For questions about bankruptcy, contact Allmand Law Firm, PLLC today.
Deciding to file for bankruptcy is a difficult and complicated decision. It’s not right for everyone. For example, you cannot eliminate most tax, student loan, or child support debt in a bankruptcy. Before you file for bankruptcy, it’s always a good idea to discuss your options with an experienced consumer bankruptcy attorney. Depending on the types of debt you owe, your financial circumstances, and other factors, bankruptcy might be your best option. Other times, we discover that our clients have non-bankruptcy options that can help them control their debt.
However, the most common mistake is filing for the wrong bankruptcy chapter. Consumers can file for bankruptcy under either Chapter 7 or Chapter 13.
You must sell specific assets, use the proceeds to pay your debts, and the remaining debt is eliminated.
You enter a payment plan with your creditors and do not have to sell your assets.
Both types of bankruptcy have strict eligibility criteria and offer specific advantages and disadvantages.
For example, while you get to keep your home, vehicle, and other assets in a Chapter 13 bankruptcy, you’ll have to follow a strict repayment plan for years to come. In comparison, Chapter 7 bankruptcy is relatively quick and can eliminate large amounts of debt, but you’ll lose many of your non-exempt assets and you’ll have to meet a complicated “means test.” Many people just can’t fully assess their options and whether they meet the Chapter 7 means test without help from a bankruptcy lawyer.
When you work with Allmand Law Firm, PLLC, we get time to understand both your debt and long-term goals. Based on your unique needs, we carefully assess our clients’ options and help them build comprehensive debt recovery plans that meet their needs. And because our team includes board-certified consumer bankruptcy expert, our clients can rest assured that they are getting practical and accurate advice.
This takes time, effort, and a comprehensive understanding of consumer debt laws and protections.
You might ask yourself, “Who cares if I choose the wrong chapter or miss a form?” The answer is simple: the federal courts, your bankruptcy trustee, and your creditors. When you file for bankruptcy yourself, the court doesn’t give you any special help or personalized advice. Instead, you are solely responsible for learning federal bankruptcy law and the court’s specific procedures and rules. Do you have time to read and interpret the U.S. Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, and your federal bankruptcy court’s local rules?
If you miss a deadline, forget a form, or accidentally miss a property exemption, these mistakes can have very significant consequences, including:
An attorney’s job is to guide you through the complicated bankruptcy process and help you avoid these problems.
We always offer new clients a free, confidential evaluation. If you’re ready to take the first step towards a new financial future, contact Allmand Law Firm today. One of our team members will listen to your story and help you schedule an appointment with an experienced bankruptcy attorney.
Less than 1% of all Texas lawyers are board-certified in Consumer Bankruptcy. Reed Allmand is one of these rare, skilled attorneys. He and his team have helped thousands of Texans with their bankruptcies, foreclosures, and other debt relief needs. If you’re ready to schedule your free, no-risk consultation, contact Allmand Law Firm, PLLC today. We’d love to help you take the first steps towards a new financial future.