For those considering filing for bankruptcy, there can be a lot that factors in this life-changing decision. Knowing and understanding the process fully is crucial in making an informed decision and unfortunately many Americans do not know how the various kinds of bankruptcy work. Those considering filing for bankruptcy can be in a trying time of their lives, which is why it is essential to consult with a trained and knowledgeable bankruptcy lawyer. Our Arlington TX bankruptcy attorneys at the Law Offices of David Kohm are here to help walk you through this process.
The most common form of bankruptcy is Chapter 7. Filing for this personal bankruptcy will provide you complete relief from creditors and collectors, a relief anyone in debt is desperately seeking. Creditors and collectors can be harassing, disrupting your daily routine with their constant phone calls. Filing for Chapter 7 creates an automatic stay, which halts collector and creditor activity. This type of filing can provide you with the peace of mind you are looking for.
Chapter 13 bankruptcy is the other form of bankruptcy, and is sometimes called “reorganization,” as this type allows you the chance to reorganize your debt. After you prove to the court you possess the income to repay your debts, you must submit a detailed repayment plan to the court to review. This plan will include your debts, income, and the length of your desired payment plan.
Before filing for bankruptcy, consult with our reputable and reliable bankruptcy lawyers. With any comments, questions, or to schedule a free consultation today, give us a call at 817-204-0900 or contact us online today.