If you think that you have been damaged by unlawful or deceptive credit practices by a mortgage company or bank, an auto dealer or sales financing company, a debt collector, or a credit reporting agency, contact Machi & Associates, PC today. Our familiarity with the federal and Texas statutes that regulate consumer lending, together with our 30 plus years of experience in North Texas courts can be a major advantage for the prosecution and enforcement of your claim.

The Texas unfair credit practices lawyers at Machi & Associates, PC represent consumer clients on claims involving the following:

• Unfair practices in the auto sales and retail credit markets, such as “loan packing”, or undisclosed charges for credit insurance or disability insurance
• Violations of the Fair Credit Reporting Act, such as false reports of overdue payments or the confusion of another person’s credit history with yours
• Predatory lending practices in the residential finance industry, including “mortgage flipping”
• Nondisclosure of balloon payments, adjustable rate terms, default conditions, or other terms in violation of the Real Estate Settlement Practices Act
• Violations of federal truth-in-lending requirements by credit card companies or other consumer retail lenders
• Unfair debt collection practices, such as harassing phone calls or attempts to collect satisfied or unenforceable claims

When you file Chapter 7 you are not required to make repayments. Your debts are completely wiped out. You are allowed to keep much of your property with Chapter 7. This is called an exemption. Exemptions are made for types of items that you need for your survival, like food, clothing, shelter, and transportation. These exemptions do vary case to case and you should have that conversation with an attorney like Ted Machi to understand what you will keep. On average this process can take from three to five months.

There are some debts that you cannot shed in a Chapter 7 Bankruptcy and those debts are called non-dischargeable. You should be aware of them and when speaking with your attorney double check the circumstances for each one. Non-dischargeable debt can include most taxes, child support, court ordered fines and penalties, student loans and more.

After you successfully file, you will be free of all creditor calls. They must comply with bankruptcy law and stop calling. Any lawsuits that are pending will halt. Once you have a fresh start it’s important to protect your new credit record and build good credit.

Ted Machi can help you understand where you may qualify, either Chapter 7 or 13.  We can help you to understand which direction to take by explaining the possible outcomes based upon our experience filing thousands of bankruptcies. If you have stable future monthly income, it may make more sense to go ahead with the Chapter 13 and arrange payments to keep some of your assets. This also may depend on the market value of your assets. Homes are usually the main asset in a bankruptcy, gages on your home, and have a solid income, Chapter 13 may be something better suited for your needs. With a free consultation we can determine which direction is best for you.

While Chapter 7 is a quicker fresh start, Chapter 13 is a longer process.  The Court sets your payments, you are required to make those payments. Over the term of the Chapter 13, there will be hearings that are very quick and informational.

When you create a Chapter 13 filing, you will divide your items into two areas; secured and unsecured. This is a way for the court to determine your case. Examples of Unsecured debt are credit cards and medical bills, payday loans, re-possessed vehicles, collections agencies, etc. Secured debt includes homes, cars, time shares, boats, etc. These are physical items that can be liquidated for a market value.

If you are facing a potential foreclosure or have received an “Notice of Default and Intent to Accelerate,”  you should act quickly.  It is much easier to stop a foreclosure before it occurs than to get a remedy after the foreclosure is complete.  If the property is sold to a third party there is little chance that the borrower will get the property back.  If you are facing foreclosure, it is important to contact a wrongful foreclosure attorney as soon as possible.

Finding a Fort Worth Bankruptcy lawyer is easy; call the bankruptcy attorneys and staff at Ted Machi and Associates, P.C. to evaluate your situation.

We will continue to provide Fort Worth bankruptcy information here.