If you’re in financial dire straits, you may consider the possibility of filing for bankruptcy, but the process is more complicated than simply deciding that it’s time to go ahead with filing. One stumbling block that many people encounter is in the difficulty of deciding between Chapter 13 vs Chapter 7 bankruptcy. These are two very distinct processes, and while both have the end result of leaving you financially whole and absolved, which one you pursue can have a dramatic impact on your life. A bankruptcy attorney at a law firm in Dallas may be able to help you make this crucial decision.
A Chapter 7 bankruptcy is what people generally think of when they think about bankruptcy – you have very little money, if any at all, after paying your basic expenses each month and you are unable to put money toward your debts. Your assets that are not exempt from Texas’ bankruptcy exemption statutes will be auctioned off to repay creditors in part, and your unsecured debts will be discharged, which means they will be eliminated completely.
A Chapter 13 bankruptcy, on the other hand, does not eliminate your debt – a trustee will establish a repayment plan so that you can repay your creditors in whole or in part, based on the amount of discretionary income you have after you pay your necessary expenses each month.
Contacting a Bankruptcy Attorney When You Need Help
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.