When you define bankruptcy most filed bankruptcies for personal accounts are either going to be Chapter 13 or Chapter 7. A reaffirmation agreement is one part of Chapter 7 that can make an impact on this choice, as can many other factors. When you’re seeking Chapter 7 bankruptcy information,Dallas bankruptcy attorneys should be your first call.
Basic Chapter 7 Bankruptcy Information in Dallas
You should sit down with yourDallasbankruptcy attorney and discuss your financial situation to define bankruptcy plans suitable for your needs. Not everyone will be eligible for Chapter 7 or Chapter 13, so it’s important to have this meeting before you begin to file.
A Chapter 7 bankruptcy is when the bulk of your unsecured debts are discharged by liquidating the assets you have. Dallas bankruptcy attorneys often suggest this type of filed bankruptcy for clients who have very little in the way of assets that can be liquidated, thus making their losses less serious.
There are some secured debts that you may not want to discharge in order to keep their collateral, which may result in the need for a Chapter 7 reaffirmation agreement. This is typically in cases such as a car loan, when you want to keep the vehicle and can still be able to bear the burden of the debt.
You should review Chapter 7 bankruptcy information with a Dallas bankruptcy attorney to see if you qualify. You will have to pass a means test and meet credit counseling requirements before filing, and you’ll want an attorney with past experience with these cases to make sure your assets are protected.
Making the Decision to File Chapter 7 Bankruptcy
During your first meeting with your Dallas bankruptcy attorney, you’ll peruse many aspects of your financial situation. First, a lawyer can see if you have any previously filed bankruptcies, which may deny you the ability to file again depending on the time from which they were filed. Next, your lawyer can define your bankruptcy needs – are you judgment proof?
Judgment-proof clients are those whose income comes from a source such as Social Security that cannot be taken or garnished and have no assets that can be liquidated.If you are deemed to be judgment proof, you may not need to file bankruptcy, but your attorney can explain other options for debt relief.
You also need to consider if filing Chapter 7 bankruptcy will discharge enough of your debt to make it worth the damage it does to your credit history. If your debts are not too serious or you have a fair amount of property that could be lost in a Chapter 7 bankruptcy, you may want to discuss other options such as Chapter 13.
Seeking Professional Help from aDallasBankruptcy Attorney
Your credit may already be damaged by large debts and unpaid penalties and interest. This doesn’t mean you can’t seek professional help to get you back on track to creating a positive financial future. Seeking advice from a Dallas bankruptcy attorney can help you with the more complicated issues during Chapter 7, like a reaffirmation agreement.
Making these decisions about your financial situation can be frustrating, especially if you don’t have a good idea of how bankruptcy law works and what your options are for debt relief. Many filed bankruptcies handled alone are often unsuccessful or can become even more damaging to your credit than not filing in some cases.
To make sure you are getting sound advice from a trusted source, you should seek the professional guidance of a Dallas bankruptcy attorney. Your attorney can define bankruptcy legalities for you and determine how to protect your important assets while seeking the opportunity for a fresh start to your credit history.
Get Chapter 7 Bankruptcy Information fromDallasBankruptcy Attorneys
When you are facing debt collectors, struggling to make bill payments and are having difficulty making ends meet, life can be frustrating. Facing financial troubles alone can only add to your stress and put you at risk of making poor choices in finding relief.
At Warren & Migliaccio, L.L.P. ourDallasbankruptcy attorneys want to help you make the best financial decisions for your situation. We’ve helped clients file Chapter 7 and Chapter 13 bankruptcy and work toward rebuilding a new credit history. We also provide guidance for homeowners facing foreclosure, and debtors being harassed by collection agencies.
We offer a FREE, no-cost consultation to discuss your reasons for filing bankruptcy. With the help of our attorneys you can make informed decisions about your financial future and work on getting your life back on track. Call us at 1-888-584-9614 or contact us online to schedule an appointment today.