A Lewisville Bankruptcy Attorney Discusses Bankruptcy Law
If you are going through difficult financial times, you may want to consider filing for bankruptcy. A bankruptcy can be a way to reset your life and help you along the road to recovery. However, with many different types of bankruptcy to choose from, you will want to discuss your case with a Lewisville bankruptcy attorney.
Filing for Chapter 7 Bankruptcy with a Lewisville Bankruptcy Lawyer
Chapter 7 and Chapter 13 bankruptcy may be the two most common ways that an individual may seek debt relief. A Lewisville bankruptcy attorney can explain to you that generally Chapter 7 may be a good alternative for individuals unable to pay their debt and who seek to discharge their debt. The benefits of Chapter 7 bankruptcy can include:
- Allows most of your debt to be discharged
- Offers an out for individuals without the means of repaying their debt
- Provides individuals a quick way to discharge their debt
A Lewisville bankruptcy attorney can also explain to you the downsides of Chapter 7:
- Ruins your credit score
- Restricts your ability to borrow money such as for a house, car, or even to take out a credit card
- Exposes your personal property to loss at a bankruptcy sale
Filing for Chapter 13 Bankruptcy with a Lewisville Bankruptcy Lawyer
A Lewisville bankruptcy attorney can explain to you when Chapter 13 may be ideal. Generally, Chapter 13 may suit individuals able to repay the debt, but need some time or other help to repay the debt. Some of the benefits of Chapter 13 may include:
- Provides flexibility and options for repayment
- Protects most of your personal possessions from a potential sale
- May affect your credit score less than Chapter 7 bankruptcy
A Lewisville bankruptcy attorney can also tell you the downsides of Chapter 13 including that you still have to pay back your debt and your credit score will be negatively affected.
Contact a Lewisville Bankruptcy Attorney
If you have any questions about bankruptcy, you should talk to an attorney. You can contact an experienced Lewisville bankruptcy lawyer at the Casaubon Firm L.L.P. by calling 972-221-4541.