3 Reasons Bankruptcy in Dallas, Texas Might Not Be Right for You

Filing for bankruptcy can help those who find themselves in a deep financial hole; however, it may not always be the right thing to do, as it could lead to consequences you weren’t prepared for. There are some situations where it may not be the best decision for you, which is something you should consider talking to a Dallas bankruptcy attorney about.

One reason filing for bankruptcy may not be right for you is if a large majority of your debt is non-dischargeable. This is debt that cannot be discharged through bankruptcy and for which you will likely still have to pay on.

Some of the types of debt that may not be dischargeable include:

• alimony/child support;
• taxes;
• student loans; and
• judgments against you.

A second reason it may not be right for you is if you have a lot of co-signers on your debt. They can still be held responsible if you file under Chapter 7. The only way they may be protected is if you file for a Chapter 13 repayment plan.

 A third reason it may not be right for you to file bankruptcy is if you don’t plan on listing all of your debts. You may intend to pay someone back but don’t want to include that on your bankruptcy. A failure to include all of your debts could be held against you.

 Contacting a Dallas, Texas Bankruptcy Attorney

At Warren & Migliaccio, our goal is to protect you and your family so that you can take the necessary steps to proactively plan for your future. When financial circumstances outside of your control threaten your wellbeing, take control of your situation by contacting our Dallas law firm. We’ll guide you through the legal process so you can make informed decisions and choose the best course of action. If a personalized, teamwork-driven approach sounds like what you need for your case, call 1-888-584-9614 today. We’re here to help.