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Best Bankruptcy Attorneys in Round Rock

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Cain & Skarnulis PLLC logo
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Cain & Skarnulis PLLC

400 West 15th Street, Austin, TX 78701
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  • Creditor Representation

Business Description

Established in 2007, Cain & Skarnulis PLLC is a law firm near Round Rock that has bankruptcy attorneys focusing on representing both unsecured and secured creditors, whether in or out of bankruptcy. The firm prosecutes claims for promissory note debts, commercial leases, deeds trusts, unpaid accounts, and guarantees. Cain & Skarnulis PLLC also helps creditors such as banks, construction companies, and product manufacturers seeking to collect debt payments through foreclosure, receivership proceedings, actions on guarantees and notes, and adversary proceedings.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (1)

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We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
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Dorothy Butler Law Firm logo
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Dorothy Butler Law Firm

151 E. Mercer Street, Suite E, Dripping Springs, TX 78620
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Dorothy Butler Law Firm offers services to clients in Round Rock. It alleviates the strain of severe financial problems by filing for different debt solutions like chapter 7 or 13 bankruptcy. It educates clients on the bankruptcy process and assists in releasing legal obligations for dischargeable debts, such as personal loans, business debts, credit cards, and medical bills. The firm's owner, Dorothy Lawrence, is a Travis County Women's Lawyers Association member and is also admitted to practice in the Supreme Court of Louisiana.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.0
Google
4.2 / 5 (75)
Facebook
4.8 / 5 (20)
Yelp
2.5 / 5 (18)

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We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Fred E. Walker, PC logo
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Fred E. Walker, PC

108 Wild Basin Road S., Suite 250, Austin, TX 78746
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Fred E. Walker, PC, represents clients in the Round Rock metro and surrounding areas. Walker offers legal counsel on bankruptcy cases, helping individuals file chapter 7 bankruptcy petitions. He also assists clients in dealing with debt collectors and provides clients with alternatives to filing for bankruptcy. In addition, he guides clients on claiming exemptions for land, vehicles, and other personal properties to be seized. Fred E. Walker has been in the legal field for more than three decades.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (176)
Avvo
5.0 / 5 (134)

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We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
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Graves Dougherty Hearon & Moody logo
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Graves Dougherty Hearon & Moody

401 Congress Avenue, Austin, TX 78701
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  • Debt Settlement

Business Description

Graves Dougherty Hearon & Moody is an established Austin law firm serving individuals and businesses in Round Rock and the surrounding areas. Founded in 1946, its team consists of 30 plus attorneys, which include experienced bankruptcy attorneys whose focus is to protect their clients' interests in all proceedings under the various chapters of the bankruptcy law. These lawyers work with the firm's banking and finance group to better understand each bankruptcy case from a creditor's perspective.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Facebook
5.0 / 5 (4)
Yelp
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
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Hickson Law, PC logo
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Hickson Law, PC

4833 Spicewood Springs Road, Austin, TX 78759
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Debt Settlement

Business Description

Hickson Law, PC is a bankruptcy law firm serving the Round Rock area. Elizabeth Hickson, who has been practicing law since 1988, helps clients deal with chapter 7 and chapter 13 bankruptcy filings depending on what they qualify for based on their income, expenses, and total debt. Hickson also deals with foreclosures, garnishments, repossessions, and secured and unsecured debts. She handles both single and joint filings and advises clients on tax considerations and non-bankruptcy alternatives.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Google
4.9 / 5 (10)

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We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Ibeling Law Ltd. logo
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Ibeling Law Ltd.

1000 Heritage Center Circle, Round Rock, TX 78664
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Chapter 11 Bankruptcy

Business Description

Ibeling Law Ltd. is a legal firm in Round Rock that caters to financially-struggling individuals. It handles chapter 7 bankruptcy proceedings to help clients get rid of phone calls and collection letters from creditors and have an opportunity to start anew. The firm also assists people with estate planning, probate, and divorce matters. Its lawyer, Michelle L. Ibeling, has been practicing bankruptcy law since 2007. She is a member of the National Association of Consumer Bankruptcy Attorneys.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Avvo
5.0 / 5 (3)
Google
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
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John Henry & Associates logo
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John Henry & Associates

407 W Liberty St, Round Rock, TX 78664
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  • Chapter 7 Bankruptcy

Business Description

John Henry & Associates is a full-service law firm representing the people of Round Rock. Among its practice areas is bankruptcy litigation. The firm's legal team represents secured and unsecured creditors, banks and other lenders, debtors, and other parties in claims in bankruptcy court as well as in state and federal court disputes pertaining to bankruptcy problems. Managing partner John Henry is admitted to practice before the U.S. Bankruptcy Courts for the Northern, Eastern, Western, and Southern Districts of Texas.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (1)
Law Office of Kimberly Nash P.C. logo
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Law Office of Kimberly Nash P.C.

