Regardless of how bankrupt you are, you still deserve to have a decent life and have your dignity maintained. We have been helping thousands of people throughout Texas to get their lives back on track even after some of the most grueling bankruptcy battles. Our model of operations is designed in such a way that we educate our clients on the available options for them and advice them on the best way forward. Most people file under Chapter 13 bankruptcy and Chapter 7 bankruptcy, but it is also worth noting that not all financial constrains should lead you to file for bankruptcy. In that regard, it is very important that you consult us from the onset, right before you decide to file for bankruptcy because then we will be able to prevent a number of otherwise irreversible legal and financial blunders.
If you are in Texas, then you get to enjoy a number of privileges that are not available in the legal provisions of some states. Here, you have the option of choosing the court that you prefer and also get to selectively apply the law to suit your needs. In addition, you ought to know that under our legal provisions, a creditor is not allowed to posses or sell a home belonging to a debtor. But that is just the starting point. It however calls for a brilliant and shrewd dallas bankruptcy lawyer to get you the best bargain and ensure that you get to discharge a significant portion of your unsecured debts.
If you own a car acquired through a loan, then bankruptcy cram-down ensures that you only get to pay the balance based on the actual market value of the car and not the value as worked out by the creditor. This can save you a lot of money as long as you have been in possession of the car for at least two and a half years. In addition, an “Automatic Stay” is a provision that protects people from having their vehicles repossessed by their lenders in case of bankruptcy. However, it takes an outstanding lawyer to navigate you through such legal provisions and get them to work in your favor.
If you intend to apply for Chapter 13 bankruptcy protection, then you should also be aware of the implications and know what it takes to be eligible to apply. Moreover, it is very important to know the disadvantages of filing under the provisions of one chapter as opposed to the other. For example, while Chapter 13 may enable you to discharge some of your unsecured debts and negotiate a good repayment plan for a period of between 36 to 60 months, it comes with the disadvantage of giving you a bad credit rating and a whole lot of restrictions on new sources of funding.