While bankruptcy relieves individuals of debts they cannot repay, it may not always be the best solution for situation. The first step in the bankruptcy process is determining whether or not filing for Chapter 7 or Chapter 13 bankruptcy is suited for your situation.
For those who seek to be discharged from their debts, trusting the counsel of a Dallas bankruptcy attorney helps the process unfold smoothly. An expert can help you determine what bankruptcy options you have, your alternatives, what will happen to your properties, ensure that your pension plans are safe, and other details.
1. What are my bankruptcy options? A bankruptcy attorney will help you decide whether you should file for Chapter 7 or Chapter 13 bankruptcy. Chapter 7 allows for individuals to relieve their debts in a short 3 to 6 month period. However, their personal property is sometimes at stake. Chapter 13 has more complications, as individuals are required to make payments based on their income level for 3 to 5 years. Furthermore, a bankruptcy attorney will help you determine whether or not you are eligible for the type of bankruptcy for which you wish to file.
2. What will happen to my properties? One of the most common questions during the bankruptcy process is what will happen to properties such as your car, boat, or house. Should you file for Chapter 7, there are exemption laws that a bankruptcy attorney will help you understand to protect what you need to survive. Regardless of exemption laws, a creditor may possess any property used as collateral on a loan.
3. What follow-up support do you offer clients? The bankruptcy process lasts beyond the case itself. Consider seeking a bankruptcy attorney who can offer long-term advice such as how to rebuild your credit and how to successfully budget moving forward. The right attorney will guide you throughout the entire bankruptcy process and will even provide follow-up support to ensure that you successfully get back on track financially.