US Bankruptcy Court Questions? A Dallas Law Firm That Knows United States Bankruptcy Law Can Help!
When financial situations arise that are outside of your control, you may find filing bankruptcy is a viable option. Before you do, you’ll want to consult with a Dallas law firm to weigh the pros and cons of your decision. Our attorneys are well versed in United States bankruptcy law and can explain how this crucial decision will impact your life.
What is bankruptcy and what will a US bankruptcy court do for me?
For instance, did you know bankruptcy benefits debtors by giving them partial or complete relief from debts they can’t pay? When you file, a court orders an automatic stay and all collection activities of creditors cease — which likely will provide you relief from incessant contact with creditors. In the long term, bankruptcy can give you a chance for a fresh financial start.
Depending on the type of bankruptcy you file, your debts may be wiped out (Chapter 7) or you may have to file a plan with a US bankruptcy court that outlines how your creditors will be repaid (Chapter 13).
You’ll also get long-awaited emotional relief:
- Stops creditor harassment
- Stops paycheck garnishments from the Internal Revenue Service
- Stops bank account levies
- Stops most civil lawsuits immediately
- Rebuilds your credit
We Can Help you Decide if Chapter 7 or Chapter 13 is Best
Our law firm has been dealing with US bankruptcy court cases in Richardson and the surrounding North Dallas region for years, and chances are, we’ve seen situations like yours before. We can help you determine which option is best for you.
For instance, according to United States law, chapter 7 bankruptcies in Texas may require you as the debtor to give up all of your nonexempt property in exchange for a discharge on all or most of your debts. We’ll first determine if you’re eligible for this option by conducting what’s known as the Means Test.
Chapter 13 bankruptcy, however, requires you to set up a repayment plan and pay off your debts over a period of 3 to 5 years, after which you won’t be liable for any remaining unsecured debt that can be discharged. If you have non-exempt property you want to keep, we’ll work with you to see if this is an option for you.
Seeking Legal Help from our Dallas Law Firm
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 experienced attorneys. 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 (888) 584-9614 today. We’re here to help.
