before the Bankruptcy Judge signs the discharge order and you are relieved of all dischargeable debt. Debts which may not be discharged by the court include: large purchases such as appliances; jewelry; furniture; cash advances made within 60 days of the filing for bankruptcy; student loans; some types of tax debts; family obligations; child support; and debts due to fraudulent acts and/or intentional torts or wrongs. Chapter 7 will usually allow you to keep your house and vehicles provided you keep making your normal monthly payments to the mortgage or finance company.
How will bankruptcy affect my credit?
Under the Fair Credit Reporting Act, the filing of a Chapter 7 petition remains on your credit report for a period of ten years. This alone will not prevent you from obtaining credit, but it will play a part in the determination of your credit worthiness. You will want to rehabilitate your credit record shortly after you have been discharged from Chapter 7. Our firm has established a program that you may take advantage of.
What property can I keep?
As a general rule, you are entitled to keep your home, contents of your home, vehicles and retirement accounts. The issue of what property you are able to keep can be complicated and you should discuss your specific situation with an attorney.
How does this affect my student loans?
It is illegal to deny a governmental grant, loan, loan guarantee or loan insurance to any person seeking a student loan because the person has filed a bankruptcy.
Will bankruptcy have an effect on my employment?
Public employers cannot refuse, terminate employment, refuse to promote, or hire an applicant because of the filing of a bankruptcy. Private employers cannot terminate an employee for filing a bankruptcy; however, they may refuse to employ you for such reasons.
S. John Mastrangelo & Associates
Houston Bankruptcy Lawyer
13500 Hwy 249 Ste. F
Houston, TX 77086
281-999-5111