Consumer Bankruptcy

consumer-bankruptchy-attorney-david-brown-lawThe David Samuel Brown Law Firm uses it’s expertise for consumer bankruptcy as well as for business law. In bankruptcy we strive and work hard to achieve the best possible outcome allowed by law.

Bankruptcy will not eliminate some consumer debt including student loans, most tax debt and delinquent child support payments. Individuals have a couple of options for filing bankruptcy when they can no longer meet their debt obligations. These options are:

Chapter 7

In order to qualify to file Chapter 7, consumers must first pass a means test. In addition, the consumer is also required to attend a credit counseling course approved by the bankruptcy court. For those who pass the means test, Chapter 7 means their debt will be completely eliminated when their bankruptcy is discharged. For most consumers, this means a fresh financial start. Since there are a number of exemptions that apply, normally you can keep your home and automobile assuming you can afford the payments after bankruptcy. This plan may require liquidation of some assets depending on your individual circumstances.

Chapter 13

For those who do not qualify for Chapter 7, the option is a Chapter 13 filing which reorganizes your debt and allows you to repay the debt over a period of time which is generally five years. In some cases, it is possible to negotiate with credit card companies and other creditors to agree to settle portions of your debt rather than paying them in full. This type of bankruptcy is generally called “wage earners bankruptcy” since your repayment plan is contingent upon your wages.

If you need emergency help do not hesitate to call us and let us know so we can file emergency bankruptcy for you.

To learn more about how the firm can accommodate your bankruptcy law needs, please call 214-696-3100 to schedule an appointment with an attorney. Prospective clients may also reach the firm via e-mail through the contact form or at the attorney’s email addresses.