Dallas Chapter 7 Bankruptcy Attorneys
If you are facing serious financial strain and find that you are unable to pay your debts, you should speak with an experienced Dallas bankruptcy lawyer from Gagnon, Peacock & Vereeke, P.C. right away. Hiring a Chapter 7 bankruptcy lawyer can allow you to get the breathing space you need to get back on your feet financially and begin moving forward again in life.
As a means for people 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 extraordinarily complex for some people. In order to take full advantage of this system, you may need expert assistance in the form of a bankruptcy lawyer.
With that in mind, the Dallas Chapter 7 bankruptcy lawyers at Gagnon, Peacock & Vereeke, P.C. are prepared to help you prepare for and work through the Chapter 7 bankruptcy process. We have more than three decades of experience working with clients in the Dallas-Fort Worth area. We know how to take full advantage of the law to the benefit of your finances, and we can make even the most complex bankruptcy ideas simple.
Contact the Gagnon, Peacock & Vereeke, P.C. office today to schedule a consultation to find out how we can help you navigate your way out of financial despair. Call us at (214) 317-4448, fill out a contact form, or chat with us live today.
Filing Chapter 7 Bankruptcy in Dallas-Fort Worth
Many people who need the assistance Chapter 7 often struggle to understand how it works and how to get the most out of it.
When your debts become unmanageable and 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:
While the law may be dense and hard to understand, a quality bankruptcy attorney can distill it to a list as simple as the points above. By going to a lawyer with a thorough knowledge of Chapter 7, you’ll have a guide that simplifies the process so that you only have to worry about providing the crucial information and preparing for your future, and much improved financial outlook.
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.
Gagnon, Peacock & Vereeke, P.C. Provides the Best Chapter 7 Bankruptcy Assistance in Dallas-Fort Worth
There are many bankruptcy attorneys in the Dallas-Fort Worth area, but what makes Gagnon, Peacock & Vereeke, P.C. stand out is our experience and our commitment to a teamwork strategy. What that means is we have made a practice of bringing together all the legal minds at our firm for every case. This allows us to discover the best possible resolutions to every legal difficulty that arises in every case.
The lawyers at Gagnon, Peacock & Vereeke, P.C. have a variety of specializations that allow for unique perspectives on the cases we receive. We are able to discover unique solutions that an individual lawyer, no matter their experience in the area, may miss. Our lawyers are also all deeply rooted in the Dallas-Fort Worth community. We have a vested interest in ensuring our clients get back on their feet and continue to be valuable members of our community.
Chapter 7 Bankruptcy FAQs
If you are considering filing for bankruptcy, you likely have many questions about the process and how to go about filing. Contact a member of our team at (214) 317-4448 to schedule a consultation with us to discuss your specific financial situation today. In addition, we’ve provided the answers to some frequently asked questions below.
What is Chapter 7 Bankruptcy?
Chapter 7 is one of the two most common forms of bankruptcy for individuals (along with Chapter 13). It is often referred to as “straight” bankruptcy since the system is designed to be more straightforward and focused on a quick return to a more financially stable life. A Chapter 7 bankruptcy involves the liquidation of non-exempt assets and the cancelation of certain debts. However, it should be noted that since most people who file for Chapter 7 have very few assets that are not exempted from liquidation, the majority of those who file lose very little of their property. The process involves a filing and a court process to set up a system of repayment and debt cancellation.
Who Can Apply for Chapter 7 Bankruptcy?
In general, anyone with debts can be eligible to file for Chapter 7 bankruptcy. There are only a few exceptions, which include those who have already filed for Chapter 7 in the last 8 years, or Chapter 13 in the last 6 years (although there are some exceptions to this). Otherwise, most limitations on being granted Chapter 7 refer to those who are in some way dishonest during the process (such as by destroying, hiding, or lying about property). For more specifics on this, it is best to speak to a bankruptcy attorney.
What Kind of Debt Can Be Discharged Through Chapter 7 Bankruptcy?
Most kinds of debt that do not involve property (such as vehicles and homes) can be discharged through Chapter 7. However, there are exceptions to this. Some forms of non-property debt that cannot be discharged include spousal and child support, tax debts, debts that are the result of fraud, and most student loan debt (there are exceptions to this final point, but as a general rule, student loan debt cannot be discharged).
Can I Keep My Home If I File for Chapter 7 Bankruptcy?
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 alone will not save your home from foreclosure directly, but it may slow the process and give you the finances you need to stop the foreclosure. When 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 possibly 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.
Consult with a Chapter 7 Bankruptcy Attorney in Dallas
There’s no reason to continue to live under the heavy burden of debts you cannot repay. If you are considering filing for bankruptcy in the Dallas-Fort Worth area, you should speak with one of our Dallas 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 a member of our team, please call our Dallas offices at (214) 317-4448.