Dallas Foreclosure Lawyer Bright Law Firm Articles Important Bankruptcy Information

Important Bankruptcy Information

By Richard Weaver  Oct. 8, 2014 8:33p

DFW Bankruptcy Lawyer

The Law Office of Richard Weaver & Associates wants you to have full and factual information before making any major decisions that will affect your financial future. Bankruptcy myths abound and being incorrectly informed on this subject can prevent a person from taking needed actions. The purpose of bankruptcy is simply to relieve you of the financial stress of unmanageable debts while giving you a new start to your finances.

The bankruptcy process starts with an experienced dallas bankruptcy attorney from the firm assessing your current financial situation from top to bottom. This would include ensuring that you are eligible to file for bankruptcy according to the means test. Once this analysis is complete, they will then know the type of bankruptcy that is correct for you and can begin work towards a fresh start for you and your family.

By filing for bankruptcy, you can not only discharge all or a large portion of your current debt, but you can stop repossession of your car, put a halt to foreclosure proceedings and cease having your wages garnished. In addition, the court will automatically put a halt to creditor harassment, providing a great sense of relief for you and your family.

Types of Bankruptcy

If you have a modest income and do not have a large amount of property, Chapter 7 allows you to use the assets you have to pay off some debts while having others wholly discharged. For those with more property and higher income, Chapter 13 provides a way to pay off your debts using a court-approved repayment plan. With this plan, you can retain your home and other major assets while paying the money you owe in a 3-5 year time period.

Bankruptcy is started with a petition which tells the court your income, property and other assets, your debts and how much is owed on each, your monthly living expenses and other applicable financial data. The attorneys work with you to gather all of the required information and to prepare your petition in a form that can be accepted by the court.

As members in good standing of the National Association of Consumer Bankruptcy Attorneys and the American Bankruptcy Institute, the firm has given its clients a quarter of a century of insightful and proven service to help them through hard financial times.

Learn the benefits of bankruptcy and how it can give you a fresh start to your finances.

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