A Bankruptcy Lawyer in Keller, TX Can Help You Gain Financial Freedom

by | Nov 17, 2017 | Law

Bankruptcy is a legal option to eliminate debt that is too difficult to pay. Harassing telephone calls from creditors and the foreclosure of a home can be stopped when an individual files bankruptcy. There is affordable representation available by a bankruptcy lawyer in Keller, TX. Bankruptcy can also stop wage garnishments and protect you from repossession of a car. There are two popular forms of bankruptcy that individuals can use to eliminate their debt. Chapter 13 bankruptcy allows individuals to keep their assets and chapter 7 bankruptcy will liquidate assets to pay the creditors.

How Does Someone Know Which Type of Bankruptcy to Choose?

If an individual has assets like a home or property they want to keep, chapter 13 bankruptcy is an option for them. This type of bankruptcy allows someone to make up his or her overdue payments over time. Chapter 7 bankruptcy is for individuals who don’t have a regular source of income who want to be debt free.

Can Someone Keep Filing Bankruptcy?

If an individual files chapter 7 bankruptcy, they will have to wait for eight years after its been discharged to file bankruptcy again. An individual who files chapter 13 bankruptcy can continue to file bankruptcy whenever they want, but it doesn’t mean the bankruptcy will be approved. This is something that should be thoroughly discussed with a bankruptcy lawyer in Keller, TX.

Advantages to Chapter 7 Bankruptcy

An individual will receive a fresh start because their debts will be completely discharged and only have to sign a Reaffirmation Agreement for the assets they want to keep. Protection from creditor’s collection efforts and wage garnishments will start immediately when bankruptcy is filed. Any wages or property an individual acquires after bankruptcy, except for inheritances, is protected from bankruptcy liquidation.

Most individuals prefer to use chapter 7 bankruptcy because it provides the fresh start they need from overwhelming debt. The case is normally discharged within three to six months instead of three to five years like chapter 13 offers. Certain debts will not be discharged like child support, spousal support, and certain taxes no matter what type of bankruptcy is chosen. The Law Firm of David S. Kohm has many years of experience representing bankruptcy clients and can provide you with the affordable legal representation you need.

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