Best Bankruptcy Lawyers in Dallas, TX

Any bankruptcy is a negative on your credit report. It may stay on your credit report for up to 10 years. Credit reports for those who file for Bankruptcy normally have lower scores at filing. Declaring bankruptcy allows individuals to improve their credit scores in that they are no longer liable for certain debts reported and such debts have been discharged.

If creditors are harassing you all day, every day, it can be incredibly stressful. The good news is that once a bankruptcy is filed, these annoying calls from creditors and collections agencies stop immediately. It is part of bankruptcy law that all such creditors cease any communication with you once you file, including lawsuits, foreclosures, wage garnishments, or any other legal actions.

We wish we could tell you that bankruptcy discharges student loans, but unfortunately, these loans are almost always considered not dischargeable through bankruptcy. There are some circumstances where student loans may be discharged, but these cases are incredibly complicated and rare. However, you may be able to negotiate different repayment terms with your lenders to help your situation.

Generally, you will be able to keep personal property through the bankruptcy process. Texas and federal laws permit personal vehicles as exempt property, which means that the car that you use for work or school will generally not be liquidated. However, if you own additional cars, boats, or other vehicles, or if you owe more on a car than it is worth, you may be asked to forfeit this property. Other personal property such as your furniture and personal belongings are usually not liquidated in a bankruptcy case.