What does bankruptcy do?

People begin to ask themselves (and others), “What does bankruptcy do?” as they begin to consider the possibility that they may need to file for bankruptcy. Being well-informed on the bankruptcy processes is vital to adequately preparing yourself. The more prepared you are, the more likely you are to receive favorable news when the bankruptcy court rules on your case.

The bankruptcy definition changes depending on the type of bankruptcy you file for. As opposed to a Chapter 13 filing, Chapter 7 bankruptcy in Dallas discharges the debts that you owe to creditors, provided that you qualify for a Chapter 7 discharge under the recently revised rules, which includes passing a means test that takes into account your monthly income, assets, current debts, and your ability to repay those debts.

If you are not eligible for a Chapter 7 filing, you may still be eligible for Chapter 13, which entails a repayment plan of some or all of your debts to your creditors.

If you are considering filing for chapter 7 bankruptcy in Dallas, contact an attorney who can explain bankruptcy by definition and bankruptcy court rules to you in the context of your case so that you are well-informed on the progress of your case.

Contacting a Chapter 7 Bankruptcy Attorney in Dallas

At Warren & Migliaccio, our goal is to protect you and your family so that you can take the necessary steps to proactively plan for your future. When financial circumstances outside of your control threaten your wellbeing, take control of your situation by contacting our Dallas law firm. We’ll guide you through the legal process so you can make informed decisions and choose the best course of action. If a personalized, teamwork-driven approach sounds like what you need for your case, call 1-888-584-9614 today. We’re here to help.