Dallas Bankruptcy Lawyer FAQs
Dallas Bankruptcy Lawyer -In times when a person or a business suffers from financial problems, calling on a Dallas Bankruptcy Lawyer could be the next best step to do. There are a lot of people and businesses who have been helped by bankruptcy letters when dealing with financial problems.
These lawyers will be able to address the different concerns of the people or the businesses when it comes to financial situations. For people who do not know what to do when they are deep in debt, the bankruptcy lawyers will be able to help them.
People who wish to get the help of a bankruptcy lawyer would then have a couple of questions at first.
Here is a list of common questions asked regarding bankruptcy lawyers:
Q 1) How can a bankruptcy lawyer help a person or a business?
A: A Dallas Bankruptcy Lawyer can help a person or a business through assessing the current financial situation that they are in. The bankruptcy lawyers could also help them to find ways that will help them to solve their problems. A bankruptcy lawyer could help the people to choose from a list of viable steps to take in order to straighten one’s finances.
2) How can filing for bankruptcy help with a business’ or a person’s financial situation?
A: Filing for bankruptcy can help people or businesses avoid get hounded by creditors and at the same time, stop them from being subject to lawsuits. As for their financial situation, homes could be kept away from the clutches of the creditors. One’s wages could also be kept from being taken away. As for businesses, they could settle for agreements that would help them to pay their debts within the given period.
One thing to remember about filing for bankruptcy is that it may not be the best option for everybody. It helps to have a good bankruptcy lawyer to discuss different options that could help the people or the businesses.
3) If a person files for bankruptcy, will it get rid of all the debts?
A: This will actually vary on the person. Unsecured debts are usually the ones that could be discharged, such as personal loans. Student loans, back taxes, and the like are not usually discharged when filing for bankruptcy.
4) What is Chapter 7? Chapter 13?
A: Chapter 7 is a kind of bankruptcy being filed especially by those who have low income and have accumulated debts. This involves the liquidation of a person’s assets in order to pay off the debts.
Chapter 13 is a kind of bankruptcy filed by businesses or companies that involves a reorganization of the debts accumulated through a carefully structured repayment plan. Debtors are usually given a period of 3 to 5 years to settle their debts
5) If a person files bankruptcy based on Chapter 7, will he or she lose his or her property?
A: There are some types of property that could be protected such as one’s home and other personal property. A bankruptcy lawyer will be able to brief a debtor as to what will be covered and protected and what will be subject to liquidation.
A Dallas Bankruptcy Lawyer will be able to help people and businesses decide on what is best for them when it comes to solving their financial problems. Having the legal counsel of a good bankruptcy lawyer could really help a lot.
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