With a possible recession rearing its ugly head on one side and inflation draining consumers’ savings from the other, there could come a time when you could find yourself in serious financial trouble - and you might find it impossible to pay your outstanding debts.
In such a case, bankruptcy is a solution that you should seriously consider. The decision to file bankruptcy isn’t the end of the world – it means that you have come to terms with your situation and are now ready to wipe your slate clean and start with a new financial lease on life.
Given below are some helpful hints to consider if you are planning to file for bankruptcy in Grand Prairie, Texas.
Find a Competent Bankruptcy Attorney
It is very important to find a knowledgeable bankruptcy attorney who has your best financial interests in mind. They should be experienced and should have handled many cases similar to yours in the past.
Bankruptcy attorneys Allmand and Lee have over 20 years’ combined experienced, and will see your case through to successful conclusion.
For an immediate, complimentary consultation, call ( 214) 265-0123 right now - or fill out our 
.
Filing for Bankruptcy
Depending on your particular situation, your bankruptcy attorney will be able to guide you on as to which chapter is best for you. In Grand Prairie, Texas, you can file under chapters 7, 11 or 13.
According to the new bankruptcy laws, which were introduced in 2005, you will be required to pass the 'median income test' or the 'means test' in order to qualify for a chapter 7 bankruptcy. In a chapter 7 bankruptcy, a substantial amount of your unsecured debt can be discharged - but it is now more difficult to file under this particular chapter.
That’s why you need competent, professional legal representation by Allmand and Lee.
Alternatively, you could file for bankruptcy under Chapter 13, where you, your bankruptcy attorney and your creditors can sit down and work out a new repayment plan stretching from around 3 to 5 years, provided it receives court approval.
Chapter 11 is applicable when you are filing for business bankruptcy.
If you have questions about your particular case, fill out our ONLINE EVALUATION FORM. One of our experienced attorneys will contact you.
Things Begin To Move After Filing Chapter 13
Once you have filed for bankruptcy in bankruptcy court, it normally takes 3 to 4 months for the court to decide your case. Once you have filed for bankruptcy, your creditors can no longer harass you by calling you at your home or place of work.
If your creditors agree to the debt repayment formula under chapter 13, you now have the chance to repay your old debts with a lot less pressure.
The bankruptcy will appear on your credit record for the next 10 years - but if you don’t default on your repayment plan, then your credit rating will soon rise. You will probably even be eligible for a new loan within a couple of years!
So take heart. Filing for bankruptcy is just a way of getting your financial life back on track - and with representation from Allmand and Lee, you will soon be back on your feet.
Topic: Grand Prairie, Texas Bankruptcy lawyer
Visiting Grand Prairie, TX? Here are a few addresses that may be helpful.
Grand Prairie Municipal Court200 W Main St
Grand Prairie, TX 75050-5619
City Manager's Office
317 W College
Grand Prairie, TX 75086-0358