About the Bankruptcy Process
Protecting properties from creditors and bankruptcy trustees is the job of a bankruptcy attorney. Debtors may wish to declare bankruptcy but are uncertain about the bankruptcy process. A debtor will do well to seek out a firm which provides information to clients about the alternatives to bankruptcy and full explanation of the bankruptcy process and procedures. Bankruptcy is a legal procedure that allows debtors protection from creditors. The bankruptcy courts follow the regulations and procedures set by the federal and state bankruptcy laws. To learn about the bankruptcy process, contact a dallas bankruptcy lawyer who is knowledgeable and experienced in all aspects of the bankruptcy process. There are many good attorneys who have successfully represented thousands of bankruptcy case. If you speak Spanish, consider hiring a firm which offers multilingual professional bankruptcy services to individuals faced with overwhelming debts.
There are different types of bankruptcy depending on the circumstances of the debtor. An individual can take a Bankruptcy Mean Test to find out if he or she qualifies for a Chapter 7 bankruptcy. Chapter 7 is the easiest, least expensive, and fastest bankruptcy. An individual can discharge debts and gain a fresh start. A high-income earner may not qualify for Chapter 7 but may qualify for Chapter 13 bankruptcy. Chapter 13 allows a debtor a chance to catch up on payments to creditors. Certain restrictions apply because a debtor must have documented income controlled by an appointed trustee. During Chapter 13, the debtor must remain current on newly restructured payment schedules. Bankruptcies can offer relief to debtors by elimination of credit card debts, lines of credit, medical bills, personal loans and promissory notes. A bankruptcy may release a debtor from lease and contract obligations. Bankruptcy can release property liens and interest on certain taxes.
The first step toward taking control of a financial situation with large debts is to speak with a bankruptcy attorney. A review of all debt and income information can help a client and attorney decide the best course of action to take to resolve financial problems. A full understanding of the bankruptcy process is important because deciding to declare bankruptcy is a major decision. Law offices which are dedicated specifically to representing bankruptcy clients understand how stressful financial problems can be for debtors and will generally work to offer the best solutions possible throughout the bankruptcy process. Make an appointment today for a consultation with a skilled bankruptcy attorney.