Debt can sometimes become overwhelming, especially when a person has done all they can to make arrangements with the creditors but has had no luck. When someone is dealing with too much debt, it is important they understand the legal options they hold for overcoming their debt. With this information, individuals will understand how they can get started with the bankruptcy lawyer in Fort Worth.
What Is Bankruptcy?
Bankruptcy is a legal action that helps to free a person of the debts they owe. It offers a person a way to pay off their debt or have their debts absolved, depending on their needs. It is important for individuals to learn all they can about the rights they hold for managing their debt with bankruptcy. There are two types of bankruptcy offered to individuals and the type they choose will depend on the amount of debt they owe and the type.
Chapter 13 is a type of bankruptcy that allows a person three to five years to pay off the debts they owe. This is called the wage earner’s bankruptcy because a person must have a steady income coming in to be able to make payments towards their debts.
Chapter 7 is a type of bankruptcy that is settled within six months or less. The process for applying for Chapter 7 is fairly easy, as long as the person is able to pass the mean’s testing that is required. If a person is approved, they may be able to have some of their debts absolved.
Schedule a Consultation
Scheduling a consultation appointment is the first step in the process. A person will simply need to bring in their financial information so the lawyer can help their client make a decision on the best form of bankruptcy for their financial needs.
Those who are dealing with more debt than they can handle are urged to seek help from a bankruptcy lawyer in Fort Worth. Contact the Law Firm of David S. Kohm and ask for a consultation appointment right away. They will be happy to help you discover which bankruptcy option will be the best for your financial situation.