Frequently Asked Questions

Bankruptcy in Dallas, Texas

Will bankruptcy eliminate all of my debt?

The answer to this question will vary depending on the type of debt you wish to eliminate. Bankruptcy will result in the discharge of all unsecured debt, such as credit cards and personal loans. It may not be able to eliminate such debt as back taxes, child support or student loans. By talking to an attorney about your particular case, however, you can find out more about what debt you can eliminate by filing for bankruptcy.

What is Chapter 7?

Chapter 7 is a type of bankruptcy that involves the liquidation of assets to pay off creditors. Chapter 7 bankruptcy is most often viable for debtors with low income and few assets that need protection.

Will I lose all my property if I file a Chapter 7 bankruptcy case?

Not necessarily. Different types of property are protected in Chapter 7 bankruptcy cases, including personal property and even a certain amount of equity in a home. Your Dallas bankruptcy lawyer can talk to you about what property you can protect.

What is Chapter 13?

Chapter 13 is a type of bankruptcy that involves the reorganization of debt through a repayment plan. The debtor will develop a plan to make monthly payments for a period of 3 to 5 years, after which time all remaining eligible debt will be discharged. Chapter 13 is often a viable option for debtors with stead incomes, facing foreclosure and with property they wish to protect.

Will bankruptcy help me?

Whether bankruptcy is the right option for you will depend on your particular financial situation and your goals for the future. At Fears & Nachawati, we are committed to helping our clients make the right choices about filing for bankruptcy. We will offer you the information you need to help you make an informed choice about bankruptcy and foreclosure defense.

How can an attorney help me?

In the face of foreclosure, overwhelming debt, wage garnishment and repossession, a Dallas Fort Worth bankruptcy attorney can assist you by working to represent your interests not just in filing for bankruptcy but also in making the right choices about your financial situation to determine whether bankruptcy is truly the right choice for you. By helping you properly file your case, your attorney can assist you in swiftly and effectively eliminating debt.

Contact a Dallas Fort Worth bankruptcy lawyer at Fears & Nachawati today to discuss your case.