Many people know the negative connotations associated with the word “bankruptcy” but don’t know much about it at all. There are two kinds of personal bankruptcy in Plano TX (and everywhere else).
Chapter 7 “Liquidation”
This is the type of bankruptcy that forgives your debts, but stays on your financial record for several years afterward. This type of bankruptcy is more difficult to qualify for, because if it were easy, everyone would do it. Speaking to a personal bankruptcy attorney is the simplest way to determine which type of bankruptcy you may be eligible for.
Chapter 13 “Rehab Bankruptcy”
With the help of a professional personal bankruptcy lawyer, you may file for Chapter 13 bankruptcy. Together with the help of your attorney, you will create a plan to pay back your debts. Sometimes debts are consolidated into a smaller amount, and sometimes they aren’t. That’s what your lawyer is there to figure out. You essentially set up a plan (usually three to five years) to pay back what you owe. This type of bankruptcy is ideal if you are trying to keep your home, pay back taxes, or trying to catch up on payments rather than eradicate them completely.
If you are in over your head when it comes to your personal finances, it may be time to consider bankruptcy. The best way to ensure all the proper steps are taken and that you file correctly is to work with an attorney. Personal bankruptcy in Plano TX doesn’t have to be confusing or intimidating if you are working with an experienced lawyer on your side. The professionals at Colins & Arnove may be the perfect fit for you and your situation. Give us a call at (972) 516-4255 today!
Collins & Arnove | Personal bankruptcy Plano TX | 972-516-4255