Finding Debt Relief in Dallas Is Now Simpler With Recovery Law Group
At Wajda & Associates, we offer our clients proven debt relief solutions that are built by leveraging the state’s legal machinery that includes Chapter 7 and Chapter 13 bankruptcy protection under the bankruptcy court code and consumer laws. Our team of legal bankruptcy paralegals and attorneys gives the right personal attention that clients deserve to confidently rewrite their financial future.
In case anyone whom you know is searching for relief from debt, visit recoverylawgroup.com. Here, anyone can take their first step toward a debt-free life by requesting a free bankruptcy consultation by calling 888-297-6203 or completing our simple contact form at bankruptcy.recoverylawgroup.com.
Recovery Law Group can help you to overcome your current financial situation with the financial relief and help that you need to get a fresh start in life. You can apply for Chapter 7 Bankruptcy, Chapter 13 Bankruptcy and other options to steer through your current financial situation to put an end to harassing phone calls from debt collectors and collection agencies. Let’s have a look at the options available to you because it’s not the end of the world for good people stuck in a bad situation; no matter how hard the financial situation is that you are facing. We will ensure that you get the support and outcomes in your best interest to move ahead in life.
What does Chapter 7 Bankruptcy mean?
Also known as “liquidation bankruptcy,” or “straight bankruptcy,” Chapter 7 Bankruptcy is used when you do not have enough income to repay the debt. It is the fastest and most common type of consumer bankruptcy and forgives most unsecured debts such as credit card debt, personal loans and medical bills. It typically excludes obligations like child support, tax debt and student loans. When you file a Chapter 7 bankruptcy, some of your creditors may be temporarily stopped by the court from most collection actions against you, which includes wage garnishment, foreclosure, repossession and utility shut-offs.
The court will appoint a trustee to oversee your case, sell your assets and distribute the money to your creditors who file proper claims. However, the trustee won’t take all of your property; you will be allowed to keep the certain exempt property to get a fresh start. However, to qualify for Chapter 7 Bankruptcy, you need to take a Means Test that will be conducted to determine your eligibility and income to file for Chapter 7 Bankruptcy. The test compares your income with the median income for your state. A bankruptcy lawyer in Dallas, Texas can help you take the Means Test and walk easily through the complicated Chapter 7 Bankruptcy process.
You may be able to get the financial reset that you need. However, if you want to hold onto the properties such as a home or cars, you may want to consider Chapter 13 Bankruptcy.
What is Chapter 13 Bankruptcy all about?
This reorganization bankruptcy is used to manage debts over a three to five years repayment period. Many debtors choose to file Chapter 13 Bankruptcy as it offers many benefits not available in Chapter 7, such as the ability to catch on the missed mortgage payments. If you have enough income to repay most of your debts, Chapter 13 Bankruptcy can help you with a structure to do that. You will be allowed to keep all of your property; however, you will have to pay your creditors an amount equal to the value of your nonexempt property.
Following individuals qualify to apply for Chapter 13 Bankruptcy:
- Those who do not qualify for Chapter 7 Bankruptcy and need debt relief
- Those who have non-dischargeable debts
- Those who have an income and wages from a job
- Those who want to get caught up on the missed payments
Step-by-Step Bankruptcy Process
Filing for bankruptcy could be a complex thing as you may have to provide a plethora of information as well as documents to the court. A bankruptcy attorney in Dallas and nearby regions of Denton, Fort Worth and Plano can help you in the process of filing for your bankruptcy:
Here are the key stages of this process:
Step 1: Credit counseling course
Within 180 days prior to filing for bankruptcy, you must complete a credit counseling course that will cost you a small fee. However, if you can’t pay for the course fee, you can apply for a discount or free course.
Step 2: Filing petition with the federal court
You will need to submit documents about your income, debts and assets to the federal bankruptcy court in your jurisdiction to file a petition for bankruptcy. On receiving your application with the relevant supporting documents, the court may quickly issue an ‘automatic stay order’ that will pause all creditor collection efforts against you. Calls and emails from your creditors will be routed to your bankruptcy attorney.
Step 3: Meeting of the creditors
Within 60 days of filing the bankruptcy petition, you will have to attend a meeting of the creditors which is likely to be in a meeting room instead of a courtroom. The meeting may be attended by your creditors, attorney and bankruptcy attorney where you will answer the questions from the trustee.
Step 4: Second debt counseling course
You will have to take a second debt counseling course to help you manage your debts effectively.
Step 5: Confirmation of your eligibility
The court will review the information provided by you and decide about your eligibility to file for bankruptcy under Chapter 7 or Chapter 13, in view of any challenges presented at the meeting of creditors.
Step 6: Deciding on your debt management
The federal court will handle your debts as per the chapter you applied for bankruptcy. For Chapter 7 Bankruptcy, the court in Dallas may require you to liquidate some of your property to pay your creditors while for a Chapter 13 Bankruptcy, you may be required to pay the necessary debts and receive a discharge of the eligible debts.
Benefits of Bankruptcy
You get below benefits when you file for bankruptcy:
- Stay of proceedings: Bankruptcy and Insolvency Act provides for an automatic stay, so no wage garnishments will be there, and no threats of lawsuits.
- Foreclosure: The loss of your home to foreclosure will be prevented.
- Low-cost option: A Texas bankruptcy can be highly cost-effective to other tax reliefs available to you, particularly when you have no non-exempt assets.
- Old tax liabilities: Bankruptcy can make tax liabilities older than 3 years to go away.
- Rebuilding your credit: Dallas bankruptcy can get you started sooner on rebuilding your credit.
- Prevention of aggressive collection action: Bankruptcy will prevent your creditors from aggressive collection actions, harassing phone calls and dunning letters.
- Fresh start: Bankruptcy will help you move forward in life for a fresh start with a clean state.
Can all debts be discharged through bankruptcy?
No, only dischargeable debts such as utility and medical bills, credit card loans and personal loans can be wiped out with bankruptcy. You may have to manage your non-dischargeable debts such as child support and alimony through the Chapter 13 repayment plan.
Your alternative options to bankruptcy
If you do not want to file for bankruptcy or do not otherwise qualify for it, our bankruptcy attorneys in Dallas, Fort Worth, Denton, Plano, Weatherford, Granbury and other nearby areas in Texas can help in debt consolidation, restructuring your loans and negotiate with your creditors to decrease your debt liabilities.
Start your relief process today to get justice and peace of mind
Recovery Law Group has a network of nationwide bankruptcy attorneys and an impressive record of over 5,000 bankruptcy and estate planning cases worth millions in debts. Whatever location or convenient hours work for you, we will make it happen.
We offer a range of debt relief and bankruptcy services in Dallas, Plano, Denton, Fort Worth, Arlington and other neighboring regions, including the below ones:
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy
- Property Exemption
- Foreclosure Defense
- Tax Forgiveness
- Auto Repossessions
- Student Loan Debt
- Creditor Harassment
Why Choose Recovery Law Group?
- We are one of the largest bankruptcy filing firms in Texas
- We offer simplified services in a jargon-free and clear cut manner
- We offer smooth and hassle-free services as per your convenient time and location
- We offer affordable plans that are designed keeping your budget in mind
- We have so far handled more than 5,000 bankruptcy and real estate planning cases
We offer free education to the clients to manage their finances and debts to prevent future bankruptcies
Our bankruptcy attorneys can help with examining your current financial situation, the issues that you are facing and strive for your better financial future. Get in touch with Recovery Law Group for a free evaluation of your case.