Chapter 13 Bankruptcy Lawyer Dallas, TX

If you’re unsure of what type of bankruptcy best fits your needs, please schedule a consultation with a Chapter 13 bankruptcy lawyer Dallas, TX residents trust. Our firm practices both Chapter 7 and Chapter 13 bankruptcy, which are the two primary kinds of bankruptcy available to consumers. Small business owners generally file under Chapter 11 of the Bankruptcy Code, although there are some exceptions to that general rule. No matter what your circumstances are, the experienced Texas legal team at The Allmand Law Firm, PLLC can help you to make an informed decision about your options. Once you determine which Chapter is best for your circumstances, we can help you successfully navigate the bankruptcy filing process.

Choosing Between Chapter 7 and Chapter 13 Bankruptcy

One of the first things that our Dallas, TX Chapter 13 bankruptcy lawyer team will do during your initial consultation is ask you about your income and household size. Not every bankruptcy process is available to everyone. Just as small business owners generally file under Chapter 11, members of low-income households generally file under Chapter 7. In fact, Chapter 7 bankruptcy is only available to individuals and families who don’t earn much money. The income limits (as compared to household size) applied to the Chapter 7 process are commonly referred to as the Chapter 7 Means Test. By asking you a few questions, we’ll be able to determine whether Chapter 7 bankruptcy is an option for your family.

If you earn too much money to pass the Chapter 7 Means Test or you own unusually expensive property, we’ll likely recommend that you consider filing for Chapter 13 bankruptcy. Chapter 7 bankruptcy is commonly referred to as “liquidation bankruptcy” as filers’ non-exempt property may be sold to repay their creditors. After the liquidation process is complete, a filer’s eligible debts will be discharged in as little as 90 days. By contrast, Chapter 13 is commonly referred to as “reorganization bankruptcy.” This process allows filers to restructure their debt so that their monthly debt payment is manageable – based on that filer’s income and expenses. After a 3-5 year repayment period has been successfully completed, any remaining eligible debt is discharged.

Both of these bankruptcy options afford filers the opportunity to achieve a fresh start and to begin building a solid financial foundation moving forward. However, neither option is right for every filer. Even some individuals who are eligible to file under Chapter 7 opt to file under Chapter 13 because they have legitimate concerns about protecting unusual assets and/or luxury property that can’t be safeguarded from sale through the exemption process. Our dedicated team can help to ensure that you file for bankruptcy under the Chapter that is right for your circumstances.

Legal Assistance Is Available

If you have questions about the bankruptcy process, know that you can get knowledgeable answers quickly, from a team of dedicated, compassionate, and focused attorneys. Please don’t hesitate. Schedule a confidential, no-risk consultation with our Dallas, TX Chapter 13 bankruptcy lawyer team today; we look forward to speaking with you.