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.
Dallas Bankruptcy Attorney
Declaring bankruptcy is considered the best and safe option if you want to get out of the labyrinth of debt that makes your life miserable. It helps you make a brand new start while equipped with the experiences that once have led you to the most perilous times of your life. However, even though the declaration of bankruptcy has helped you escape the possibility of losing your property, you cannot deny the fact that it will create a great impact to your credit-worthiness. It is believed that once a person had a record of bankruptcy, it will affect their chance of getting a job, an insurance plan, or even an apartment or house. However, for a Dallas Bankruptcy Attorney that helps people resolve their dilemmas with their finances, bankruptcy exists for a reason but should only be used when everything seems against all odds.
When it comes to the legalities of this kind of financial situation, The Donald E. Hood Law Office is the authority you can trust. They highly give attention to resolving cases that pertain to bankruptcy using their rich knowledge about when to file for bankruptcy and how it should be addressed. The problem with other people who took bankruptcy as their last option but ended up in more financial troubles, comes from not consulting a Dallas Bankruptcy Attorney, who can help identify when it is the best time to throw the towel after the much time of weighing in potential options. And just because bankruptcy can wipe away all your financial issues, it is still not a good excuse not to consult the bankruptcy attorney with regards to this matter.
So what are the signs that tell you it's time to call it quits with your debt and consult the Dallas Bankruptcy Attorney?
- When you have gone to credit counseling with government-approved organizations to help you assess your personal financial situations. Yet, after reviewing your financial status and evaluate whether it will fit for a modified payment or debt management plan, debt consolidation or bankruptcy they still consider bankruptcy as the best option.
- When you have weighed alternate options but your finances cannot cover the necessary cost that is needed to have the option push through. For instance, you would like to opt for debt consolidation where your home will serve as collateral, but in this option the likelihood of losing your home is high.
- When you are insolvent or have no capability to pay your debt because your financial assets and income is not enough to pay the debt.
- When you meet the criteria to vie for Bankruptcy, specifically Chapter 7, where it will help you eliminate unsecured debts that include credit cards and medical bills.
- When you don't own that much property and has a very low credit score.
- When aggressive calls and notices from debtors makes your normal life difficult to live in.
Your journey towards debt independence starts when you visit The Law Office of Donald E. Hood, PLLC at www.dehlaw.com.