Dallas Consumer Bankruptcy Lawyer
Multiple factors can create insurmountable debt – unemployment, medical bills, divorce, inflation or simply human error. The federal Bankruptcy Code offers a solution for individuals who have exhausted all possible remedies and still find themselves in financial distress.
At Fuller – Eason, consumer bankruptcy is a large part of our practice. We represent clients in Chapter 7 and Chapter 13 bankruptcies. Roger Fuller has been certified in bankruptcy law by the Texas Board of Legalization since 1993. He has honed his skills as a personal bankruptcy attorney by helping numerous clients address their financial issues and file bankruptcy throughout the Dallas area, including nearby cities such as Garland, Plano and Richardson, TX.
The Automatic Stay
When you file for bankruptcy, aside from achieving financial relief, you immediately free yourself from harassing creditor phone calls, bills, lawsuits, repossessions, wage garnishment and all other stressful debt-collection actions that make life miserable. With Chapters 7 and 13, an automatic stay, which is a court order for debt collection to cease, goes into effect when bankruptcy is filed.
Chapter 7
Chapter 7 bankruptcy, also known as "liquidation bankruptcy," serves the needs of individuals who have low equity in assets and lack a stable income or a high future income. A simplistic explanation of Chapter 7 is that certain assets are liquidated (sold) to pay off debt. An assigned bankruptcy trustee manages the liquidation and uses the proceeds to pay creditors. The bulk of an individual’s debt is wiped out, and he or she is given a fresh start.
Dischargeable and Non-Dischargeable Debt
During a Chapter 7 bankruptcy, certain debts are dischargeable (do not have to be paid), and other debts are non-dischargeable (must be paid). The following are examples of dischargeable debts:
- credit card debt
- bank loans
- court judgments
- medical bills
Examples of non-dischargeable debts are:
- certain tax debt
- certain student loans
- child support
- spousal maintenance
- debts resulting from fraud or crime
- government fines
Exempt and Non-Exempt Assets
Which assets are liquidated depends on whether assets fall into the exempt or non-exempt category under the Bankruptcy Code. Typically, exempt assets include:
- up to $50,000 equity in a home (house, condo or co-op) for an individual
- up to $100,000 in a home (house, condo or co-op) for spouses filing jointly
- up to $2,500 in cash, tax refunds and U.S. savings bonds
- up to $2,400 equity in a motor vehicle for an individual
- up to $4,800 equity in a motor vehicle for spouses filing jointly
- certain retirement plans and pensions
- furniture, clothing, and certain household goods and appliances
Eligibility for Chapter 7
Under the Bankruptcy Abuse Prevention and Consumer Protection Act, if your income is above the median income for your geographical location, you must qualify for Chapter 7 under a "means test." Eligibility is based on an income and expense analysis. Our Dallas law firm can review your finances and make the necessary calculations to determine whether you qualify.
Chapter 13
Chapter 13, also called a "wage earner’s plan" by the U.S. courts, allows the debtor to devise a repayment plan to pay creditors through installments that stretch over a three- or five-year period.
Chapter 13 works well for debtors earning a stable income and seeking to keep their non-exempt assets, such as a car or home. If your income is too high to qualify for Chapter 7, then Chapter 13 often is an alternative. You benefit from not having to pay interest or late fees on acquired debt. In many instances, the amount owed can be reduced, with only a percentage being paid. Chapter 13 works well for couples who have fallen behind on mortgage payments and do not want to lose their home.
As in Chapter 7, when Chapter 13 bankruptcy is filed, the automatic stay goes into effect, and all of the threats people typically face with debt collection (such as foreclosure and repossession) cease. Under Chapter 13, you typically are able to keep all of your property.
Get Legal Help
At Fuller & Eason, our initial consultation to discuss bankruptcy is free. You can put your trust in Lawyers like Roger Fuller, a board certified attorney who has 15 years of experience handling countless bankruptcy cases.
Most importantly, filing for bankruptcy can give you peace of mind and help you regain your financial footing. Call 214-638-0345 or contact Fuller & Eason today.
Our law firm is a debt-relief agency. We help people file for bankruptcy under the bankruptcy code.
Attorney Roger Fuller
Certified in bankruptcy law by the Texas Board of Legal Specialization, Mr. Fuller devotes a large part of his casework to consumer bankruptcy.
Attorney Steven Eason
Concentrating on Personal Injury, Family Law, Wills & Trusts, Property Tax Litigation and General Business Civil Litigation.
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Disclaimer - We are a debt relief agency. We help people file for bankruptcy under the bankruptcy code.
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