Many people turn to the bankruptcy process when they are facing insurmountable debt. Different options are available depending on your circumstances, but in many cases, the protections of Chapter 7 bankruptcy are the best option.
If you are unsure of the advantages of filing Chapter 7 bankruptcy in Dallas, now is the time to talk to experienced legal counsel. Allmand Law Firm, PLLC has unmatched experience with bankruptcy law in the state, and we look forward to answering your questions. Talk to our compassionate Chapter 7 bankruptcy attorneys today to discuss your fresh financial start.
Discharging Debts
Arguably, the biggest advantage of filing Chapter 7 bankruptcy for Dallas residents is the potential for the discharge of their debts. When your debts are discharged, you are no longer obligated to pay them. Erasing these debts gives you a clear path to a healthy financial future.
However, it is important to remember that some debts cannot be discharged. Obligations related to taxes or child support will remain in place, and you will need to make arrangements to pay debts that secure your property, such as a home or a car, if you intend to keep them. You may find, though, that discharging unsecured debts such as credit cards can give you the flexibility to cover these bills in the future.
The End of Creditor Harassment
Many people file for bankruptcy in an effort to halt the relentless collection calls or foreclosure proceedings. From the moment you file for bankruptcy, you are protected by the automatic stay. This automatic stay instantly halts all collection proceedings against you, from foreclosures to lawsuits. It also prohibits your creditors from calling you or contacting you in any way regarding your debt. The automatic stay typically remains in place for the duration of your bankruptcy case and is one of the benefits that Dallas residents experience when they file Chapter 7 bankruptcy.
What About Your Property?
Although many often refer to Chapter 7 as liquidation bankruptcy, most people who file are able to keep the majority of their property. The state offers generous exemption laws that protect assets such as your:
- Home
- Vehicle
- Clothing
- Household goods
- Retirement accounts
In many cases, there is little or nothing for the trustee to sell to repay creditors. As long as your assets fall within the allowable exemptions and you are current on secured debts, you likely will not lose your property. This protection makes Chapter 7 bankruptcy a practical option for many individuals in Dallas who are seeking relief without giving up what they own.
Quick Resolutions
One of the key benefits of filing Chapter 7 bankruptcy in Dallas is the speed of the process. Many individuals receive a discharge of eligible debts within three to six months of filing. Compared to other types of bankruptcy, such as Chapter 13, which can take three to five years, Chapter 7 offers a much faster path to financial relief. This quick resolution allows you to move forward with rebuilding your credit and finances sooner. For those overwhelmed by debt and looking for a fresh start without a long repayment plan, Chapter 7 provides an efficient and timely solution.
Talk to a Dallas Lawyer About the Pros of Filing Chapter 7 Bankruptcy
These are only a few of the advantages of filing Chapter 7 bankruptcy in Dallas. If you are looking for a fresh financial start, our team of dedicated attorneys at Allmand Law Firm, PLLC could help. We could answer your questions about the benefits of filing while explaining how this process can impact you now and in the future. Reach out as soon as possible to discuss your options during a confidential legal consultation.
