Many of the people filling the offices of lawyers are somewhat in shock to be there. They had been solid bill paying citizens all their lives. They paid their mortgages, their credit cards and their children’s college tuition. They did until the severe and destructive waves of the economic storm turned things over and destroyed lives. First came job cuts, then savings losses and then the sinking value of their homes.
It was more than most could take, and they had to seek professional help to reorganize their finances, so they sought out a qualified lawyer.
Once an attorney is retained then the work begins to get back on some kind of solid financial footing. It can be very difficult, depending on the case. Some people’s fin-ances are horribly confusing and some straightforward. Depending on the case the attor-ney will recommend either a Chapter 7 or a Chapter 13 bankruptcy filing. Chapter 7 serves to liquidate all but exempt assets and pay creditors the proceeds, and Chapter 13 reorganizes a person’s finances and arranges for an orderly payback of debt to creditors. The lawyer may even advise that no filing be made and that the client work out a private settlement with creditors.
Ask any bankruptcy lawyer in Dallas TX how their job suits them, and the answers will come back different from each attorney. All will admit to feeling badly about so many people suffering, but only some will offer the opinion that they are doing their part in rebuilding the economy by settling challenging problems between debtor and creditor.
A Dallas bankruptcy attorney has the image of someone sandbagging the banks to keep the flooding river from sweeping things away. They are working case-by-case to help debtor and creditor fairly settle accounts and move onward in life. These micro settlements will eventually help to stabilize the entire regional economy.
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