Texas Bankruptcy Attorneys

Bankruptcy Attorneys That Help Individuals Get a Fresh Financial Start Through Bankruptcy

Dealing with financial problems and overwhelming debt can be incredibly challenging. You may feel like you are in over your head and that there is no way out. If this sounds like your situation, do not hesitate to talk with a trusted expert who can help you to think clearly and come up a smart path forward. Our consumer bankruptcy attorneys help people every day all over the Dallas / Fort Worth area to settle debts and give sound legal advice. Depending on your unique situation, filing for bankruptcy may also be a viable option to give you the fresh financial start you need. Either way, we can tell you how to get out of whatever hole you might find yourself in. No problem is insurmountable with the right team behind you.

At Warren & Migliaccio, we understand the weight of financial stress. More so, we know it can happen to anyone. Good people with every intention of paying their bills can suffer a stroke of bad luck, an unexpected loss of employment, illness, or divorce. The pressure from mounting debt and harassing phone calls from creditors can be debilitating. You do not need to face this stressful and overwhelming time alone.

Discuss your situation with an experienced bankruptcy attorney well-versed in bankruptcy law before you file any paperwork or talk to any creditors. Our Dallas bankruptcy lawyers can help you understand your potential legal options for seeking financial relief. We will treat your case with privacy, review your situation, help you understand your legal options, and explain how bankruptcy will impact your life. Then we will create a strategy together that realistically considers your financial situation and commit to strategy until our side is successful.

What is Bankruptcy?

Bankruptcy is a legal process designed to allow individuals or businesses, including those struggling with business debt, who cannot repay their debts to seek relief. The bankruptcy laws give people like you the opportunity for a fresh financial start by either liquidating assets to pay their debts (Chapter 7 bankruptcy) or creating a repayment plan (Chapter 13 bankruptcy). Either way, bankruptcy benefits debtors by giving them partial or complete relief from debts they cannot pay.

How Our Bankruptcy Lawyers in Dallas Can Help You

If you are struggling with mounting debts, you may wonder if bankruptcy is the right solution. Our Dallas bankruptcy lawyers have many years of extensive experience and success handling United States Bankruptcy Court cases in North Texas. Chances are we have seen situations like yours before.

During a consultation, we are happy to discuss your situation and whether bankruptcy may be a good option for you. Depending on your unique situation, we can help you seek financial relief through Chapter 7 bankruptcy or Chapter 13 bankruptcy.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is a liquidation bankruptcy. Through it, you liquidate your non-exempt property in exchange for a discharge on all or most of your unsecured debts. However, this does not mean all of your belongings will be sold off in assets sales.

Texas provides many exemptions that can protect much of an individual’s personal property from being seized during bankruptcy proceedings, as governed by the United States Bankruptcy Code.  Additionally, if you have non-exempt property you want to keep, we will work with you to see if this is an option for you.

Chapter 7 bankruptcy does not help you with secured debt, such as a mortgage or car loan.  Therefore, it will not help you avoid foreclosure on your house or car repossession.

Additionally, you must meet strict eligibility qualifications to file for Chapter 7 bankruptcy. We can determine whether you are eligible for the Chapter 7 bankruptcy option by conducting what is known as the “means test”. The means test assesses your income, assets, liabilities, and exemptions against the Internal Revenue Service (IRS) guidelines.

Chapter 13 Bankruptcy

Unlike Chapter 7 bankruptcy, Chapter 13 bankruptcy is not a liquidation bankruptcy. It is a reorganization bankruptcy. You can keep your non-exempt property, but you must set up a repayment plan and pay off your debts over a period of three to five years. After this period, you will not be liable for any remaining unsecured debt that can be discharged.

Chapter 13 bankruptcy can also help you with secured debts, ensuring that a secured creditor cannot foreclose on your home or repossess your car.  This type of bankruptcy is best for individuals with a consistent income source for repayment, secured debts, and valuable assets they want to keep.

Related: What Is the Difference Between Chapter 7 and Chapter 13 Bankruptcy in Texas?

Our Dallas Bankruptcy Attorneys Serve Individuals Across North Texas

At Warren & Migliaccio, we represent individuals in bankruptcy proceedings throughout the Dallas-Fort Worth area and North Texas. We have extensive experience and success helping people with Chapter 7 and Chapter 13 bankruptcy in the following counties and cities:

• Collin County: Plano, Frisco, McKinney, Allen, Murphy, and Anna
• Dallas County: Dallas, Irving, Garland, DeSoto, and Farmers Branch
• Denton County: Denton, Lewisville, Little Elm, The Colony, Corinth, and Highland Village
• Rockwall County: Rockwall, Fate, and McLendon-Chisolm
• Tarrant County: Fort Worth, Arlington, North Richland Hills, Euless, Bedford, and Keller

What Are the Benefits of Bankruptcy?