6207 Bee Cave Rd, Suite 155, Austin, TX 78746
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Chapter 11 Bankruptcy

Business Description

The Law Office of Kimberly Nash P.C. helps individuals, families, and businesses in the Round Rock area free themselves from debt. It files chapters 7 or 13 bankruptcy on behalf of clients. Its services include defending clients in debt collection lawsuits and guiding them through the mortgage modification application process. In addition, it assists people with estate planning and probate law matters. Kimberly Nash has been practicing bankruptcy law since 2009. She works with Fred E. Walker, who has 12 years of bankruptcy law experience.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (4)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Law office of michael baumer logo
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Law office of michael baumer

7600 Burnet Road, Austin, TX 78757
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  • Chapter 13 Bankruptcy
  • IRS Tax Debt

Business Description

The Law Office of Michael Baumer is a bankruptcy law firm located near Round Rock established by Michael Baumer, who has more than 35 years of exclusive bankruptcy law experience. As a debt relief agency, The Law Office of Michael Baumer helps small businesses and individuals file for chapter 7 and chapter 13 bankruptcy. The firm also helps clients put an end to harassing letters and phone calls from creditors, lawsuits, IRS liens and tax debts, repossessions, and foreclosures.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Google
4.9 / 5 (77)
Avvo
5.0 / 5 (73)
Yelp
5.0 / 5 (6)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Lincoln-Goldfinch Law logo
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Lincoln-Goldfinch Law

1005 East 40th Street, Austin, TX 78751
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Debt Settlement

Business Description

Lincoln-Goldfinch Law is a bankruptcy law firm serving Round Rock. Its team of attorneys is committed to providing assistance to clients experiencing financial struggles due to overwhelming debt. These attorneys strive to present sound quality solutions that fit their needs. They make use of a client-focused and empathetic approach to filing for bankruptcy, especially for clients who may feel ashamed about their current situation. They also offer financial education programs to equip clients with knowledge about life after bankruptcy.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Google
4.9 / 5 (446)
Avvo
5.0 / 5 (17)
Yelp
4.5 / 5 (8)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Lisa Zintsmaster Bradford  JD, LLM logo
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Lisa Zintsmaster Bradford JD, LLM

1213 Ranch Road 620 South, Austin, TX 78734
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Located near Round Rock, Lisa Zintsmaster Bradford JD, LLM is an attorney that has more than 20 years of legal experience. As a bankruptcy attorney, she helps those in deep debt overcome their overwhelming financial distress. Lisa Zintsmaster Bradford JD, LLM helps debtors renegotiate what they owe outside of bankruptcy. In cases where bankruptcy is the only option, she assists with chapter 7, 11, and 13 bankruptcies. Lisa Zintsmaster Bradford JD, LLM also represents creditors seeking to collect on debts.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Yelp
5.0 / 5 (1)
Skelton & Woody PLLC logo
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Skelton & Woody PLLC

248 Addie Roy Road, Austin, TX 78746
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  • Debt Settlement

Business Description

Skelton & Woody PLLC is an Austin office that offers bankruptcy law services to Round Rock and the surrounding areas. The firm's attorneys are focused on providing lender representation and protecting the rights and interests of lending companies in bankruptcy court. Aside from this, they handle cases from other areas of law, including business, employment, insurance, intellectual property, and securities law. Skelton & Woody PLLC also offers local counsel services.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.5
Yelp
4.5 / 5 (10)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
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The Brown Law Firm logo
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The Brown Law Firm

5815 W William Cannon Dr., Suite 105, Austin, TX 78749
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Chapter 11 Bankruptcy

Business Description

The Brown Law Firm serves individuals throughout the Round Rock community. It handles cases concerning bankruptcy law and debt. It provides foreclosure proceeding and credit card defense and asset protection planning services. The firm also deals with tax issues, debt workouts and settlements, and all chapters of the bankruptcy code. Jerome A. Brown, the firm's owner, is board-certified in both consumer and business bankruptcy law by the Texas Board of Legal Specialization. He has over three decades of experience in handling bankruptcy cases.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.5
Google
4.5 / 5 (2)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
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––
The Chivis Law Firm logo
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The Chivis Law Firm

1 Chisholm Trail Road, Suite 450, Round Rock, TX 78681
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  • Chapter 7 Bankruptcy

