Guiding You Through The Bankruptcy Process To A Fresh Start
Major life events, such as a job loss, illness, death of a loved one or divorce, can wreak havoc on your personal finances. From late fees, penalties and collection agencies to repossession, tax consequences and foreclosure, you feel lost without a compass.
Find your way back to financial stability with the help of our team at Willhelm Law Firm in Abilene. We provide clients the insight and information they need to make an educated decision about filing for bankruptcy protection. With nearly 30 years of experience, our firm works from start to finish to help you achieve your goals.
Tailored Personal Bankruptcy Services
When an individual or a married couple needs to file for bankruptcy, there are two avenues through which that can happen:
- Chapter 7 bankruptcy: Chapter 7 is a debt elimination bankruptcy. Your nonexempt assets are sold off in order to repay debts to the fullest extent possible. The remaining debt is then discharged, and you are able to move forward debt-free. To ensure you qualify for a Chapter 7 bankruptcy, the means test will be used. This is a formula through which your debts and assets are used to calculate your ability to repay your debts. If you are unable to repay and meet a certain threshold, you will qualify.
- Chapter 13 bankruptcy: If you do not qualify for a Chapter 7 bankruptcy, you still have another option. A Chapter 13 is a reorganization bankruptcy. This means that the debts you are able to repay are placed on a structured payment plan that helps you resolve the debt through payments over a number of years. This is beneficial for your creditors, who are repaid, and for you, who is debt-free at the end of the bankruptcy period.
Handling Business And Farm/Ranch Bankruptcy
Get Started On The Path To Financial Freedom
If you are considering any type of bankruptcy, know that relief is available. You just need an experienced bankruptcy specialist at your side. So come see us for a fresh start. Call our office today at 325-692-0900 or contact us online to schedule an appointment.