The Rise in Bankruptcy Filings in the Dallas / Fort Worth Metroplex
The rise of bankruptcy filings have increased in Dallas/ Fort Worth Metroplex due to job loss, divorce, medical bills, disability, identity theft, and the difficult economy we are facing today. If you are facing foreclosure, huge amounts of debt, repossession, bankruptcy may be the only realistic way out. Our lawyers are here to help. Contact the lawyers at Fears & Nachawati to find out about getting rid of debt and getting a fresh start.
The most common types of bankruptcy are set forth below:
Chapter 7 Bankruptcy: (Sometimes referred to as a “Total Liquidation”) If you have little property and can’t make your basic minimum credit card payments, Chapter 7 Bankruptcy might be the right option for you. Chapter 7 is different from other bankruptcy filings because the debtor does not typically need to make any further payments to creditors such as credit card companies once the bankruptcy court issues a bankruptcy discharge letter.
Chapter 13 Bankruptcy: (Referred to as a “reorganization”) Chapter 13 Bankruptcy can help to adjust debt and obtain reduction or relief on secured debt such as a house that may be in foreclosure. Even if your creditors disagree, under Ch. 13, people typically are allowed to retain their secured property while making reasonable payments to creditors that are oftentimes much lower than the original amount owed.
Please contact the attorneys of Fears & Nachawati for more details. They will provide you with general legal information and consult with you concerning whether bankruptcy is the right choice for you.
Fears and Nachawati Attorneys & Counselors
4925 Greenville Avenue
Dallas, Texas 75206
Phone: (214) 890.0711
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