What You Need to Know About Bankruptcy
Filing for a Plano bankruptcy is one of the most difficult decisions an individual can make. Whether it’s to escape unbearable credit card debt or seek relief from undue financial hardship, bankruptcy provides the opportunity to reset your financial situation.
Fortunately, filing for a bankruptcy doesn’t have to be a daunting process that you undertake alone. Hiring a Plano bankruptcy attorney can help you through the process and advise what strategy is the best for you. The two immediate decisions are whether to file for Chapter 7 or Chapter 13 bankruptcy.
A Chapter 7 bankruptcy means that your creditors can acquire your assets and liquidate them to pay off the outstanding debt. Chapter 13, on the other hand, allows you to continue paying the bills, but reorganizes them so that they are payable in your situation. Your Plano bankruptcy attorney can help you decide which option is best for you as well as help protect your rights during the process.
How a Plano Bankruptcy Attorney Can Help
Whether you’re an individual or business filing for a bankruptcy, an experienced attorney can help you navigate through all the intricacies of the law. For instance, filing for a Chapter 7 allows individuals certain exemptions. In other words, certain assets are protected from acquisition and liquidation from your lenders. Without an expert guiding you during the bankruptcy process, you risk losing property that you could have otherwise kept.
Likewise, a Chapter 13 bankruptcy can pose various risks to your credit history. Your bankruptcy attorney can help you understand all the Plano and Texas-specific laws as well as any exemptions that you may qualify for. Furthermore, gathering all the appropriate paperwork necessary to deal with the courts can be a logistical challenge. A Plano bankruptcy attorney will help guide you through the process so that you can rebuild your financial life.