The Basics of Bankruptcy in Allen, TX and What to Know Before Filing

Bankruptcy Allen TXIf you’re considering bankruptcy, there are things you need to know. The first thing you’ll need to decide is which bankruptcy to file.

In a Chapter 7 Bankruptcy, you can discharge your unsecured debt. Secured debt may be sold by the trustee to pay off the debt. Keep in mind that you’ll be able to keep one car and one home. The trustee may sell additional vehicles or second homes.

In a Chapter 13 Bankruptcy, the courts will often set up a payment plan so that you’ll pay back your creditors and keep everything you have.

There are other types of bankruptcies, but the Chapter 7 and 13 are common for individuals.

The first thing to do before filing bankruptcy in Allen, TX is to stop obtaining more credit and call Collins & Arnove.

Collins & Arnove | Bankruptcy Allen TX | 972-516-4255