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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.

Understanding the Significance of What Bankruptcy Can Do For You

Posted By Allmand Law Firm, PLLC || 24-May-2013

When It Is Best to Wait to File Bankruptcy

Bankruptcy is one of the most powerful tools consumers can utilize to regain financial control. When considering this option you should get a clear idea as to how it can help improve your situation. It may help you eliminate qualifying debt obligations while helping you reestablish others. Plus, depending on your situation one chapter may be preferred over the other.

Chapter 7 bankruptcy can help eliminate various types of debts including medical bills, credit card debt, and other common types of unsecured debt. Back income taxes may qualify for discharge if they meet necessary requirements. Chapter 13 bankruptcy is a repayment plan approved by the court. You make monthly payments on debt obligations based on your ability to make payments. This option can help you save your home from foreclosure or prevent repossession of your vehicle. You may also be able to reduce the principal balance on certain secured loans

Filing bankruptcy may prevent or reestablish utility disconnection, stop collection attempts from creditors, cease legal action related to a judgment, remove certain liens and stop wage garnishment. Bankruptcy may not eliminate your obligation to pay certain debts such as child support, alimony, taxes, student loans, or other types of debt that fall in this category.

The filing process includes debtors completing a credit counseling course and financial management course aimed to educate and inform debtors on how to make better financial choices. In the end, bankruptcy may help you achieve the relief you need today to make important decisions in the future. If you are considering bankruptcy review your options with an experienced bankruptcy attorney.


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