Individuals most commonly file for personal bankruptcy under Chapters 7 and 13. Chapter 7 is the liquidation of all possessions and Chapter 13 is basically restructuring debt to be paid out over a specific time frame.

There are many reasons an individual may need to file for bankruptcy. Common causes are unexpected bills and expenses such as loss of work, divorce, medical bills and extreme credit card debt. All of these causes of bankruptcy are not only financially stressful, but can also upset your life in general. An experienced Dallas bankruptcy attorney can give you the guidance you need and help you make the right decisions when going through this process.

The objective of federal bankruptcy law is to offer those in considerable debt a new start. The filing is started with a petition, and the filer is obligated to state all of his or her assets and liabilities as well as provide a list of their creditors.

Debtors may be entitled to keep a certain amount of property with the bankruptcy filing in Texas that is part of the state law for bankruptcy exemptions. Texas also allows individuals to select federal bankruptcy exemptions as an alternative to state exemptions. Your attorney can provide more detail.

If you are considering filing for bankruptcy, you need a qualified Dallas bankruptcy lawyer that knows the bankruptcy laws in Texas. The Hopping Law firm has been helping those in debt for years and has an excellent track record of proven results. If you or a loved one needs help with excessive debt, please call our office at 214-599-2000 for a free consultation.