d DeMarco Mitchell, PLLC https://demarcomitchell.com Plano Bankruptcy Attorneys Tue, 20 Jun 2023 18:21:12 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.2 https://demarcomitchell.com/wp-content/uploads/2021/03/cropped-demarco_mitchell_icon01-32x32.png DeMarco Mitchell, PLLC https://demarcomitchell.com 32 32 Chapter 7 Attorney: A Guide to Navigating Bankruptcy and Choosing the Right Legal Representation https://demarcomitchell.com/chapter-7-attorney-a-guide-to-navigating-bankruptcy-and-choosing-the-right-legal-representation/ Tue, 20 Jun 2023 18:21:11 +0000 https://demarcomitchell.com/?p=7952

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Chapter 7 Attorney: A Guide to Navigating Bankruptcy and Choosing the Right Legal Representation

Are you considering filing for Chapter 7 bankruptcy? Navigating through the complexities of bankruptcy law can be overwhelming, but with the help of a knowledgeable Chapter 7 attorney, you can ensure a smoother journey towards financial freedom. In this guide, we will explore the importance of a Chapter 7 attorney, the benefits they provide, and how to choose the right legal representation to support you throughout the bankruptcy process. If you’re searching for a trusted Chapter 7 attorney, look no further than DeMarco Mitchell, PLLC. Our experienced team is committed to guiding you through your bankruptcy case with expertise and personalized attention.

Understanding Chapter 7 Bankruptcy

Chapter 7 bankruptcy is a legal process that allows individuals and businesses to discharge certain types of debts and start afresh financially. With Chapter 7, you can potentially eliminate unsecured debts like credit card bills and medical expenses. However, it’s essential to comprehend the intricacies of Chapter 7 bankruptcy and its implications. A knowledgeable Chapter 7 attorney can help you navigate the legal requirements, determine your eligibility, and guide you through the necessary steps to achieve debt relief.

The Role of a Chapter 7 Attorney

A Chapter 7 attorney plays a crucial role in your bankruptcy journey. They are well-versed in bankruptcy laws, court procedures, and documentation requirements. By working closely with a Chapter 7 attorney, you benefit from their expertise in assessing your financial situation, determining the best course of action, and advocating for your rights. They ensure that your bankruptcy petition is accurately prepared, help you understand the implications of bankruptcy on your assets, and represent you in court proceedings if necessary. With their guidance, you can navigate the bankruptcy process with confidence.

Choosing the Right Chapter 7 Attorney

Selecting the right Chapter 7 attorney is essential for a successful bankruptcy case. Here are a few key factors to consider:

  1. Experience and specialization: Look for an attorney with substantial experience in handling Chapter 7 bankruptcy cases specifically. Their expertise will ensure that they are well-versed in the intricacies of this area of law.
  2. Reputation and track record: Research the attorney’s reputation and track record. Look for testimonials or reviews from previous clients to gauge their level of client satisfaction and success.
  3. Communication and responsiveness: Effective communication with your attorney is vital throughout the bankruptcy process. Choose an attorney who listens to your concerns, responds promptly to your queries, and keeps you informed at every stage of your case.

Trust DeMarco Mitchell, PLLC for Expert Chapter 7 Legal Representation

When it comes to Chapter 7 bankruptcy, having a reliable and experienced attorney by your side can make all the difference. At DeMarco Mitchell, PLLC, we understand the challenges you may face during this process, and our dedicated team is committed to providing personalized guidance and representation. If you’re looking for a trusted Chapter 7 attorney, contact DeMarco Mitchell, PLLC today. Take the first step towards financial freedom with our expert legal assistance.

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]]> Navigating Chapter 7 Bankruptcy in Texas: Key Roles of a Texas Bankruptcy Lawyer and When to Consult One https://demarcomitchell.com/navigating-chapter-7-bankruptcy-in-texas-key-roles-of-a-texas-bankruptcy-lawyer-and-when-to-consult-one/ Thu, 18 May 2023 17:50:56 +0000 https://demarcomitchell.com/?p=7934

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Navigating Chapter 7 Bankruptcy in Texas: Key Roles of a Texas Bankruptcy Lawyer and When to Consult One

Are you grappling with overwhelming debts and contemplating bankruptcy as a possible way out? Are you unsure about the proceedings and when to take that pivotal step? At De Marco Mitchell, PLLC, as experienced Texas bankruptcy lawyers, we have guided numerous individuals through this intricate path. In this blog post, I’ll shed light on Chapter 7 bankruptcy, a popular avenue for Texans grappling with debts, and elucidate when you should think about hiring a Texas bankruptcy lawyer.

Chapter 7 Bankruptcy Explained: The Liquidation Process

Chapter 7 bankruptcy, often referred to as liquidation bankruptcy, permits debtors to wipe out most of their unsecured debts. This procedure entails the sale of a debtor’s non-exempt assets under the supervision of a court-appointed trustee. The resulting funds are then apportioned among the creditors. It’s crucial to note that having a proficient Texas bankruptcy lawyer during these procedures can be pivotal to safeguard your rights and assure a seamless process.

