DFW Bankruptcy Attorney
A skilled bankruptcy attorney is invaluable in this process. As one of the longest practicing bankruptcy attorneys in the DFW Metroplex, Richard D. Kinkade has the experience and skills you need to guide you through the rough spots. Bankruptcy can allow you the get the relief you need, save your property and most importantly give you a fresh start. The first step is discussing your options. We offer free consultations Monday through Saturday, so there is no charge to speak with a bankruptcy lawyer and get the answers you need to help resolve your financial situation.
Foreclosure may be stopped by the filing of a bankruptcy petition. The mortgage company or foreclosing entity cannot again attempt foreclosure during the pendency of a bankruptcy case without permission of the bankruptcy court. Your home can be saved by creating a plan that will cure your missed mortgage payments.
Even if you decide to surrender your property back to the mortgage company a bankruptcy is beneficial by protecting you from the remaining debt after the foreclosure and/or potential Internal Revenue Service (IRS) tax liability. Many people do not understand that the danger of foreclosure is not only the loss of the home but also the fact that residual debt can remain as well.
Losing a vehicle through repossession is a traumatic and trying experience. People often equate their feelings after repossession to the same as being violated. A bankruptcy petition can stop a creditor from repossessing a vehicle, allowing you to restructure the payments on the car or truck to make them more affordable.
It is possible to get a vehicle back even after it has been repossessed by filing bankruptcy. In the State of Texas the vehicle cannot be sold by a repossessing creditor for 10 days after it has been repossessed. Once a bankruptcy petition has been filed a creditor can be forced the creditor to release the vehicle back to you.
Stop IRS Garnishments
Credit card debt and medical bills can reach unmanageable levels when finances are tight as these items often take a back seat to the more important needs. Once high interest rates and late fees begin to add up it can be impossible to get under control. Bankruptcy allows two approaches to solving this problem.
If you qualify you can discharge these debts through a Chapter 7 bankruptcy. Chapter 7 allows you to liquidate your debts while still maintaining your exempt assets. If you do not qualify for Chapter 7, then Chapter 13 bankruptcy is still available. Chapter 13 can either eliminate much of the debt or allow you to restructure the debt to an amount you can afford to repay.