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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.

What You Need to Know When You Are Ready to File Bankruptcy

Posted By Allmand Law Firm, PLLC || 16-Jul-2013

Whether you are struggling in getting debt obligations paid such as medical bills, personal loans, credit card debt, mortgage payments, or student loan debt, chances are you are not alone. Every year bankruptcy is filed by millions of consumers who are tired of struggling in trying to make ends meet and want a fresh start.

As a legal financial process that can help eliminate or reduce your debt, you are probably asking yourself what bankruptcy can do for me. When taking necessary steps toward beginning the filing process, there are a few areas of significance you want to be sure to cover to help improve your chances of a positive outcome.

  • Do you know which chapter you should file? Do you know the difference between each chapter? Chapter 7 and Chapter 13 are the most common filed by consumers and small business owners. Understanding each chapter can give you a better idea of where to start when discussing your situation with a bankruptcy expert.

  • Know your options when you are ready to file. Plan to have a consultation with a Dallas-Fort Worth bankruptcy attorney to make informed decisions about meeting your financial needs. Learn qualifications for the chapter you wish to file, ask about asset protection, review which debts qualify for discharge and review other pertinent questions about filing.

  • Compare your options to learn the best solution. Chapter 7 bankruptcy eliminates debt to give you a fresh start. Chapter 13 bankruptcy reorganizes debt obligations through a court-approved repayment plan that lasts from 3 to 5 years.

Categories: Bankruptcy
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