Filing for bankruptcy protection isn’t anyone’s first choice, but it can be one of the best things you can ever do for yourself when you’re in a seemingly intractable situation financially. When consumers are faced with crippling debt which they are simply unable to repay, a Chapter 13 or Chapter 7 bankruptcy Dallas may be the only workable solution.
In a successful bankruptcy proceeding, the debtor’s outstanding debts will be either mostly or entirely discharged, allowing the person who has filed for these legal protection to start anew without the burden of their debts. It should be noted that having a bankruptcy in one’s past means that the consumer will find it very difficult, if not impossible to obtain loans or other lines of credit for some years afterward, but in many cases, this is preferable than struggling under a heavy burden of debt.
Before actually beginning the process of obtaining a chapter 7 or chapter 13 bankruptcy Dallas area residents must seek out credit counseling from an approved consumer credit counselor to discuss their options, including bankruptcy protection as well as alternative means of managing their debts. Consumers interested in filing for bankruptcy can find contact information for these services from their local bankruptcy court as well as the website of the court and through other resources both online and offline.
Once this counseling has been completed, the debtor may then file for chapter 13 or chapter 7 bankruptcy. Dallas area debtors are sheltered from their creditors once they file for bankruptcy; creditors are barred by law from filing suit against the client, attempting to collect from the debtor or to contact the debtor during this time.
If the debtor is contacted by their creditors while bankruptcy proceedings are underway or following the discharge of their debts through the bankruptcy court, the debtor should report this violation of the terms of the bankruptcy agreement to the court. If the debtor reports these incidents to the bankruptcy court, the court will usually decide to reopen the case in order to address the creditor’s actions; the creditor may be held in contempt of court and fined as a result.
Through a chapter 7 bankruptcy Dallas residents can find relief from their debts, even the heaviest of debts. While a bankruptcy is definitely not something to be entered into lightly, filing for bankruptcy may be able to help consumers to clear their slate and be able to hang onto their homes, cars and other assets while eliminating most or all of their debt. It may not be ideal, but it is an option when there seems to be no other way out.
When you’re ready to get out from under the crushing debt load and begin a new debt-free life, contact Dallas bankruptcy lawyer Rustin Polk by clicking here. Tell our Appointments Coordinator, Kimberly, that you are a website reader and she will set you up with a free, no obligation appointment to learn how we can help you.