Residents of Dallas, Texas Find Relief through Bankruptcy
Are you are in bad financial shape and exploring the idea of filing for bankruptcy in Dallas, Texas?
Then follow these steps to ensure that your bankruptcy is settled - in the least amount of time, and with the least amount of expense and effort.
Contact a Bankruptcy Attorney
You should first contact a bankruptcy attorney who can first determine whether filing for bankruptcy is the best way out of your financial problems. If your attorney determines that it is in your best interests file, then they should guide you on the filing under the proper chapter.
Under the new Bankruptcy act, which is applicable for all bankruptcies filed on or after October 17 th, 2005, you will have to undergo credit counseling within 6 months before you can file for bankruptcy - and you will also need to complete a financial management program after your filing is complete.
This Is Not a Test
Actually, when it comes to bankruptcy, there is a test - you will need to pass the ‘means test’ or ‘median income test’, where your income and your expenses will be calculated and compared with the average in your state. If you live in Dallas, that state is Texas.
The results of those tests will determine whether you can file for bankruptcy under chapter 7, where most of your debts will be discharged, or chapter 13, where your unsecured debts, such as credit cards or unpaid medical bills, can be restructured in a more convenient way over a longer period of time.
This will require you to sit with your bankruptcy attorney and your creditors and devise a new method of repayment, and then get the plan approved by the bankruptcy court.
A trustee will be appointed by the court to make a detailed list of all your assets - and that trustee will also try to ensure that your creditors get the maximum amount that they are owed back.
At Allmand and Lee, we take the time to listen, in a non-judgmental manner, to each client’s particular case. We know sometimes bad things happen to good people. Our only goal is to get you the financial relief that you deserve.
Time Taken To Get Back On Track
If all goes well, you can expect your case to be decided in 3 to 6 months. Under chapter 13, your bankruptcy attorney will work out a 3 to 5 year repayment plan with your creditors.
If your repayment remains on schedule, then you can expect your credit rating to slowly climb up again, even as the bankruptcy remains on your record for the next 10 years.
Think Of Bankruptcy as a Second Chance
Do not feel disheartened about filing for bankruptcy; rather, think of it as getting a second chance to set things right in your financial life for both you and your loved ones.
If you know that filing for bankruptcy is your only choice, make sure you get experienced, professional representation. At Allmand and Lee, we’ve built our practice on helping people rebuild their financial lives. We can do the same for you.