Chapter 7
Arlington Bankruptcy Lawyer David Kohm
April 27, 2012 | 
Author With the American economy struggling to recover, the realities of economic hardship are being felt all across the country. Even in Texas, which traditionally has a strong economy, many individuals are being forced to put off personal dreams or delay purchases due to sub-optimal interest rates, difficulty in securing employment, and other issues. Thankfully, the government does provide some means for recovering even when dealing with creditors, such as the Chapter 13 personal bankruptcy procedures. And while bankruptcy proceedings can help you pay off debts and turn your financial life around, there is little room for error. Thus, hiring an Arlington bankruptcy lawyer is a smart move. The Law Offices of David Kohm provide assistance throughout the Chapter 13 bankruptcy process and make it as painless as possible.
Each Arlington TX bankruptcy attorney at the Law Offices of David Kohm has experience and a deep understanding of the resources available to those in debt and how to properly navigate the bankruptcy process to ensure that clients are back on their feet as quickly as possible. The attorneys at this firm are reliable and trustworthy, and have worked with all kinds of creditors and a myriad of financial situations in the past. Bankruptcy proceedings can be intimidating and may elicit emotions ranging from confusion to fear. However, with the Law Offices of David Kohm on your side, you can be sure that these matters will be dealt with in a professional manner, with the utmost respect and discretion.
With years of experience helping Texas residents navigate the personal bankruptcy process, the attorneys at the Law Offices of David Kohm are qualified to help you reorganize your personal finances and take charge of the debt consolidation procedures. Because of the delicacy of this process, it is important to have an attorney with enough experience to provide valuable insight and help you avoid common pitfalls. Because of the ability of creditors to object to your payment schedule and the court to weigh in on the process, you need a skilled lawyer to represent you. Call 817-204-0900 for more information or to schedule a free consultation.
Posted in Arlington TX Attorney, Bankruptcy, Chapter 7, Debt Settlement | 
Tags: arlington debt settlement lawyer, arlington tx bankruptcy attorney, bankruptcy law, bankruptcy practice, Debt Settlement | 
Comments Closed
Frisco Bankruptcy Attorney for Chapter 7 and Chapter 13
Bankruptcy is a legal strategy available to individuals or businesses that lack sufficient income to pay down their debts. If you are considering whether bankruptcy is right for you, contact the Law Offices of David Kohm for a consultation. An experienced Frisco TX bankruptcy attorney will be available to answer your questions and help you determine whether bankruptcy protection is the best strategy for your situation.
Due to the sluggish economy, many Americans are burdened with crippling amounts of debt. Bankruptcy protection allows individuals and businesses to discharge their debts. Bankruptcy law is complicated and involves a great number of regulations and restrictions. A debtor who is considering filing for bankruptcy protection should contact a skilled bankruptcy attorney to handle the case. The attorney will analyze your assets, debts and your financial goals when determining if bankruptcy protection makes sense for your situation. Chapter 13 and Chapter 7 bankruptcy protection are the most common types of protection offered to debtors under bankruptcy law.
Chapter 13 bankruptcy, also known as reorganization, requires establishing a repayment schedule to pay down debts. Enlisting the assistance of a Frisco bankruptcy lawyer will increase the likelihood that your repayment plan will be accepted by the bankruptcy court.
Chapter 7 personal bankruptcy, also referred to as “straight bankruptcy,” is one of the most common bankruptcy strategies. When you file for bankruptcy, the bankruptcy court will have authority over all of your assets. However, many types of assets are considered exempt under Texas bankruptcy law. An experienced bankruptcy attorney will explain the various exemptions available. Many debtors find that they are able to keep most of their property. An experienced bankruptcy attorney will discuss which assets need to be sold off and which ones you will be eligible to keep.
If you are overwhelmed by debt, contact the Law Offices of David Kohm at 817-204-0900 today for a free consultation.
