Working with an Arlington bankruptcy lawyer whom you can trust can help give you the peace of mind that comes with making an informed decision about your future. The experienced legal team at Allmand Law Firm, PLLC, takes great pride in helping to ensure that our clients know why bankruptcy either is or is not the best possible debt relief option available to them. After all, filing for bankruptcy isn’t the right choice for everyone or for every situation. However, there are excellent reasons why hundreds of thousands of Americans file for personal bankruptcy every year. When bankruptcy is the best option available for a family’s financial circumstances, it can provide the opportunity for a truly fresh financial start in ways that other debt management options can’t.
Why Choose Allmand Law Firm
With that said, know that our Arlington lawyers will never pressure you into filing for bankruptcy. It is precisely because filing for bankruptcy is only the best option available under certain circumstances that we take such care to advise our clients of the pros and cons associated with this process. If we feel that your situation is a good fit for bankruptcy, we’ll tell you so and mean what we say. If we feel that your situation could be better served by an alternative debt relief option, we’ll similarly confirm that we make this determination based on our years of experience dealing with clients struggling with all kinds of financial challenges.
When you’re dealing with overwhelming debt, you need a bankruptcy attorney to guide you through the process of eliminating your debts and managing your expenses. You may be unsure of what steps to take next. Before making any decisions regarding your financial future, contact an experienced bankruptcy attorney at Allmand Law today at (214) 884-4020. We service clients throughout the Mid Cities, including Irving and Grand Prairie.
Types of Bankruptcy
There are two primary types of personal bankruptcy – Chapter 7 and Chapter 13. Chapter 7 bankruptcy is often called “liquidation bankruptcy.” It allows you to eliminate your debts without paying them. Chapter 7 typically takes place quickly and allows you to get back to your life as soon as possible. However, your income must be low enough to qualify for Chapter 7.
If you do not qualify under the means test, you may file Chapter 13, or “reorganization bankruptcy.” Chapter 13 allows you to reorganize debts into a payment plan that may last between three and five years. It often reduces interest rates and makes payments more manageable. An Arlington attorney can help you determine if Chapter 7 or Chapter 13 bankruptcy is right for you.
The Benefits of Choosing Bankruptcy as a Debt Management Option
When you file for bankruptcy, you obtain relief from many of your most exhausting debts. You may be able to avoid repayment or reorganize payments into a more manageable situation for you. If it seems that filing for bankruptcy is a good option for you and your family, you’ll be able to benefit from this process in several ways.
First, filing a bankruptcy petition triggers the “automatic stay.” When this protection kicks in, creditors are barred from filing legal action or demanding overdue payments until your bankruptcy case has been resolved. This feature allows you time to work through the bankruptcy process without creditors breathing down your neck.
Additionally, if you file for Chapter 7 bankruptcy successfully, your eligible debts will be eliminated in as few as 90 days. If you file for Chapter 13 bankruptcy, your debt will be restructured so that repayment becomes manageable. If, after a few years of making your payments on time, any eligible debt remains outstanding, the remaining balance will be eliminated as well.
Our bankruptcy attorney can help you with the following types of debts:
- Medical debts – Health care costs can be overwhelming. Although health insurance may cover some medical costs, you may still be left with significant debt after a medical emergency. Bankruptcy can eliminate your medical debts.
- Tax debts – Although many tax debts are non-dischargeable, bankruptcy may reduce some or allow you to pay them over time.
- Non-secured debts – If you have personal loans, payday loans, credit cards, and other non-secured debts, they may be dischargeable in a bankruptcy.
- Lawsuits – Creditors may have filed lawsuits against you. Many of those orders and garnishments are manageable through bankruptcy.
A bankruptcy attorney can evaluate your debts and help you understand which are eligible for discharge through bankruptcy in Arlington. We will compile a list of all of your debts and communicate with your creditors.
Protecting Your Assets Through Bankruptcy
Many people are afraid to lose their houses, cars, and other assets in bankruptcy. However, there are many exemptions that we can help you obtain in order to protect your assets. You may file Chapter 7 or Chapter 13 and retain your house, car, inheritance, and other assets. An Arlington bankruptcy lawyer will assess your situation individually and help you keep your property while eliminating your debts through bankruptcy.
