Bankruptcy FAQs in Dallas, Fort Worth, Arlington, Texas

Want a DFW bankruptcy lawyer offer legal advice on bankruptcy?

Bankruptcy Myths

Have you been considering bankruptcy? Do you have questions about the process or the potential consequences filing may have on your financial future? At Richard Weaver law center, our attorneys will take the time to discuss your situation and explain all of the options available to you, including the potential advantages and pitfalls. We believe that your goals for the future are just as important as the unique financial details, and we craft a legal debt relief strategy based on the most effective and efficient method of reaching your goals.

Many people either pursue filing bankruptcy based on a false assumption or in other cases, people refrain from speaking to a qualified attorney, based on misunderstandings and inaccurate information about what can and cannot be done through bankruptcy. For example, here are a few common bankruptcy questions and misconceptions:

  • Can I choose which assets are included? — No, all assets and liabilities must be listed when the bankruptcy is filed. You cannot choose to include only a select portion of your finances.
  • What about child support? — No, filing for bankruptcy will not affect your domestic support obligations.
  • What about medical bills? — Yes, some medical debts are considered unsecured debts and can be discharged.
  • What about student loans? — No, most student loans cannot be discharged through bankruptcy.
  • What about taxes? — No, most taxes cannot be discharged through bankruptcy.
  • Will it permanently ruin my credit? — No, most people who file bankruptcy are able to significantly improve their credit over time. Your credit score may improve because your creditors will stop reporting late payments and other delinquencies.
  • Will I lose all of my stuff? — Depending on your circumstances, you may be able to claim an exemption for important non-luxury assets such as a house or a car.
  • Will it stop the harassing phone calls? Yes, filing bankruptcy will put an immediate stop to creditor actions and may stop foreclosure, repossession and garnishment.

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Getting Your Questions Answered about Bankruptcy

  1. The question of whether you ought to file for bankruptcy is a question that some attorneys hardly consider. Each person who walks into their office is a bankruptcy client. For us, each person who walks into the office is a person. We actually take the time to advise potential new clients whether or NOT they should file bankruptcy in their specific situation. We don’t believe that bankruptcy is always in a person’s best interest;
  2. The question of bankruptcy planning, where necessary, can involve details about bankruptcy which most people don’t consider. Our bankruptcy lawyers and legal team can help you with the information that puts you in a more favorable position for bankruptcy. If you were not to plan properly, you could end up with large amounts of money or assets being unprotected from bankruptcy discharge. You may have to forfeit assets if you don’t receive proper legal advice about bankruptcy in Texas.
  3. Our attorneys in Fort Worth can also advise you regarding the affordable bankruptcy attorney Fort Worth services offered in our local DFW offices.
  4. Our bankruptcy attorneys can also discuss with you the pros as well as the cons to bankruptcy;
  5. Our attorneys can also provide along with our entire legal staff an outline of what you can expect during the process of filing bankruptcy;
  6. Our lawyers are also available to help you with rebuilding your credit profile following a bankruptcy. By Rick Weaver.