Posted in Bankruptcy, Chapter 13, Chapter 7, Frisco TX Bankruptcy | Tags: chapter 13 bankruptcy, chapter 7 bankruptcy, frisco bankruptcy attorney, frisco tx bankruptcy, u.s. bankruptcy court | Comments Closed
Chapter 7 Personal Bankruptcy in Frisco TX
Sometimes people take out loans in good faith but lose their jobs or experience an expensive medical emergency that leaves them unable to pay their loans back. If this happens to you, you may want to file for Chapter 7 bankruptcy. Chapter 7 personal bankruptcy allows you to discharge your debts and start over again. However, this measure has a lasting, negative effect on your credit, so you shouldn’t take it without talking to a knowledgeable Frisco TX bankruptcy attorney. Schedule a free initial consultation with one of the lawyers from the Law Offices of David Kohm so that you can determine whether this is your best option.
Although Texas allows you to file for bankruptcy without a lawyer, it’s in your best interest to hire a Frisco bankruptcy lawyer. Your lawyer should be familiar with all the nuances of Texas bankruptcy law so that he or she can help you file your petition and any motions you need to file to get the result you are looking for. Filing your paperwork correctly is important because the court can dismiss your bankruptcy case if you make a mistake in your petition. In addition, you need to file extra paperwork to achieve certain results. For example, you must file a motion of adverse proceeding to get student loans discharged via bankruptcy. Your lawyer will know what forms to file and what the law says you need to do to prove that you qualify to discharge certain debts. If you don’t qualify to discharge certain debts under Chapter 7, your lawyer can help you find alternatives. For example, you may have to file for Chapter 13 to get caught up with your mortgage if it doesn’t qualify for a Chapter 7 discharge.
Your lawyer should also help you get through your required first meeting with creditors. When you file for bankruptcy, you have to attend this meeting and answer all of your bankruptcy trustee’s questions to the best of your ability before your discharge will be granted. Your attorney can help prepare you for this meeting so that you will be successful.
Filing for bankruptcy is neither an easy decision nor an easy process. Don’t try to do it alone. Call the Law Offices of David Kohm for a consultation today so that you can begin to let go of past debts, financial stress and constant calls from debt collectors.
Posted in Bankruptcy, Chapter 7, Frisco TX Bankruptcy | Tags: Bankruptcy, bankruptcy assistance, bankruptcy attorney, bankruptcy help, bankruptcy law, Chapter 7, chapter 7 bankruptcy, frisco bankruptcy attorney | Comments Closed
Don’t File for Chapter 7 Bankruptcy in Frisco without an Attorney
If you are considering filing for Chapter 7 bankruptcy, the Law Offices of David Kohm can help you. This Frisco TX bankruptcy attorney law firm has expertise in Chapter 7 personal bankruptcy laws and can ensure that your bankruptcy case is settled as quickly and effectively as possible so that you can get out of debt and rebuild your life.
Regulations and practices related to Chapter 7 can be complex, which is why you need a Frisco bankruptcy lawyer on your side. Although Texas allows you to file for bankruptcy pro se, or without a lawyer, it’s risky to do so. You have to fill out your bankruptcy petition correctly or risk having the court dismiss your bankruptcy claim altogether. Even a simple mistake like a missed answer on the petition or transposing two numbers on your financial statements can sabotage your case. Furthermore, you cannot get any help with your petition or your bankruptcy case from court personnel; court clerks are only empowered to provide and collect paperwork, not to advise you as to how to complete it. Thus, without an attorney, you are completely on your own.
Even if you fill out your bankruptcy petition appropriately, you might not get the outcome you deserve if you try to file for bankruptcy on your own. Chapter 7 filers in Frisco have the right to a sizable homestead exemption and may exempt their vehicle and some other personal property from their bankruptcy estate. A qualified bankruptcy attorney knows all the ins and outs of bankruptcy law and can make sure that you keep as much of your property as you are entitled to after filing for bankruptcy.
Bankruptcy is a serious step to take in order to regain control of your finances. Your credit will be severely affected for seven years, and you may lose some of your property. Don’t try to face bankruptcy or its consequences on your own. If you’ve decided that bankruptcy is in your best interest despite the potential consequences, follow up on that decision by getting expert help to ensure that you have the best possible outcome for your case. Call the Law Offices of David Kohm at 817-204-0900 for a bankruptcy consultation today.
