If your financial situation has become unmanageable, a Grand Prairie bankruptcy lawyer can help you. With experience in all types of bankruptcy as well as other means of debt management, Allmand Law Firm can guide you through this difficult time. We will evaluate your situation and develop a plan that is targeted to meet your needs. Call us today at (214) 884-4020. We help clients throughout the Mid Cities area, including Arlington and Irving.
What Are Your Bankruptcy Options?
There are two types of personal bankruptcy most people consider – Chapter 7 and Chapter 13. Although these can both provide relief from your stressful financial situation, they operate in different ways. An experienced bankruptcy attorney can help you determine which type of bankruptcy in Grand Prairie is right for you.
Chapter 7 bankruptcy, often called “liquidation bankruptcy,” offers the quickest means of eliminating your debts. However, you have to meet an income-based means test in order to qualify for Chapter 7. While most of your debts are eligible for discharge, some are not. A bankruptcy attorney can help you take the means test and get rid of your exhausting debts.
Chapter 13 is often used by higher-income individuals who do not qualify for Chapter 7. Chapter 13 utilizes a plan to reorganize your debts, eliminating much of the interest. You will then repay them with more manageable payments over the course of three to five years. Any debts left after your repayment plan may be eligible for discharge.
Bankruptcy and Debt Management Services at Allmand Law Firm
Allmand Law Firm has extensive experience guiding clients through the bankruptcy process. We can also help you manage your debts and deal with creditors in other ways. Some things we can help you with include:
A skilled bankruptcy attorney can help you regain control of your financial situation in Grand Prairie. We will evaluate your situation and help you determine your best legal options.
Benefits of Filing Bankruptcy
Bankruptcy can bring welcome relief if you’re going through a difficult situation. You may be able to discharge the following types of debt:
- Medical debt – Health care expenses can be overwhelming, even when you have health insurance. You may be able to get rid of all of your medical debt through bankruptcy.
- Tax debt – Although some tax debt is non-dischargeable, you may be able to eliminate some of it through bankruptcy.
- Student loan debt – Most students graduate from college with thousands of dollars in student loan debt. Those repayment plans can be overwhelming.
- Foreclosure – If the bank is foreclosing on your home, you may consider bankruptcy to stop the legal process.
- Repossession – It can be embarrassing to have your car repossessed. Bankruptcy will quickly stop the legal process and give you time to figure out how to move forward and retain your property.
- Non-secured debts – Consumer debts, credit cards, payday loans, personal loans, and other non-secured debts can be discharged through bankruptcy.
- Lawsuits – Creditors often take legal action against debtors who are past due or delinquent on payments. Bankruptcy can stop wage garnishment and constant legal demands.
Speak with our bankruptcy attorney about your financial situation in Grand Prairie.
Retaining Your Assets in Bankruptcy
Although bankruptcy can eliminate your debts, you may also be required to forfeit some of your property to pay off creditors. However, you may be able to keep your house, car, inheritance, and other assets through bankruptcy. A bankruptcy attorney will evaluate your situation and help you show that you could keep your property in Grand Prairie while eliminating your most stressful debt. You may even be able to renegotiate payments on the property you keep.
Call a Grand Prairie Bankruptcy Attorney Today
When you face difficult financial situations, you need someone to help you through them. Call a reputable Grand Prairie bankruptcy lawyer at Allmand Law Firm at (214) 884-4020 for a free consultation.