Even if you are in foreclosure or your car was repossessed, we can help. Foreclosure and repossession activities must be halted when you file for bankruptcy, so it’s important to start the process as quickly as possible. A bankruptcy attorney can quickly file the necessary paperwork to stop foreclosure and repossession.
How a Bankruptcy Attorney Can Help You
Allmand Law Firm has extensive experience with all aspects of debt management and bankruptcy. We will assess your situation and help you meet your financial goals. From filing bankruptcy documents with the court to communicating with your creditors, we can handle all of the legal aspects of your case.
We can help with the following:
- Chapter 7 bankruptcy
- Chapter 13 bankruptcy
- Student loan debts
- Car repossession
- Tax forgiveness and discharge
- Property exemptions in bankruptcy
- Creditor harassment
- Foreclosure defense
Please call us today to request a consultation with an Arlington debt relief lawyer at Allmand Law Firm, PLLC; we look forward to meeting with you.
Common Bankruptcy Mistakes To Avoid
Bankruptcy can eliminate most of your unsecured debts and help you gain financial freedom. However, understand that filing for bankruptcy has specific requirements that must be fulfilled. Otherwise, your cases could get denied. Here are some common mistakes you should avoid when filing for bankruptcy.
- Not Disclosing All Your Assets: When you file for bankruptcy, you must list out all your assets, such as your home, vehicle, and bank accounts. If you fail to disclose all of your assets, it could be viewed as fraud in court. To avoid any issues, you should work with your bankruptcy lawyer in Arlington to list all of your assets in your documents.
- Failing to Complete a Financial Management Course: In order to get your bankruptcy approved, you have to complete a financial management course. During this course, you will learn how to manage your money more wisely and use credit properly. If you fail to complete this course, you won’t be eligible for discharge. It’s best to take this course as soon as possible so that you don’t forget.
- Waiting Too Long to Act: Filing for bankruptcy is a big decision and shouldn’t be taken lightly. However, you shouldn’t put off filing for months and months if you’re facing foreclosure or lawsuits. If you wait too long, you could lose more money or assets. The best thing you can do is schedule a consultation with a bankruptcy lawyer promptly to discuss your situation. He or she can help you decide if bankruptcy is the right option or not.
- Racking Up More Credit Card Debt: A mistake some people make before filing for bankruptcy is making large purchases on credit cards. If you do this, you will be required to pay back your creditors. Avoid the trouble by avoiding shopping trees before filing for bankruptcy.
- Transferring Assets to Family or Friends: Some people who are in debt believe that if they transfer their house or other assets into a family member or friend’s name, creditors won’t go after them. However, this is considered a fraudulent action and will be undone in bankruptcy court.
- Repaying Family and Friends: If you borrowed money from your friends or family while you were struggling with your finances, it’s understandable that you’re eager to pay them back. However, if the court finds out that you repaid them and not your creditors, the payments could be recovered to pay back your creditors.
- Not Hiring a Bankruptcy Lawyer: Bankruptcy is a very complex process, so you want a knowledgeable bankruptcy lawyer on your side. He or she will help you file your bankruptcy paperwork in a timely manner and improve your chances of getting it approved.
Speak With an Arlington Bankruptcy Attorney
If you are unsure of whether or not you want to file for bankruptcy, that’s okay. Scheduling a consultation with our legal team doesn’t obligate you to take any action at all. A confidential, no-risk consultation and case evaluation simply allows us to get to know your situation and allows you to ask questions. Again, if we feel like you might benefit from filing for bankruptcy, we’ll tell you. But if your situation could be better served in a different way, we’ll be straight with you about that. You have nothing to lose and potential peace of mind to gain from scheduling a consultation with our team.
Contact us today to find out more about how to manage your debts. Our Arlington bankruptcy lawyer will guide you through the legal issues with ease. Call Allmand Law Firm today at (214) 884-4020.