Posted in Bankruptcy, Chapter 7, Frisco TX Bankruptcy | Tags: bankruptcy law, chapter 7 bankruptcy, frisco bankruptcy attorney, frisco tx bankruptcy | Comments Closed
Reducing Debt through Bankruptcy in Arlington TX
Anyone who has ever found themselves in a financial crisis knows the overwhelming decisions that come with being in default. Credit collectors may want to sue and our Arlington TX bankruptcy attorneys will be there to help you understand your legal choices.
The Law Offices of David Kohm provides you with bankruptcy attorneys who are experts in their field. There are several bankruptcy attorneys; however, none of these organizations can give you the security of experienced legal representation our Arlington TX bankruptcy attorneys can offer. Even if a debt settlement company is used, the creditor can still sue you while late fees and interest accumulate.
Some of the advantages of bankruptcy offered by The Law Offices of David Kohm are reduced debt, reduced or eliminated interest, improved credit rating, and bankruptcy may be avoided altogether.
Contact the Law Offices of David Kohm today to speak with a bankruptcy attorney in Arlington TX. Our offices can be reached at (817) 204-0900, or you may schedule a visit online.
Posted in Arlington Lawyer, Arlington TX Attorney, Bankruptcy, Chapter 13, Chapter 7, CMI Means Test, Uncategorized | Tags: Bankruptcy, bankruptcy assistance, bankruptcy attorney, bankruptcy help, Bankruptcy lawyer, Business failure, Chapter 7, collections, credit debt, creditor, Debt Settlement, Unsecured debt | Comments Closed
Chapter 7 Bankruptcy
What is Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the most common form of Bankruptcy. It is what people think about when they hear the word “bankruptcy”. Those of us in the legal profession often call it a “straight” bankruptcy meaning that it is the traditional form of Bankruptcy. It is available to individuals and businesses and is used to “discharge” unsecured debts and surrender, without fault, secured items that a debtor no wants to be responsible for, like a house or a car.
Medical Debt
One of the most common debts that people have when they consider bankruptcy is Medical Debt. This is debt that results from doctors visits, lab work, hospitalization and other unforeseen expenses related to an individuals welfare. According to the Center for Disease Control (CDC) 43.6 million people in the United States have no insurance coverage. http://www.cdc.gov/Features/Uninsured/ These people have few options when a major health crisis occurs. A simple flu or a more serious problem like cancer can happen anyone at any age. These things most be treated and this treatment is not free. Eventually this debts must be paid. It is not unusual for treatment for a serious disorder spiral up to 50, 60 or even 100 thousand dollars. Even if you are earning a good wage, this debt is difficult to over come. In this case, a bankruptcy may be your best and sometimes only option.
General Unsecured Debt
Credit Cards, Medical Bills, and Payday loans are common examples of unsecured debt. Unsecured debt is any type of debt in which the lender cannot reposes your property. Credit cards are a great example and also a common issue that causes people to seek the advice of an experienced bankruptcy attorney. Typically, in order to repay the debt that you owe, you need to gross about 3 times the amount that is owed in unsecured debt. If you owe 50,000 in general unsecured debt you need to gross at least $150,000 to pay that off. According to the website CreditCard.com, the average American household has $14743.00 of credit card debt. Combine that with interest rates ranging from 14% on the low end to 29% on the high end, and you can see that the Credit Card company is essentially forcing people to file for relief.
Business Failure
The United States is the land of opportunity. The laws of this country encourage people to take a risk and strive to achieve their dreams. Thomas Jefferson, known as one of our founding fathers, understood that if a person cannot afford to risk failure then our country would stagnate. That is why the right to file bankruptcy is guaranteed in the Constitution. Article I, Section 8 states that the Congress will have the power to create uniform laws on the subject of Bankruptcy. Read it for yourself here http://www.usconstitution.net/xconst_A1Sec8.html
If you have taken a risk and now have bills you cannot pay, a Chapter 7 Bankruptcy can be the fresh start that you need. An experienced Bankruptcy attorney can discuss your options and give you a better idea of what you are facing and how to get to the light at the end of the tunnel. Contact us today at 817-861-8400.
