Chapter
7 bankruptcy is a better option than Chapter 13 bankruptcy in many
ways, but not everyone qualifies for it. However, it is also
important to note that chapter 7 does not necessarily provide the
right assistance the filer needs.
If
you own a little property or if your family income does not exceed
the state median for a similar family size, then you can proceed with
Chapter 7 Bankruptcy
in Dallas, TX.
Here
are a few advantages that you will receive.
1-
Quick process:
Chapter
7 bankruptcy typically takes around three to six months to complete
the procedure thoroughly.
2-
No payment plan:
With
Chapter 7 bankruptcy, a filer does not have to pay into a
three-to-five-year repayment plan. But in chapter 13 bankruptcy, they
have to.
3-
Many debts get wiped out:
Apart
from student loans, recent taxes, or unpaid child support, the filer
emerges debt-free by filing Chapter 7 bankruptcy.
4-
Protect your property:
Even
though there are chances that you may lose your property even with
Chapter 7 bankruptcy, but many filers do get to keep everything they
own. If you do not possess luxury goods or properties, then most of
your property get exempt.
Bottom
line
We
hope this article was able to offer you all the necessary details you
were searching about Chapter 7’s benefits.
Are
you looking forward to filing Bankruptcy in Dallas, TX? Then
connect with Allen Stewart to get the right guidance
throughout the procedure.
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