Bankruptcy Basics

: Chris Lee Law Firm

  Filed under: Bankruptcy

Bankruptcy BasicsNo one is eager to file bankruptcy; the process has long-term implications for your financial life and ability to borrow money. Bankruptcy should be considered after all reasonable efforts to get control of your debt has been exhausted. A personal bankruptcy attorney can help you get back on your feet and get a fresh start.

Bankruptcy Laws

Bankruptcy falls under a law that permits debtors who owe more than they can pay to either work out a plan to pay back some or all of their debt or eliminate and liquidate their non-exempt assets and debt. During the course of your bankruptcy process, you are protected by the courts from the claim of most creditors. This is why it is essential to speak to a bankruptcy attorney so you can have professional help in deciding what action is right for you.

Bankruptcy Code Chapters

The U.S. Bankruptcy Code is divided into sections or“Chapters.” Each chapter refers to a specific aspect of the bankruptcy code. For most people, the two chapters regarding personal bankruptcy are Chapter 7 and Chapter 11.

Chapter 7, or liquidation bankruptcy, the assets are sold, and proceeds will go to the creditors to pay off your debt. Chapter 13, or reorganization bankruptcy, involves a repayment plan to be approved allowing the debtor to retain the assets and still satisfy creditors over time.

As with other major financial decisions, you should carefully weigh the facts, good and bad before you decide to file for bankruptcy protection. Contacting an experienced Dallas bankruptcy attorney can answer any questions you may have and help you determine which action is best for you.

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