We are a bankruptcy law firm serving Dallas, Richardson, Plano, and surrounding areas
Dealing with financial problems can be overwhelming. You may feel like you’re in over your head and that there’s no way out.
When financial situations do arise that are outside of your control, filing bankruptcy may be a viable option. Before you do, you’ll want to consult with a Dallas bankruptcy lawyer to weigh the pros and cons of your decision.
At Warren & Migliaccio, L.L.P., we understand that it can happen to anyone. Good people with every intention of paying their bills can be hit with 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 don’t need to face this alone. Bankruptcy can be a complicated process. Before you make any decisions you should talk with an experienced Texas bankruptcy well versed in United States bankruptcy law. The lawyers at Warren & Migliaccio, L.L.P. will treat you with the respect you deserve. We will review your situation and explain how this crucial decision will impact your life.
Get Help Now
What is Bankruptcy?
The bankruptcy laws were created to give people just like you the opportunity for a fresh start by liquidating assets to pay their debts (Chapter 7 Bankruptcy), or by creating a repayment plan (Chapter 13 Bankruptcy). Either way, bankruptcy benefits debtors by giving them partial or complete relief from debts they can’t pay.
The choice of whether to file for bankruptcy is a difficult one, and there are many factors to consider. 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, the decision of whether or not to file for bankruptcy depends on each individual’s unique financial situation.
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).
We Can a Bankruptcy Lawyer Do For Me?
If you are struggling with mounting debts, you may be wondering if bankruptcy is the right solution for you. While bankruptcy can be a helpful tool for some people in debt, it is not right for everyone. Here is a brief overview of what bankruptcy can and cannot do.
Bankruptcy can help you get out of debt. When you file for bankruptcy, an automatic stay is put in place. This means that your creditors must stop all attempts to collect on your debt, including phone calls, letters, and wage garnishments. This can give you a much-needed respite from your debts and allow you to start fresh.
Bankruptcy can also help you get rid of some of your debts. In most cases, you will only be required to repay a portion of your unsecured debts, such as credit card debts and medical bills. Chapter 7 bankruptcy will discharge most of your unsecured debts, while Chapter 13 bankruptcy will require you to repay a portion of them over time. Filing for bankruptcy is a complex legal process that requires the assistance of an experienced attorney.
What Happens When You File For Bankruptcy?
When you file for bankruptcy, the first thing that happens is that an automatic stay is put into place. This means that your creditors are legally prohibited from taking any collection actions against you. This includes things like wage garnishment, foreclosure, and repossession. The automatic stay will remain in place until your bankruptcy case is resolved.
Next, you will need to complete a mandatory credit counseling course. This course must be completed within 180 days before you file for bankruptcy. It must be from a credit counseling agency approved by the United States trustee. You can find a list of approved credit counseling agencies at the U.S. Trustee website. Once you have completed the course, you will need to file a certificate of completion with the court.
After your credit counseling is complete, you will then need to attend a meeting of creditors. This meeting is also known as a 341 hearing. At this hearing, your creditors will 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, your bankruptcy case will then be discharged. This means that your debts will be wiped out and you will no longer be legally responsible for them. However, it’s important to note that not all debts are dischargeable in bankruptcy. Things like child support, alimony, and student loans cannot be discharged through bankruptcy.
Bankruptcy Can Help You:
- Avoid Foreclosure and Save Your Home
- Stop The Harassing Phone Calls From Creditors
- Eliminate or Reduce Credit Card Debt
- Eliminate Medical Debt
- Stop Creditor Lawsuits
- Rebuild Your Credit
- Get a Fresh Start Without Losing Your Home, Autos, Retirement or Self-Respect
- Stop Worrying and Finally Start Living Again
How To Find a Bankruptcy Lawyer Near Me
When you are considering bankruptcy, it is important to have the right legal support on your side. Bankruptcy can be a complex and challenging process, so you want to make sure that you have an experienced and knowledgeable bankruptcy lawyer to help you through it.
The first step in finding a bankruptcy lawyer near you is to research your options. Look for 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 shortlist. This will give you an opportunity to ask questions, get more information about their experience and expertise, and determine whether they are the right fit for your needs.
With the right Dallas bankruptcy attorney on your side, you can navigate the bankruptcy process with confidence.
What To Expect Working With a Bankruptcy Lawyer
We Can Help you Decide if Chapter 7 or Chapter 13 Bankruptcy 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.
Chapter 7 Bankruptcy
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. The Means Test assesses your income, assets, liabilities, and exemptions against IRS guidelines.
However, just because you file for chapter 7 bankruptcy does not mean all of your belongings will be sold oﬀ. Texas provides a number of exemptions which can protect much of an individual’s personal property from being seized during bankruptcy proceedings.
Chapter 13 Bankruptcy
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.
Get Help Now
Take The Next Step and Seek Legal Help from our Dallas Law Firm
Take the next step on your way to a fresh start and talk with one of our Dallas bankruptcy attorneys. The lawyers at Warren & Migliaccio, L.L.P can help you take control of your finances and get on the road to financial freedom.
Don’t let your debts control your life. Your family deserves the fresh start the bankruptcy laws were created to give you.
Take action today and contact our office to schedule a free consultation