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Your Legal Helpers Dallas bankruptcy lawyer wants you to know the language of finance law.

Your Legal Helpers Dallas bankruptcy lawyer understands that the entire concept of filing for Chapter 13 or Chapter 7 sounds complicated and confusing. As an experienced Dallas bankruptcy lawyer, he has helped many other clients deal with their financial problems and find the right solution. His knowledge and capabilities can help you every step of the way.

Contact a Dallas bankruptcy lawyer from Legal Helpers today!

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Your Legal Helpers Dallas bankruptcy lawyer will start by learning about your situation and helping you to understand your options. You may at first find even the language of finance to be confusing. Here are just a few definitions to help you in your first meeting with your bankruptcy lawyer. If you ever have any questions, your Texas bankruptcy lawyer will gladly stop and explain.

Legal Helpers has a complete range of bankruptcy information and services. You'll even find a complete glossary of legal terms. Included are the following definitions:

• Arrears -- The amount that is unpaid and overdue as of the date the bankruptcy case is filed. The word "arrears" is usually used when referring to back child support, back alimony owed, or the amount that is past due on mortgage payments (including interest and penalties).

• Assets -- Personal possessions of value, including cash, real estate, vehicles and investments.

• Automatic Stay -- A court order that stops lawsuits, foreclosure, garnishments and all collection activity against the debtor on the exact date that a petition is filed. By filing in federal court, an individual or individuals can restructure or relieve themselves of debts and liabilities.

• Default -- Failure to make payments within a specified period of time governed by the original contract.

• Delinquency -- Failure to make payments when payments are due. For most mortgages, payments are due on the first day of the month. Even though they may not charge a "late fee" for a number of days, the payment is still considered to be late and the loan delinquent. When a loan payment is more than 30 days late, most lenders report the late payment to one or more of the credit bureaus.

• Dischargeable -- Debts that can be eliminated in filing.

• Exempt -- Property that is exempt is removed from the estate and is not available to pay the claims of creditors.

• Personal Property -- Property that is not real property or affixed to real property, such as cars, stock, furniture, etc.

• Property of the Estate -- The property that is not exempt and belongs to the estate.

• Secured Debt -- A secured debt is one where the creditor takes personal or real property as collateral.

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