Attorney in DFW for Bankruptcy
One of the most difficult things that comes from a serious car accident comes from the aftermath in your life financially.
The Dallas bankruptcy lawyer at the Bright Law Firm comes in the form of none other than Richard Weaver. He understands the kind of effects which the families of medical injuries face financially after facing such serious issues.
Some Bankruptcy Benefitsâ€¦vs the Downside
Some of the most important reasons that a person would file for protection under the bankruptcy law come in the form of benefits to the debts of the family filing for bankruptcy. The debts which fall under bankruptcy include both secure and unsecured debts. Some of the examples of the unsecured debts include credit card bills, medical bills, payday loans, personal loans, collections from old repossessions, collections from utilities and other old household bills, as well as lawsuits or wage garnishments. On the other hand, some of the secured debts include mortgages, auto loans, and other loans which have collateral. When you are dealing with debts, here are some the things to consider as benefits to filing bankruptcy:
- Eliminating Debt from Auto accident injuries
- Getting rid of credit card bills
- Getting rid of payday loans
- Getting rid of car payment which you cannot or do not want to afford
- Getting a car caught up which you want to save
- Stopping foreclosure and keeping your home
- Buying time to keep the home long enough to move on out of your home
However, the bankruptcy option does not always make sense for each situation. Some examples of the issues to be concerned about when choosing to file bankruptcy come down to the impact on credit, the feasibility of a repayment plan, and also whether there is enough debt to file.
Some issues to consider as potential negative effects include the following:
- Inability to obtain a home mortgage typically within a year to two years following a bankruptcy. Hence if you are.
- Perceived stigma from a bankruptcy
- Inability to continue with regular payments (this is an issue for situations where the filer is seeking to keep their home through a chapter 13 bankruptcy repayment. While this is a good option for many, the option is not always feasible if income is not enough to handle the payments as well as the trustee payments.
- If debt is not great enough to justify a bankruptcy, the filing for bankruptcy could be overkill. An example of this could include situations such as where the debtor owes only $3,000 in debt. The cost of a bankruptcy can cost anywhere from $1900-3,000 alone, and hence, getting rid of $3,000 in debt for about $2,000 might not be financially wise. The same debt could possibly be settled up for even less than the cost of a bankruptcy and without the negative credit event of a bankruptcy.
For people who have faced injuries but who are not sure which way they should turn, free consultations are available 24/7. If you are interested in hiring or consulting with an attorney in Dallas for bankruptcy, our law firm of attorneys welcome clients throughout the DFW area to call today to learn more about your specific situation and how bankruptcy or a bankruptcy alternative could help you with your debt problems.