Bankruptcy Simplified

: Chris Lee Law Firm

  Filed under: Bankruptcy

bankruptcy simplified

If you are struggling with debt and considering bankruptcy, you may have some concerns about how the case will go. Some people avoid bankruptcy as a whole because they think it is too complicated. Although bankruptcy is a complex area of ​​law, an experienced attorney can make the process as smooth and straightforward. To determine if you should file bankruptcy, you and a bankruptcy attorney should think of the worst-case scenario if you do not file bankruptcy.

Bankruptcy can erase or discharge most of the filer’s debt. This means that the legal obligation to pay such debts disappears. Creditors can no longer file lawsuits or demand payments. Bankruptcy can even prevent the garnishment of wages.

Hiring an Attorney

It is not mandatory to have an attorney. You may be able to handle a case yourself. But presenting a case of reorganization according to the laws is difficult, even with a lawyer, so it is recommended to go to the specialists in the subject.


A trustee will be assigned to your case. If a debtor has nonexempt assets like a second home or more cars than drivers in the debtor’s home, the trustee may sell the nonexempt assets. After taking out their fees, the trustees pay the rest of the money to some or all creditors who have filed a proof of claim document with the bankruptcy court. Often you will not lose any of your assets when you file bankruptcy.

The Difference Between Discharge and Dismissal

A discharge is when a debtor has done everything that the court requires to be relieved of debts. They have complied with what the law requires, and a discharge order has been entered relieving the debtor of some or all of your debts.

The Dismissal is not the outcome that you want. Since you, as the debtor, are asking the court for relief from your creditors. When the case is denied, that means you no longer have that relief or protection, and none of your unpaid debts are eliminated.

Non Dischargeable Debt

By initiating a bankruptcy process, most debts can be discharged, such as credit cards, telephone or utility bills, and medical bills. However, bankruptcy may not remove all obligations.

The following debts CANNOT be discharged in bankruptcy:

  • Most Student loans
  • Child Support
  • Alimony
  • Most taxes
  • Debts resulting from fraud
  • Debts resulting from malicious or voluntary perjury

If you have overwhelming debt and would like to find out how you can get financial relief, contact a Plano bankruptcy attorney.

Are you a candidate for bankruptcy?
Would you like to find out if bankruptcy is the right option for you? Try our Free Online Bankruptcy Evaluation. 4 easy steps to see if bankruptcy could be the right option for you!
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