Business Description

The Chivis Law Firm helps clients in Round Rock and the surrounding communities. The company provides legal assistance to financially distressed individuals looking to file for bankruptcy. John Chivis, the firm's senior attorney, has helped hundreds of individual debtors eliminate their debt and achieve financial relief through chapter 7 bankruptcy filings. Chivis established his private practice in 2011. His uses his extensive legal experience in each case, and his other areas of expertise are family and personal injury law.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.7
Google
4.7 / 5 (155)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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The Harlow Law Firm, PLLC logo
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The Harlow Law Firm, PLLC

1464 East Whitestone Boulevard, Cedar Park, TX 78613
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

The Harlow Law Firm, PLLC offers bankruptcy lawyer services to individuals and families in the Round Rock metro area. Based in Cedar Park, the firm's founder Evan Harlow helps people in determining the best legal solution to their financial problems. He has experience in providing counsel and assistance, particularly in filing for chapters 7 and 13 bankruptcy. Harlow uses a comprehensive and compassionate approach in each case at hand and is committed to leading his clients towards financial stability.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.8
Google
4.9 / 5 (32)
Avvo
4.5 / 5 (9)
Facebook
5.0 / 5 (7)

(+1 additional source)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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The Law Office of Bryan W. McDaniel, P.C. logo
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The Law Office of Bryan W. McDaniel, P.C.

34 N Avenue C, Elgin, TX 78621
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  • Chapter 13 Bankruptcy
  • Credit Card Debt

Business Description

For over 20 years, The Law Office of Bryan W. McDaniel, P.C., has been offering legal representation for clients facing debt problems in Round Rock. The firm assists clients in applying for bankruptcy relief to avoid home foreclosures, creditor harassment, auto repossessions, lawsuits, and back taxes. Its legal team also helps find solutions for individuals facing family law issues, such as divorce, child support and custody, property distribution, paternity, and adoption. Other services cover wills and probate.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.3
Google
4.7 / 5 (7)
Facebook
3.0 / 5 (2)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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The Law Office of Evan Simpson logo
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The Law Office of Evan Simpson

120 W Central Texas Expy #104, Harker Heights, TX 76548
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

The Law Office of Evan Simpson offers legal services to Round Rock clients involved in bankruptcy proceedings. It helps debtors understand their current financial situation and guides them through their options, including chapters 7 and 13 bankruptcy. It recommends various strategies for addressing debt concerns, such as an automatic stay to prevent foreclosure and repossession and stop creditors from collecting dischargeable debt. Simpson has been helping clients through his practice since 2009 and is a former president of the Waco Bankruptcy Bar Association.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.0
Google
4.2 / 5 (14)
Yelp
3.0 / 5 (2)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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The Law Offices Of Douglas J. Powell, P.C. logo
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The Law Offices Of Douglas J. Powell, P.C.

820 West 10th Street, Austin, TX 78701
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

The Law Offices Of Douglas J. Powell, PC, serves clients in Round Rock and nearby localities. The firm specializes in bankruptcy law, assisting borrowers in eliminating debt and achieving financial independence. Powell, the firm's founder and sole practitioner, has helped thousands of individual debtors file for bankruptcy under Chapters 7, 11, and 13 since 1984. He was certified by the Texas Board of Legal Specialization in Consumer Bankruptcy Law in 1990. He also represents creditors in bankruptcy proceedings.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
4.9 / 5 (34)
Facebook
5.0 / 5 (9)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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The Law Offices of Sean T. Flynn logo
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The Law Offices of Sean T. Flynn

4408 Spicewood Springs Rd. #413, Austin, TX 78759
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Debt Settlement

Business Description

The Law Offices of Sean T. Flynn is a bankruptcy firm that represents individuals and families in Round Rock. For over a decade, its attorney, Sean T. Flynn, has been assisting clients facing financial distress by filing chapter 7 and chapter 13 of the Bankruptcy Code on their behalf, helping them restructure or eliminate debt and take back control of their finances. Flynn currently serves as Consumer VP of the State Bar of Texas Bankruptcy Law Section.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (58)
Facebook
5.0 / 5 (4)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Back to Providers

Frequently Asked Questions

What does a bankruptcy attorney do?

Bankruptcy attorneys help clients understand whether they qualify for bankruptcy and what their best options are. They also prepare and file petitions, answer questions during the proceedings, and educate clients about potential best steps for a positive bankruptcy outcome. Bankruptcy attorneys might also file motions or paperwork if creditors dispute the bankruptcy, or to stop creditors from taking collections actions forbidden by the bankruptcy.

What happens when you file bankruptcy?

Bankruptcy is a formal process that individuals, married couples, or businesses can enact when they are no longer able to pay creditors. In a bankruptcy proceeding, filers are allowed to reduce debt to more manageable levels to best pay off money owed.

