Don’t Handle Personal Bankruptcy in Plano TX Alone!

In this DIY generation, there are a lot of things you can do on your own. With the right YouTube video, you can probably figure out how to change your car’s oil or stain your kitchen cabinets. But there are some things you just shouldn’t do yourself, and among those things is handle personal bankruptcy in Plano TX.

If you are facing bankruptcy, or are about to face it, chances are that finances aren’t your forte’. That is perfectly fine, and many people fall into this category for one reason or another. But if your less than perfect actions are what led you to the brink of personal bankruptcy in Plano TX, handling the case on your own probably isn’t wise.

About Bankruptcy

Many people know the negative connotations associated with the word “bankruptcy” but don’t know much about it at all. There are two kinds of personal bankruptcy in Plano TX (and everywhere else).

Chapter 7 “Liquidation”

This is the type of bankruptcy that forgives your debts, but stays on your financial record for several years afterward. This type of bankruptcy is more difficult to qualify for, because if it were easy, everyone would do it. Speaking to a personal bankruptcy attorney is the simplest way to determine which type of bankruptcy you may be eligible for.

Chapter 13 “Rehab Bankruptcy”

With the help of a professional personal bankruptcy lawyer, you may file for Chapter 13 bankruptcy. Together with the help of your attorney, you will create a plan to pay back your debts. Sometimes debts are consolidated into a smaller amount, and sometimes they aren’t. That’s what your lawyer is there to figure out. You essentially set up a plan (usually three to five years) to pay back what you owe. This type of bankruptcy is ideal if you are trying to keep your home, pay back taxes, or trying to catch up on payments rather than eradicate them completely.

Moving Forward

If you are in over your head when it comes to your personal finances, it may be time to consider bankruptcy. The best way to ensure all the proper steps are taken and that you file correctly is to work with an attorney. Personal bankruptcy in Plano TX doesn’t have to be confusing or intimidating if you are working with an experienced lawyer on your side. The professionals at Colins & Arnove may be the perfect fit for you and your situation. Give us a call at 972-516-4255 today!

Personal bankruptcy Plano TX
Collins & Arnove Bankruptcy Attorney
555 Republic Dr.
Plano, Texas 75074
(469) 808-0632

Give us a call at 972-516-4255 today!

Personal bankruptcy Plano TX
Collins & Arnove Bankruptcy Attorney
555 Republic Dr.
Plano, Texas 75074
(469) 808-0632

Chapter 7 and Chapter 13 personal bankruptcy. Created by Sal Khan.

Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/interest-tutorial/present-value/v/present-value-4-and-discounted-cash-flow?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets

Finance and capital markets on Khan Academy: Back in the day (like medieval Europe), you would actually be thrown in jail if you couldn’t pay your debts (debtor’s prison). That seemed like a pretty awful thing to do (not to mention that lenders are much less likely to be paid by someone rotting in prison), so governments created an “out” called bankruptcy (which, as you’ll see, is a pseudo-painful “reset” button on your finances).

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