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Dallas Chapter 7 Bankruptcy Attorneys

As a means for people with insurmountable debt to regain control over their finances, Chapter 7 bankruptcy can provide critical relief to people living in the Dallas-Fort Worth area. While the financial relief may provide the means to manage their future finances, the filing process can be prohibitively complex for some people. With that in mind, the Fort Worth Chapter 7 bankruptcy attorneys at Gagnon, Peacock & Vereeke, P.C., are prepared to help you prepare for and work through the Chapter 7 bankruptcy process.

Filing Chapter 7 Bankruptcy in Dallas-Fort Worth

When your debts become so unmanageable that you are no longer capable of repaying what you owe, you should consider working with a Forth Worth bankruptcy attorney who can help you make an informed decision by providing you with the comprehensive information regarding the following:

Whatever the particular challenges of your case happen to be, our Dallas legal team will work closely with you to help you make the most informed decisions about your future finances.

Consult with a Chapter 7 Bankruptcy Attorney in Dallas

If you are considering filing for bankruptcy in the Dallas-Fort Worth areas, you should speak with one of our Dallas Chapter 7 bankruptcy attorneys at Gagnon, Peacock & Vereeke, P.C., to begin evaluating the best course of action available to you. To discuss the particulars of your finances with one of our Dallas bankruptcy attorneys, please call our Dallas offices at (214) 317-4448 today.

Chapter 7 Bankruptcy FAQs

Can I keep my home if I file for Chapter 7 bankruptcy?

Yes, in most situations, if you are current on your mortgage payment, you can keep your home when you file for Chapter 7 bankruptcy in the state of Texas. Most states allow homeowners to protect a certain amount of equity in their homes. This “homestead exemption” prevents creditors from using that equity and usually allows homeowners to retain possession of their homes. In the state of Texas, the homestead exemption allows homeowners to secure an unlimited amount of equity in their homes as long as they meet a residency requirement. Securing this equity typically ensures that homeowners keep their homes when they file for Chapter 7.

Can filing for Chapter 7 bankruptcy save my home from foreclosure?

Filing for Chapter 7 bankruptcy itself will not save your home from foreclosure expressly, but it may slow the process and give you the finances you need to stop the foreclosure. Whenever you file for Chapter 7, you are granted an “automatic stay” on all of your debts, which prevents creditors from continuing collection efforts. This stay applies to your mortgage debt and can temporarily stop the foreclosure of your home. During this period of stay, you can save money, negotiate with your mortgage lender, and possible save your home. Though Chapter 7 can slow the process of foreclosure, filing for Chapter 13 bankruptcy may be more helpful. Chapter 13 automatically stops any foreclosure and grants you a period of time to catch up on your mortgage payments. That said, every situation is unique. An experienced bankruptcy attorney can help you decide how to best protect your home as you move forward.

What are some of the main differences between Chapter 7 and Chapter 13 bankruptcy?

Chapter 7 and Chapter 13 are two of the most common avenues for filing for bankruptcy, but they have some key differences. To qualify for Chapter 7 bankruptcy, an individual must have little or no disposable income. Chapter 7 cases are relatively quick, usually taking three to five months. Chapter 7 is generally meant for those with a low income, few assets, and a desire to get rid of unsecured debt in order to start fresh. Chapter 13 cases, on the other hand, take roughly three to five years and are for those with a steady income who can pay back at least some of their debts through a reorganization and repayment plan. There are pros and cons to each plan, and each plan is tailored for different debtor situations.