Law Offices of Martin Seidler
One Elm Place, Suite 504
11107 Wurzbach Rd
San Antonio, TX 78230
Frequently Asked Questions
San Antonio Bankruptcy Attorney
How do I know if bankruptcy is right for me?
The only person that can truthfully know if bankruptcy is right for you is you! Filing for bankruptcy is a personal decision you should make with your loved ones after consulting an attorney. After an attorney reviews your current financial status, he or she can give you an opinion as to whether or not bankruptcy is right for you, as well as which type of bankruptcy would best serve your particular situation.
Will bankruptcy discharge lawsuits or judgments for negligence or wrongful death?
Generally lawsuits or judgments not involving willful or intentional conduct are subject to discharge in bankruptcy. This includes suits against builders, doctors, dentists, farmers and other professionals for ordinary negligence.
Will filing for bankruptcy destroy my credit?
Although a bankruptcy will appear on your credit report for 10 years, it does not mean you will never be able to obtain credit again. In fact, you may be able to start building credit again within a few years after your case has been discharged. An experienced San Antonio bankruptcy attorney like Martin Seidler can inform of ways in which you can rebuild your credit after filing for bankruptcy.
What is the difference between Chapter 7 and Chapter 13 bankruptcy?
Chapter 7 bankruptcy works by liquidating a person’s non-exempt assets in order to pay off his or her creditors. After all of a debtor’s creditors have been repaid, the bankruptcy court will begin to discharge all of the debtor’s dischargeable debts. Instead of a liquidating a debtor’s assets, Chapter 13 bankruptcy works by consolidating all of a debtor’s unpaid debts into one lump sum, which the debtor will pay off over the course of three to five years. As the debtor makes payments, the bankruptcy trustee will distribute the money to his or her creditors.
My house is in foreclosure. Can you help me?
Sometimes the filing of a Chapter 13 or Chapter 11 proceeding or loan modification can be used to restructure past due home or business property secured debt. The filing constitutes an order for relief which may temporarily stop a foreclosure.
What is Redemption?
Redemption allows a debtor to “buy back” property from a lienholder by paying its value. This means that a bankruptcy debtor who owes $12,000.00 on a four year-old car worth only $3,000.00, can pay $3,000.00 to “redeem” the vehicle from the lien and obtain a clear title.
Where can I file for bankruptcy?
The place you can file for bankruptcy is called venue. Proper venue for a bankruptcy case is where you have lived for the majority of the six month period before the bankruptcy case is filed. Proper venue for a business may be where the business is located or where its assets are located.
I’ve lived in several states, what state’s exemptions apply when I file for bankruptcy?
Where you have lived in several states you must use the exemptions of the state in which you have lived for the last two years. For example a 5 year Florida resident moves to Texas to find work and then decides to file for bankruptcy 4 months after settling in Texas. The debtor must use Florida exemptions and not Texas exemptions in his bankruptcy case.