The most significant benefit of bankruptcy is to help you get rid of some or all of your debts. However, there are many benefits to the bankruptcy process. Depending on the type of bankruptcy you seek, it may be able to offer you the following:

• Avoid foreclosure and save your home
• Stop creditor harassment
• Stop bank and wage garnishments
• Eliminate or reduce credit card debt
• Eliminate medical debt
• Stop creditor lawsuits
• Rebuild your credit
• Get a fresh start without losing your home, vehicles, retirement, and self-respect
• Stop worrying and finally start living again

Our bankruptcy attorneys in Dallas understand that choosing whether to file for bankruptcy is difficult. Some people worry about the impact that bankruptcy will have on their credit score, while others are concerned about the cost and hassle of the bankruptcy process. Ultimately, deciding whether to file for bankruptcy depends on your unique financial situation.

While bankruptcy can be a helpful tool for some people in debt, it is not the right choice for everyone. During a consultation with an experienced Dallas bankruptcy lawyer, we can help you understand the pros and cons of Chapter 7 and Chapter 13 bankruptcy.  We can help you understand the implications of filing for bankruptcy and what you can expect so you can make an educated decision about your financial future.

Related: Top Bankruptcy Myths That Should Bite the Dust – Once and For All

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What Happens When You File for Bankruptcy in Texas?

Before you file for bankruptcy, you must complete a mandatory credit counseling course. You must complete this course within 180 days before your bankruptcy filing. It must be from a credit counseling agency approved by the United States trustee. You can find a list of approved credit counseling agencies on the U.S. Trustee Program website. Once you have completed the course, you must file a certificate of completion with the United States District Court.

Once you file for bankruptcy, an automatic stay is put into place. An automatic stay means that your creditors are legally prohibited from taking any collection actions against you. Collection actions include everything from harassing phone calls and letters to litigation lawsuits, garnishments, and foreclosure.

The automatic stay will remain in place until your bankruptcy case is resolved. While there are a few exceptions to an automatic stay, such as child support payments, an automatic stay can give you a much-needed break from your debts.

After filing for bankruptcy, you must attend a meeting of creditors. This meeting is also known as a 341 hearing. At this hearing, you meet with the trustee assigned to your case to review your bankruptcy paperwork. Your creditors may appear at the meeting and have the opportunity to ask you questions about your bankruptcy case. You will also need to provide any documents or information that they request.

Once the meeting of creditors is complete, you wait for your bankruptcy case to be discharged. Your debts will be wiped out, and you will no longer be legally responsible for them. However, it is essential to note that not all debts are dischargeable in bankruptcy. For example, child support, alimony, types of tax debt, and student loans cannot generally be discharged through bankruptcy.

Related: Bankruptcy Video Center

How to Find a Dallas Bankruptcy Lawyer Near Me

When considering bankruptcy, having the right legal support on your side is essential.  Bankruptcy can be a complex and challenging process, sometimes involving bankruptcy litigation, so you want to make sure that you have an experienced and knowledgeable bankruptcy attorney in Dallas to help you through it.

The first step in finding a bankruptcy lawyer near you is researching your options.  Look for the best lawyers who have experience handling bankruptcies in Texas and read online reviews to get a sense of what others have said about their services.

Once you have narrowed down your options, set up consultations with each of the lawyers on your list. A consultation will allow you to ask questions, get more information about the attorney’s experience and expertise, and determine whether they fit your needs, including how much they charge for attorney’s fees.

One specific question you should ask to determine the best bankruptcy lawyer for you is how they update their clients on their bankruptcy cases. For example, when you choose Warren & Migliaccio, we prioritize getting you the information you need. Our staff happily connects you with the attorney handling your case so you can get information as soon as possible.

Take The Next Step for Your Financial Future and Seek Legal Help From a Bankruptcy Attorney in Dallas, TX

With the right bankruptcy attorney Dallas residents rely on, you can navigate the bankruptcy process with confidence. Take the next step on your way to a fresh financial start and talk with a Dallas bankruptcy attorney from our firm. Whether you need an experienced bankruptcy lawyer in Dallas or a lawyer who focuses on debt relief outside of bankruptcy, Warren & Migliaccio can help you take control of your finances and get on the road to financial freedom.

Do not let your debts control your life. You may be able to find financial relief in Chapter 7 or Chapter 13 bankruptcy. Do not hesitate to contact our office today to schedule a consultation. We can answer your legal questions, help you understand your best legal options, and discuss how we can help you. You can call us at (888) 584-9614 or contact us online, and we will schedule a consultation with you soon.