Top Cibolo, TX Bankruptcy Lawyers Near You

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What Is Bankruptcy?

Bankruptcy is a legal process that allows an individual or a business (the debtor) to get a fresh financial start by forgiving debts that the debtor cannot repay while allowing creditors to obtain some repayment through liquidation of the debtor’s assets. Federal bankruptcy courts manage cases according to the U.S. Bankruptcy Code. Bankruptcy law includes several types of bankruptcy. Chapter 7, chapter 11, and chapter 13 bankruptcies are the most common.

• Individuals typically file Chapter 7 bankruptcy to clear their unsecured debt, such as credit card balances and medical bills. The debtor must liquidate nonexempt assets, such as a second home, stocks, and bonds, to repay some of their unsecured debt. The remaining unsecured debt is typically discharged. The debtor is not required to liquidate exempt assets, such as household goods, clothing, and a personal vehicle (up to a particular value).
• Chapter 11 bankruptcy allows a business to reorganize and remain in business to become profitable. This type of bankruptcy allows the business to continue its activities while working on a debt repayment plan under court supervision.

Chapter 13 bankruptcy allows individuals who make too much money to qualify for chapter 7 to create a workable debt repayment plan. Repayment plans typically require installment payments over a three or five-year period. Debtors who repay their creditors can keep all their property, including nonexempt property.

Are There Any Bankruptcy Lawyers Near Me In Cibolo, TX?

Finding the right fit for your case may seem daunting, but many attorneys in your area are ready to help advocate for clients like you. The LawInfo directory can help you find verified bankruptcy lawyers in Cibolo. It can significantly benefit you to consult with an experienced bankruptcy attorney early in your case.

What Can a Texas Bankruptcy Lawyer Do For Me?

Filing for bankruptcy is a complex process requiring a thorough knowledge of state and federal bankruptcy laws so you can decide what chapter to file under and which exemptions to claim, among other things. A bankruptcy lawyer will help guide you through this stressful and time-consuming process. Some of the ways a bankruptcy lawyer may be able to help you include:

• Explaining and guiding you through the bankruptcy process,
• Analyzing your financial situation,
• Evaluating your assets and obligations,
• Advising you regarding which exemptions to claim,
• Preparing and reviewing your bankruptcy petition,
• Attending meetings with your creditors (341 meetings),
• Following up with your creditors to stop any post-filing collection efforts,
• Representing you in any litigation that may arise out of the bankruptcy, and
• Attending hearings on your behalf.

Because filing for bankruptcy can affect you for many years, it would be beneficial to speak to a qualified bankruptcy lawyer today.

How Much Does a Bankruptcy Attorney in Cibolo Cost?

Bankruptcy lawyers charge from $200/hr to $400/hr depending on the issue, the attorney’s skill, and location. In complex cases, rates can exceed $1,000/hr.

When Should I Hire a Lawyer?

It is in your best interest to get legal help early in addressing your situation. There are times when quickly hiring a lawyer is critical to your case, such as if you are charged with a crime. Having a lawyer review the fine print before signing legal documents may also be a good idea. A lawyer can also help you get the compensation you deserve if you’ve suffered a severe injury. For issues where money or property is at stake, having a lawyer guide you through the complexities of the legal system can save you time, hassle, and possibly a lot of grief in the long run.

What Are the Top Questions Should I Ask a Bankruptcy Lawyer?

• What is the usual process to resolve my case?
• How long will it take to resolve this?
• What are the likely outcomes of a case like mine?
• What should I expect during bankruptcy?

An experienced lawyer should be able to communicate a basic “road map” on how to proceed. The lawyer should be able to walk you through the legal process, key considerations, and potential pitfalls to avoid. Once you’ve laid out the facts of your situation to the lawyer, they should be able to frame expectations and likely scenarios to help you understand your legal issue.

How Will A Bankruptcy Charge Me?

A reputable attorney will be very upfront about how they will charge you. The three most common fee structures that attorneys use to charge for their services are:

• Bill by the hour
• Contingent fee agreement
• Flat fee agreement

Depending on your specific legal situation, only one type of fee structure may be available. For instance, criminal defense attorneys almost always bill by the hour. A flat fee arrangement is when an attorney accepts a one-time payment to help you resolve your issue. With a contingent fee agreement, the client pays little to nothing upfront, and the attorney receives a percentage of the money recovered if you win your case.

Best Time to Seek Legal Help

No matter what your legal issue may be, it is always best to seek legal help early in the process. An attorney can help secure what is likely to be the best possible outcome for your situation and avoid both unnecessary complications or errors.

Top Questions to Ask a Lawyer

• What is the usual process to resolve my case? How long will it take to resolve this?
• What are likely outcomes of a case like mine? What should I expect?

An experienced lawyer should be able to communicate a basic “road map” on how to proceed. The lawyer should be able to walk you through the anticipated process, key considerations, and potential pitfalls to avoid. Once you’ve laid out the facts of your situation to the lawyer, he/she should be able to frame expectations and likely scenarios to help you understand your legal issue.

How will an attorney charge me?

A reputable attorney will be very upfront about how he/she will charge you. The three most common fee structures that attorneys use to charge for their services are:

• Bill by the hour
• Contingent fee agreement
• Flat fee agreement

Depending on your specific legal situation, it’s possible that only one type of fee structure is available. For instance, criminal defense attorneys almost always bill by the hour. In a flat fee arrangement, an attorney accepts a one-time payment to help you resolve your issue. With a contingent fee agreement, the client pays little to nothing upfront and the attorney receives a percentage of the money recovered if you win your case.

Common legal terms explained

Plaintiff – a person or party who brings a lawsuit against another person(s) or party/parties in a court of law. Private persons or parties can only file suit in civil court.

Judgment – A decision of the court. Also known as a decree or order. Judgments handed down by the court are usually binding on the parties before the court.