The new bankruptcy law establishes stricter criteria for filing Ch. 7 bankruptcy cases. A debt can typically be discharged in a Ch. 7 case if it is unsecured, which means there is no property securing the debt.
Chapter 7 Bankruptcy
Filing for bankruptcy is an important decision, and The Law Office of Donald E. Hood, PLLC wants to make sure that the type of bankruptcy protection that you choose is the right one for you.
You are entitled to keep a generous amount of your belongings when filing Ch. 7 bankruptcy. Texas law provides for high personal exemptions--items that are protected from seizure by your creditors.
Chapter 7 & 13 Bankruptcy Lawyer in Dallas
Bankruptcy is a difficult thing to go through. However, it is also the start of a brand new beginning and the ability to move forward with one's own financial life. In order to file for bankruptcy though an individual does need the aid of a lawyer. This is not something where someone can simply state they are bankrupt and that is it. It doesn't happen like that. Instead, with the help of the Law Office of Donald E. Hood, anyone going through Chapter 7 bankruptcy or Chapter 13 bankruptcy can receive all of the necessary financial assistance in going through with this problem and beginning their new financial life.
The first step is determining what kind of bankruptcy someone is able to apply for. This is where the Law Office of Donald E. Hood starts out. They are able to help the individual determine if Chapter 7 bankruptcy is right for them. There are different ramifications associated with each of the forms of bankruptcy and it makes it extremely important for anyone to understand what the difference is and why a particular form of bankruptcy is right for them.
Following the application for Chapter 7 bankruptcy or Chapter 13 bankruptcy, the legal advice doesn't just end right there. After all, it doesn't help out all that much of an individual simply files for bankruptcy and they don't receive any sort of financial consultation or assistance with moving forward from this. No, instead it is all about setting up the individual for success. A specific financial plan is put into place which makes it possible for a client to understand what they have to spend and how they need to spend it. It also helps an individual learn about what they are able to do to build their credit score back up and boost their credit number. Filing for Chapter 7 bankruptcy doesn't need to be the end of someone's financial dreams. It is just a setback. However, it is a setback that anyone can come back from.
Everything from people to major cities have filed for bankruptcy, many of which have come back stronger and better than ever before. The same thing is possible for someone who is currently going through bankruptcy, they just need some help going through it. The Law Office of Donald E. Hood out of Dallas is able to help with this and make sure they have a better, brighter financial path.