Posted in Arlington Lawyer, Arlington TX Attorney, Bankruptcy, Chapter 7 | Tags: Bankruptcy, bankruptcy assistance, bankruptcy help, Bankruptcy lawyer, Bankrupty attorney, Business failure, Chapter 7, collections, credit debt, creditor, Medical debt, Unsecured debt | Comments Closed
Learning More About Bankruptcy in Arlington, TX
For those considering filing for bankruptcy, there can be a lot that factors in this life-changing decision. Knowing and understanding the process fully is crucial in making an informed decision and unfortunately many Americans do not know how the various kinds of bankruptcy work. Those considering filing for bankruptcy can be in a trying time of their lives, which is why it is essential to consult with a trained and knowledgeable bankruptcy lawyer. Our Arlington TX bankruptcy attorneys at the Law Offices of David Kohm are here to help walk you through this process.
The most common form of bankruptcy is Chapter 7. Filing for this personal bankruptcy will provide you complete relief from creditors and collectors, a relief anyone in debt is desperately seeking. Creditors and collectors can be harassing, disrupting your daily routine with their constant phone calls. Filing for Chapter 7 creates an automatic stay, which halts collector and creditor activity. This type of filing can provide you with the peace of mind you are looking for.
Chapter 13 bankruptcy is the other form of bankruptcy, and is sometimes called “reorganization,” as this type allows you the chance to reorganize your debt. After you prove to the court you possess the income to repay your debts, you must submit a detailed repayment plan to the court to review. This plan will include your debts, income, and the length of your desired payment plan.
Before filing for bankruptcy, consult with our reputable and reliable bankruptcy lawyers. With any comments, questions, or to schedule a free consultation today, give us a call at 817-204-0900 or contact us online today.
Posted in Arlington Lawyer, Arlington TX Attorney, Bankruptcy, Chapter 13, Chapter 7 | Tags: arlington, arlington attorney, arlington bankruptcy lawyer, arlington texas, bankruptcy attorney, bankruptcy law, chapter 13 bankruptcy, chapter 7 bankruptcy, cmi means test, law offices arlington, settlement | Comments Closed
Qualifying for Chapter 7 Bankruptcy
Your Arlington TX bankruptcy lawyer knows the challenges business and individuals are facing in today’s economy. Among the instability and unrest, many are facing bankruptcy. Bankruptcy laws have changed over the years and the Law Offices of David Kohm are here to help you through the bankruptcy process.
Changes in the Bankruptcy Code in 2005 require that any applicant trying to file for Chapter 7 must qualify under the CMI Means Test. This income test was established to help the bankruptcy court determine if an applicant properly qualifies for financial relief under the provisions of Chapter 7. Should your monthly income exceed established income levels created within the means test set by the bankruptcy code, you can be ineligible for filing under Chapter 7.
CMI uses past income figures along with other miscellaneous income you receive currently and any income you received in the past as a determination. CMI is calculated from “income” that you have received six months prior to the month Arlington TX attorney David Kohm files your bankruptcy petition. Income, as defined by the law, is income you’ve been taxed on, monies given to you by other people, and gifts that have a monetary value even though the gift may not have been liquid.
Determining what monies to include as CMI in Chapter 7 bankruptcy is often one of the most complicated aspects of the new law and is difficult for even the most experienced attorneys. Your Arlington TX law firm has the knowledge and ability to help you determine if Chapter 7 Bankruptcy is for you. Give the Law Offices of David Kohm in Arlington a call today at 817-204-0900 or visit them online to fill out the free consultation form.
Posted in Arlington Lawyer, Arlington TX Attorney, Bankruptcy, Chapter 7, CMI Means Test | Tags: arlington, arlington attorney, arlington bankruptcy lawyer, arlington texas, bankruptcy attorney, bankruptcy law, chapter 7 bankruptcy, cmi means test, law offices arlington, settlement, tx | Comments Closed