Dallas Attorney Provides Consumer Bankruptcy Help To Locals
There are two types of consumer bankruptcy, a Chapter 7 filing or Chapter 13. A Chapter 7 filing is basically a liquidation, meaning you're giving the court the authority to sell off your assets to pay off your creditors in exchange for forcing all your creditors to work through Bankruptcy Court, rather than come after you. In a Chapter 13 filing, the court offers the same protection against your creditors, but instead works out a repayment plan based on your future income. This is more like a reorganization.
Even though a Chapter 7 filing is akin to a liquidation, you needn't fear that you'll lose every asset you currently own. The state laws identify a variety of property exempt from the court's authority to sell off. Each state has its own list of exemptions, so you can rely on your local attorney to clarify those that apply to you.
Most states, although not all, offer some protection for equity you own in your home. The court has no interest in seeing you homeless. Federal law allows a certain amount of equity protected, but your state law may offer even further protections for your home.
Other common assets that you can protect during a Chapter 7 bankruptcy filing are insurance policies and retirement accounts. States generally also have a schedule of personal property protections. For example, your car or jewelry could be protected, depending on its overall value.
There are eligibility requirements to filing for consumer bankruptcy. Each chapter has its own set of requirements. Your Dallas attorney can help you sort through the chapters for which you're eligible and to help you decide between them if you qualify for both.
You can find details about the benefits of hiring a Dallas attorney and more information about the law firm of Steven H. Phelps at http://www.PhelpsLawFirm.com now. Dallas Attorney Provides Consumer Bankruptcy Help To Locals
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