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

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.

By | 2017-12-13T02:15:38+00:00 July 16th, 2013|Bankruptcy|Comments Off on What You Need to Know When You Are Ready to File Bankruptcy