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Unlike most bankruptcy firms in the Dallas / Fort-Worth area, Allmand Law Firm, PLLC spends the time to understand the complete financial picture for every one of our clients. We provide resources, tools and advice to address the unique needs of North Texans.

When Debt and Unemployment Lead to Bankruptcy

Posted By admin || 3-Jan-2012

When Debt and Unemployment Lead to BankruptcyUnemployment creates a challenging situation with finances and even with different tips and strategies many people find themselves still struggling to pay their bills each month.  With no assets or savings, constant calls from collection agencies or receiving a summons for a lawsuit can make dealing with debt obligations overwhelming.  To make matters worse, you end up being jobless much longer than you anticipated with unemployment benefits set to run out.  So what is your next option?

Certain scenarios may be appropriate for bankruptcy protection.  While filing is often a last resort, it helps to seek advice by consulting with a bankruptcy attorney.  You most likely would qualify for Chapter 7 bankruptcy since debt can be wiped off or discharged.  If you are facing a lawsuit, dealing with an overwhelming amount of debt and feel like you have ran out of options, bankruptcy may be the solution.

Bankruptcy may prevent legal action from progressing on lawsuits and discharge eligible debt such as credit card debt or medical bills.  In some cases, it may be better to file bankruptcy at a certain time such when you gain employment it may affect what debt can be discharged.

Filing for protection begins by reviewing qualifications and learning eligibility.  There may be fees associated in filing but if you have little income, you may be able to obtain legal assistance based on your income.  Even if you obtain employment with intentions of working out a payment agreement with debt collectors, bankruptcy can still be an option to consider.

Categories: Bankruptcy
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