Sometimes people take out loans in good faith but lose their jobs or experience an expensive medical emergency that leaves them unable to pay their loans back. If this happens to you, you may want to file for Chapter 7 bankruptcy. Chapter 7 personal bankruptcy allows you to discharge your debts and start over again. However, this measure has a lasting, negative effect on your credit, so you shouldn’t take it without talking to a knowledgeable Frisco TX bankruptcy attorney. Schedule a free initial consultation with one of the lawyers from the Law Offices of David Kohm so that you can determine whether this is your best option.
Although Texas allows you to file for bankruptcy without a lawyer, it’s in your best interest to hire a Frisco bankruptcy lawyer. Your lawyer should be familiar with all the nuances of Texas bankruptcy law so that he or she can help you file your petition and any motions you need to file to get the result you are looking for. Filing your paperwork correctly is important because the court can dismiss your bankruptcy case if you make a mistake in your petition. In addition, you need to file extra paperwork to achieve certain results. For example, you must file a motion of adverse proceeding to get student loans discharged via bankruptcy. Your lawyer will know what forms to file and what the law says you need to do to prove that you qualify to discharge certain debts. If you don’t qualify to discharge certain debts under Chapter 7, your lawyer can help you find alternatives. For example, you may have to file for Chapter 13 to get caught up with your mortgage if it doesn’t qualify for a Chapter 7 discharge.
Your lawyer should also help you get through your required first meeting with creditors. When you file for bankruptcy, you have to attend this meeting and answer all of your bankruptcy trustee’s questions to the best of your ability before your discharge will be granted. Your attorney can help prepare you for this meeting so that you will be successful.
Filing for bankruptcy is neither an easy decision nor an easy process. Don’t try to do it alone. Call the Law Offices of David Kohm for a consultation today so that you can begin to let go of past debts, financial stress and constant calls from debt collectors.