The difference between a chapter 13 and a chapter 7 bankruptcy in Dallas comes down to whether or not the bankruptcy court rules to completely discharge your debts or to set you up with a repayment plan to repay part or all of your debts to your creditors. When you are unsure of the decisions to make, it’s best to speak with a bankruptcy attorney in Dallas.
A Chapter 7 bankruptcy in Dallas discharges the debts you have. A Chapter 7 does allow you to keep a certain amount of equity and property that is considered “exempt” from the proceedings but understand that non-exempt assets may be liquidated to cover your debt.
On the other hand, Chapter 13 bankruptcy sets up a repayment plan that takes your leftover income, after expenses, and puts it towards your debts over a period of 3 to 5 years. If you’re eligible and want to keep your property, this is a good way to go. As long as you stay current on your payments, you will no longer be accountable for any unsecured, dischargeable debt.
Whatever type of bankruptcy you must file for, contact an attorney who can help through this stressful time. Ensuring that you abide by the complex protocols of the bankruptcy system can be a full-time job in and of itself, so leave the task to a professional who is committed to providing you the highest caliber of service and assuaging your concerns about the bankruptcy process.
Contacting a Chapter 7 Bankruptcy Dallas 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.