Once the bankruptcy process is initiated, debt collectors can no longer seek repayments outside of the arrangements detailed in the bankruptcy settlement. Some forms of bankruptcy result in the liquidation of assets to pay back debts, while others allow filers to retain most of their possessions and investments. Many types of unsecured debt can be managed with bankruptcy filings, but not all.

Can you file bankruptcy on student loans?

Under most circumstances, student loans aren't dischargeable and aren't included in bankruptcy proceedings. In rare cases, it may be possible to eliminate student loans through bankruptcy, but only if the courts determine that continuing to pay the loans would impose an undue hardship. Meeting the criteria for undue hardship is challenging, and most bankruptcy filers don't qualify.

What is bankruptcy fraud?

Bankruptcy fraud is a blanket term that refers to any kind of dishonest bankruptcy proceeding, which can include:

  • Hiding assets by transferring them to another person or entity
  • Intentionally omitting assets when reporting to the court
  • Destroying or withholding required documents
  • Knowingly making false statements to bankruptcy trustees or creditors

How long is bankruptcy on public record?

How long bankruptcy stays on public record depends on the kind of bankruptcy filing in question. Chapter 7 bankruptcy remains on the record for 10 years as there isn't necessarily a repayment component. Chapter 13 bankruptcy remains on the record for seven years as some obligations are repaid following filing based on the terms of a discharge settlement.

Does bankruptcy clear tax debt?

Bankruptcy can clear tax debt, depending on the circumstances. Taxes are dischargeable under Chapter 7 bankruptcy, not Chapter 13, and only if the tax debt is:

  • Federal income tax debt related to current properly filed tax returns
  • Honestly incurred with no fraud or evasion
  • At least three years old
  • Assessed at least 240 days before bankruptcy filings

Existing liens are not eliminated with bankruptcy.


Can they take my car in Chapter 7 bankruptcy?

In many cases, it's possible to keep a vehicle following Chapter 7 bankruptcy. The Chapter 7 Motor Vehicle Exemption allows filers who own their vehicles outright or who are up to date with payments to keep their cars. However, those behind on making car payments are required to arrange a repayment plan. Otherwise, the vehicle may be repossessed as a part of the proceedings.

How bad is it to file bankruptcy twice?

Although possible, due to the damaging nature of bankruptcy, filing bankruptcy more than once isn't recommended. Filing multiple times puts a serious burden on one's credit report, making it harder to get a loan, buy a house, buy a car, or even open credit cards.

Note that filing for bankruptcy isn't something that can be done at a filer's leisure. There are time limits following bankruptcy cases that dictate when it's permissible to file again. For example, after Chapter 7 bankruptcy, filers must wait at least eight years before filing Chapter 7 again or four years before filing Chapter 13.

Can anyone file bankruptcy?

Anyone can file bankruptcy, but there are limitations regarding which form of bankruptcy is permissible. Qualifying for Chapter 7 requires a means test that evaluates income, debt levels, and income left over each month after paying basic obligations. Income over the median set by the court and monthly income that allows meaningful payments toward unsecured debt can disqualify filers from Chapter 7, which is generally the preferred form of bankruptcy due to the possibility of a full discharge. Anyone can file Chapter 13 bankruptcy, but the terms are less favorable. In most cases, some debts must be repaid following a successful filing. Chapter 13 is also more likely to result in asset forfeiture.

How will bankruptcy affect my credit score?

Bankruptcies are noted on credit reports. How much a bankruptcy might drop a person's credit score depends on how high the score was to begin with, but generally speaking, the hit can be as much as 100 to 200 points. Often scores are already dropping because people filing for bankruptcy may have already missed payments on debts. Chapter 13 bankruptcies are listed on credit reports for seven years from the filing date, while Chapter 7 bankruptcies are listed for 10 years from the filing date. This is because Chapter 13 bankruptcies require at least partial payment of debts owed.

What are the benefits of filing for bankruptcy?

Filing a bankruptcy petition causes an automatic stay. This legally stops creditors from taking further action to collect debt, including garnishing wages or foreclosing on property. Going through a bankruptcy successfully means that debts included in the bankruptcy are discharged and don't have to be paid back, except as provided in a Chapter 13 repayment plan. Bankruptcy can help someone recover from financial duress so they can make better decisions and improve financial situations in the future. Disadvantages can include temporary lower credit scores and limitations on spending and financing.

What's the difference between debt settlement and bankruptcy?

Debt settlement occurs when people negotiate with individual creditors. The creditor agrees to take a payment that's lower than what someone owes and call the debt “paid in full.” Bankruptcy is a legal process that causes debts to be dismissed after someone proves they don't currently have the means to pay their debts as owed. Typically, someone can't enter into bankruptcy and also settle some debts, because the court would see that as favoring one creditor over another.

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