A Clean, Fresh Financial Start through Texas Bankruptcy
Chapter 7 bankruptcy is a section of the bankruptcy code which allows people in Dallas, TX and the entire DFW metroplex to discharge debts which are unsecured. This includes credit card balances, medical debt, and other types of debts. Any assets which are non-exempt include only very specific types of luxury items, vacation homes, as examples.) One of the main reasons people consider filing without an attorney is that they’re afraid of the cost. But that can ironically be precisely the reason to file bankruptcy with a bankruptcy lawyer in Dallas, because if you file incorrectly, it can end up costing you dearly through having to re-file, making mistakes in the exempt asset category, and more. As long as they are not assets like those, they need not be liquidated for paying debts. Eligible debt balances which are not paid by asset liquidation will be discharged through bankruptcy or forgiven.
Free Dallas Bankruptcy Consultation
Call (214) 352-2222 for a free legal consultation about your options in order to determine what is the right choice for you in your situation. Richard Weaver has had over 25 years of bankruptcy experience and helped literally THOUSANDS of clients to file for protection using the bankruptcy laws which were established by the United States constitution.
Benefits of a Chapter 7 Bankruptcy in DFW Include:
Texas bankruptcy statutes as they relate to the federal bankruptcy code are very favorable for debtors who have difficulty paying bills. For Texas residents who decide that they would like to move forward and file for bankruptcy protection, you can read below for a list of some major benefits which Texas provides to its residents:
- Texas exemptions for bankruptcy are generally quite generous. They allow a person who filed bankruptcy to retain the majority of their personal assets including a homestead (their home.) Texas bankruptcy statutes (laws) exempt the homestead of the debtor from being seized by the debtor’s creditors regardless of the value. This means a debtor owning a home that has a value of $1 million is entitled to the same protection and bankruptcy exemption regarding home exemption as another debtor owning a home with a value of $100,000.
- Another benefit that is specifically allowed in Texas is that if a debtor seeks bankruptcy protection and files for protection in Texas, they are allowed to work out a plan with their bankruptcy lawyer to choose a court which will best fits the debtor’s needs. While other states restrict the filer to file bankruptcy in their specific bankruptcy court by location based on where the debtor lives or does business in the case of a business bankruptcy filing.
- Finally, filing for Texas bankruptcy, the Texas bankruptcy laws allows debtors the option of maximizing bankruptcy exemptions through permitting federal and state bankruptcy exemptions to be mixed and matched. What this entails is that a debtor finding that a particular federal exemption in bankruptcy more advantageous than a Texas exemptions can select to use that exemption while on other categories they may use the Texas state bankruptcy exemption. Some other states require the debtor that they choose either federal bankruptcy exemptions or state exemptions. The good thing is that this is not true for Texas. By Richard M Weaver.
- Debt relief from unsecured balances
- Clean slate financially
- No more creditor harassment
- And much more
Disadvantages For Filing a Chapter 7 Bankruptcy Can Include:
- Non-dischargeable balances for alimony, student loans, and child support are not discharged
- If you have major luxury assets such as a second home, this could be liquidated
- (One note is that many of these disadvantages are overcome in a chapter 13 bankruptcy.)