Dillard Bankruptcy Lawyers
Unfortunately, financial struggles are a common issue we all deal with in life. Even though you may feel like you are alone in your troubles, don’t forget that there is help out there. If debts, bills, and overall financial problems are taking their toll on your life, help can come in the form of filing bankruptcy.
Bankruptcy is a legally valid option that citizens have to free themselves from debt and start a new financial portfolio from scratch. While a great option, the bankruptcy process can be quite complex and is best handled with help from an experienced legal expert.
At Burrow & Associates, we are your trusted Dillard bankruptcy lawyers, and we look forward to supporting you on your journey towards financial stability.
Areas of Dillard Bankruptcy Law
Expert Legal Counsel at Our Dillard Service Area
Dillard Bankruptcy Law Q&A
Q: How long is the bankruptcy process?
For chapter 7 bankruptcy, the process takes four to six months from when you file until discharge. A chapter 13 bankruptcy takes from three to five years.
Q: What is the difference between a chapter 7 and a chapter 13 bankruptcy?
Chapter 7 bankruptcy is the best option if you meet the eligibility requirements and are not behind on payments for secured debts like your car or mortgage. The process is quick, and you don’t pay back the unsecured creditors, making it cheaper than filing chapter 13. However, you must meet income requirements and asset limitations to qualify. If you have an expensive home, car, or luxury items, you may have to surrender them for chapter 7 bankruptcy eligibility.
For the chapter 13 bankruptcy, you and your Dillard bankruptcy attorney will work out a three to five-year payment plan to pay off your debt. The benefits of filing a chapter 13 include getting to keep all or most of your property. The monthly payment amount will be governed by the amount of debt that must be repaid in the time allotted by the court. It is not uncommon to find yourself with only a small amount of disposable income while in a Chapter 13 case because you are required to pay your creditors back as quickly as monetarily possible. However, the good news is you may also save a large amount of money on interest, late payment penalties, and possibly even pay a lesser amount than owed for some vehicles that qualify when you are in Chapter 13.
Q: What fees will I pay if I file bankruptcy?
The fees will depend on whether you are filing a chapter 7 or chapter 13 bankruptcy. There are two categories of fees for filing bankruptcy: court costs and attorney fees. The court charges $335 to file a chapter 7 and $310 to file a chapter 13 bankruptcy. You will also need a credit report and credit counseling before you can file a bankruptcy case. A knowledgeable Dillard bankruptcy attorney could go over the attorney’s fees and the total amounts you will pay during the consultation.
Contact Our Burrow Dillard Bankruptcy Lawyers Today
To learn more about filing a bankruptcy in Dillard, contact a seasoned Burrow Dillard bankruptcy lawyer to schedule a good time to meet. Filing bankruptcy can provide a great deal of relief immediately after filing. When we file your case with the court, we will send Notice of Filing to each creditor to stop their collection efforts. Bankruptcy laws require debt collectors to stop contacting you after receiving the Notice of Filing. An experienced Dillard bankruptcy attorney will go over your financials with you and discuss all of your available options. Call today to start preparing for your bankruptcy tomorrow!