Filing for BANKRUPTCY in Plano, TX
- Dig a little deeper
- Get the facts for yourself
SHOULD I FILE BANKRUPTCY WITH A PLANO, TX LAWYER?
For many, filing for bankruptcy is viewed as a last resort. Ironically, the opposite is often true. Filing bankruptcy with a Plano, TX lawyer will relieve you from your financial stress and provide you the opportunity to rebuild your life, improve finances, and strengthen your family.
CHAPTER 7
Chapter 7 provides debtors with a “fresh start” by discharging most, if not all, of the debtor’s debts. A chapter 7 discharge is available only to individuals and not to partnerships or corporations.
CHAPTER 13
Chapter 13 is for individuals with regular income from any source, not just wages. The purpose of chapter 13 is to help individual debtors reorganize their finances by making payments to creditors through a Chapter 13 plan.
CHAPTER 11
Chapter 11 is complex and often used by businesses to restructure their debts. The process is flexible with different processes. For example, in addition to traditional chapter 11 cases, there are also: (i) single asset real estate cases; (ii) small business debtor cases; and (iii) subchapter V cases.
EXEMPTIONS
Individual debtors must list the property they wish to keep in their bankruptcy schedules. If a debtor fails to list an asset (that might otherwise be exempt) the bankruptcy trustee has the right to compel the debtor to turnover that asset to the trustee for the benefit of creditors.
DICTIONARY
Like many legal practices, bankruptcy has its own parlance. In order to help you better understand how bankruptcy works, we have created a dictionary of common terms used by bankruptcy professionals.
SHOULD I FILE BANKRUPTCY WITH A PLANO, TX LAWYER?
For many, filing for bankruptcy is viewed as a last resort. Ironically, the opposite is true more often than not. Filing bankruptcy will relieve you from your financial stress and provide you the opportunity to rebuild your life, improve your finances, and strengthen your family.
CHAPTER 7
Chapter 7 provides debtors with a “fresh start” by discharging most, if not all, of the debtor’s debts. A chapter 7 discharge is available only to individuals and not to partnerships or corporations.
CHAPTER 13
Chapter 13 is for individuals with regular income from any source, not just wages. The purpose of chapter 13 is to help individual debtors reorganize their finances by making payments to creditors through a Chapter 13 plan.
CHAPTER 11?
Chapter 11 is complex and often used by businesses to restructure their debts. The process is flexible with different processes. For example, in addition to traditional chapter 11 cases, there are also: (i) single asset real estate cases; (ii) small business debtor cases; and (iii) subchapter V cases.
EXEMPTIONS
Individual debtors must list the property they wish to keep in their bankruptcy schedules. If a debtor fails to list an asset (that might otherwise be exempt) the bankruptcy trustee has the right to compel the debtor to turnover that asset to the trustee for the benefit of creditors.
DICTIONARY
Like many legal practices, bankruptcy has its own parlance. In order to help you better understand how bankruptcy works, we have created a dictionary of common terms used by bankruptcy professionals..
TESTIMONIALS
We received our Chapter 13 confirmation in the mail and I wanted to give you and Christine a big thank you. I know you had to work hard on this mess to get it to this point and we do appreciate it. Hopefully we can see this thing through and be completely debt free except the mortgage of course in the next few years. We are looking forward to that day.
Bob, I do not have the words to describe what I’m feeling right now. I’m so overwhelmed with relief, knowing that I can put this nightmare behind me. THANK YOU so much for representing me and getting me through this. Please know that you have changed my life in a positive way, and for that, I thank GOD and I am so grateful!
I assume you have some idea of what it may feel like to finally put something behind you that dominated your life and nearly destroyed your marriage. I cannot thank you enough for your professionalism, expertise and MOST importantly the support you and Barbara provided during this process. We are so very grateful.
Get In Touch
DeMarco•Mitchell, PLLC
500 N Central Expy, Suite 500
Plano, Texas 75074
Office: (972) 991-5591