Chapter 7 Bankruptcy Lawyer Dallas TX
Bankruptcy is something that most people don’t think about until they need it, and then they often turn to a chapter 7 bankruptcy lawyer in Dallas, TX at Brandy Austin Law Firm LLC. for assistance. The average person may not know about the different types of bankruptcy, and how these chapters may benefit their circumstances. If you file bankruptcy as an individual, Chapter 7 is one of the two common types of bankruptcy that may be available to you.
What Chapter 7 Bankruptcy Does
There are both advantages and disadvantages to filing Chapter 7 bankruptcy. One of the advantages is that Chapter 7 discharges many of your debts right away, meaning that you do not need to worry about paying them back. However, a disadvantage of Chapter 7 is that this is often accomplished by liquidating some of your property, through selling a number of your possessions to satisfy debts.
A Dallas, TX chapter 7 bankruptcy lawyer may inform you that certain property of yours is exempt from liquidation under Chapter 7. The government doesn’t want to see you completely ruined, it wants to help you get back on your feet by eradicating a portion of your debts. Therefore, your home, your car, basic necessities, and any possessions that you require for your work are usually exempt from liquidation, as well as many types of personal property. The assets you are most likely to lose are your luxury items, such as second cars, vacation homes, boats, recreational vehicles, etc.
Chapter 7 is one of the two types of bankruptcy most frequently used by individuals. The other is Chapter 13, which reorganizes your debts into a repayment plan to pay back over a period of time and does not require liquidation of assets. Those who are having trouble deciding which chapter to file for, can get advice from a Dallas chapter 7 bankruptcy lawyer in TX.
Who Can File Chapter 7 Bankruptcy
Unfortunately, you cannot just choose the type of bankruptcy that you prefer. Both Chapter 7 and Chapter 13 have strict eligibility requirements related to your income and the amount of debt you owe. People who file for Chapter 7 bankruptcy are often those who have amassed a large amount of debt and have too little money to successfully pay it off. Usually, if you make enough money to reorganize your debt under Chapter 13, you cannot file Chapter 7. If you aren’t sure where you stand in applying for a bankruptcy chapter, we encourage you to meet with a TX chapter 7 bankruptcy lawyer from Brandy Austin Law Firm LLC.
If you’ve filed for bankruptcy within the past six years or operated under Chapter 7 within the past eight years, you cannot file again for that same chapter until those time limits have expired. Depending on your circumstances, you may not be permitted to file for Chapter 7 until after you have attended credit counseling. Additionally, you may not be able to file Chapter 7 if you have a history of committing fraud against the bankruptcy court or creditors.
A member of our legal team can help you determine whether or not you qualify for Chapter 7 bankruptcy. Contact our office to book your appointment with a chapter 7 bankruptcy lawyer in Dallas at Brandy Austin Law Firm LLC. for more information.