When Kristina McKinney was in the U.S. Army, a relative stole her identity and rented six different apartments, leaving her with the bill for plenty of unpaid rent. Creditors started garnishing her wages. Ms. McKinney, now 23 and a manager at a Walgreens in Colorado Springs, was left with two options: file criminal charges against a close relative – her own mother – or file for bankruptcy. Earlier this year, Ms. McKinney filed for Chapter 7 bankruptcy in Colorado. If you need to file for bankruptcy in the Dallas-Fort Worth area, or if you need to learn more about bankruptcy and alternatives to bankruptcy, arrange at once to meet with an experienced Dallas bankruptcy attorney.

Many Millennials and Gen X-ers may have more debt than assets, so they should determine if they need to file for bankruptcy. Speak with a bankruptcy attorney before taking any legal action to learn the consequences of a bankruptcy for your credit score and for your ability to reestablish credit in the future. Bankruptcy can protect you from foreclosure, repossession, and lawsuits filed by your creditors, but bankruptcy will not discharge student loan debt in most cases, tax debt, or any fines or penalties owed to a court. You can start quickly after a bankruptcy to reestablish your credit, although a bankruptcy remains on your credit report for seven to ten years.

When you schedule a consultation with a bankruptcy attorney, gather your paycheck stubs, tax returns, and bank statements. Your bankruptcy lawyer will need your records to create the documents that a bankruptcy requires, and some of your records must also be filed with the bankruptcy court. If you are a young person, bankruptcy may not be your only legal way out of debt. If you are in debt, discuss bankruptcy and the alternatives to bankruptcy as quickly as you can with an experienced Dallas bankruptcy attorney, and get the fresh financial start that you need and deserve.