Allmand Law

No, you will not lose everything you have. In fact, most people who file for bankruptcy will not lose anything. In most states, there are exemptions that safeguard houses, cars, household furnishings, wages, retirement plans, and personal injury claims.

No, it is unlawful to do so. According to laws, you must list all debts and properties. A skilled Dallas bankruptcy lawyer can explain how this can actually help you rebuild a better life.

Taxing authorities must immediately stop garnishing your wages as soon as they receive the notification of bankruptcy, no matter the type of tax that you owe.

With bankruptcy, discharged debts have no income tax consequences and it is excluded from gross income. With other debt relief programs you risk the possibility of receiving a tax bill after your debt has been canceled, but that’s not the case with bankruptcy.

Bankruptcy can help reduce or eliminate penalties and interests associated with outstanding tax debt.

Many people fear the thought of bankruptcy because they think it is difficult to accomplish. However, an experienced bankruptcy attorney can make the process as seamless and comfortable as possible. They can explain what will happen, what you can expect, and how they can help you and your family achieve a happier future as soon as possible.

This is a common misconception. In most cases, bankruptcy is reported on your credit report for 10 years. However, because something is reported on your credit report does not mean it will have a negative effect on your standing.

In most cases of Chapter 13 bankruptcy, a person does not run the risk of losing his/her home since this type of bankruptcy allows the debtor to remain in possession of their hard-earned assets.

It is unpermitted for an employer to fire or discriminate against an employee because the employee filed for bankruptcy. In addition, an employee cannot be demoted, receive a reduced salary, or be removed from responsibilities as a result. If a person is discriminated against, or fired, because the employee chose to file for bankruptcy, the employer may suffer consequences of such action(s).

In general, bankruptcy might slightly affect a person’s credit score. However, most of the time, it will not cause extreme damage to a debtor’s credit score. Of course, this depends on a number of factors, one of the most important deals with how high or low a person’s credit score was prior to filing. Most often, a person filing for bankruptcy already has a low credit score, making bankruptcy less of an impact concerning the credit score. On the other hand, a person who had a good credit score prior to filing bankruptcy might notice a greater impact on their credit score. In addition, a debtor’s credit score may depend on the debtors debt-to-asset ratio.