Qualifying for Chapter 7 Bankruptcy: The Means Test

To be eligible for Chapter 7 bankruptcy in Texas, one must undergo a means test. This test compares your earnings with the median income for a household of a similar size in Texas. If your income is below the median, you qualify for Chapter 7 bankruptcy. If it surpasses, a Texas bankruptcy lawyer can provide guidance on other alternatives like Chapter 13 bankruptcy.

    Advantages and Disadvantages of Chapter 7 Bankruptcy

    Chapter 7 bankruptcy offers various benefits. It typically eradicates most of your unsecured debts, providing you with a fresh financial start. The procedure is relatively swift, usually taking 3-6 months. Nevertheless, it’s important to balance these benefits against potential downsides. Chapter 7 bankruptcy remains on your credit report for up to ten years, and it might result in losing some of your assets

    .

    When to Consider Chapter 7 Bankruptcy: A Texas Bankruptcy Lawyer’s Guide

    So, when is it suitable to think about Chapter 7 bankruptcy? Here are a few indicators:

     Your debts surpass half of your yearly income.

    Paying even the minimum amount towards your debts becomes a struggle.

    Your debt significantly affects other critical parts of your life, such as health and relationships.

    Despite significant lifestyle adjustments, you don’t see a plausible way to settle your debts within the next five years.

    It’s vital to remember that filing for bankruptcy should be your last resort when all other debt relief options have been exhausted. It’s in these intricate and taxing situations that retaining a Texas bankruptcy lawyer becomes crucial.

    Consult a Texas Bankruptcy Lawyer at De Marco Mitchell, PLLC

    At De Marco Mitchell, PLLC, our seasoned team of Texas bankruptcy lawyers stands ready to help you make an informed choice. We can scrutinize your circumstances, clarify your options, and shepherd you through the entire bankruptcy process if you decide to go down that road. Contact us today for a confidential and empathetic discussion about your fiscal predicament. Let us assist you in starting a new, debt-free chapter of your life.

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    ]]>         Understanding the Different Types of Bankruptcy for Individuals in Texas https://demarcomitchell.com/understanding-the-different-types-of-bankruptcy-for-individuals-in-texas/ Wed, 26 Apr 2023 21:01:11 +0000 https://demarcomitchell.com/?p=7888

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    Understanding the Different Types of Bankruptcy for Individuals in Texas

    If you’re struggling with debt and considering bankruptcy as a solution, it’s essential to understand the different types of bankruptcy available for individuals in Texas. At DeMarco Mitchell, PLLC, our experienced bankruptcy attorneys can help you navigate the complexities of bankruptcy law and determine the best course of action for your unique situation. In this blog post, we will provide an overview of the various bankruptcy options, their advantages and limitations, and how we can assist you in making an informed decision.

    Schedule a free consultation with our experienced bankruptcy attorneys to discuss your options and find the best solution for your financial situation.

    Chapter 7 Bankrupcy

    Chapter 7 bankruptcy, also known as “liquidation” bankruptcy, is the most common type of personal bankruptcy in Texas. It allows individuals with limited income and assets to eliminate most, if not all, of their unsecured debts, such as credit card debt, medical bills, and personal loans. In a Chapter 7 bankruptcy, a trustee is appointed to liquidate non-exempt assets and distribute the proceeds to creditors.

    Advantages:

    • Quick process, typically completed within 3-6 months
    • Provides a fresh financial start by eliminating most unsecured debts
    • Allows you to keep certain exempt assets, such as your home, car, and personal belongings

    Limitations:

    • Not available to individuals with higher income levels, determined by the “means test”
    • May result in the loss of non-exempt assets
    • Does not discharge certain debts, such as student loans, taxes, and child support

    If you think Chapter 7 bankruptcy might be the right option for you, contact DeMarco Mitchell, PLLC to discuss your situation with one of our skilled bankruptcy attorneys. 

    Chapter 13 Bankruptcy

    Chapter 13 bankruptcy, also known as “reorganization” bankruptcy, is designed for individuals with a regular income who want to keep their assets and repay their debts over time. In a Chapter 13 bankruptcy, you will propose a repayment plan that lasts 3-5 years, during which you will make monthly payments to a trustee, who then distributes the funds to your creditors.

    Advantages:

    • Allows you to keep your assets, including your home and car
    • Provides an opportunity to catch up on missed mortgage or car payments
    • May allow for the discharge of some unsecured debts after the completion of the repayment plan

    Limitations:

    • Requires a regular income to make monthly plan payments
    • Longer process, lasting 3-5 years
    • May not discharge all unsecured debts

    If you have a steady income and want to protect your assets while repaying your debts, contact DeMarco Mitchell, PLLC to learn more about Chapter 13 bankruptcy and how we can help.

      Take Control of Your Finances Today

      Understanding the different types of bankruptcy available for individuals in Texas is the first step in determining the best course of action for your financial situation. Both Chapter 7 and Chapter 13 bankruptcies have their advantages and limitations, and the experienced attorneys at DeMarco Mitchell, PLLC can help you decide which option is right for you.

      Call to Action: Don’t let debt control your life any longer. Contact DeMarco Mitchell, PLLC today to schedule a free consultation with one of our knowledgeable bankruptcy attorneys, and take the first step toward a brighter financial future.

      .

      Filing for Bankruptcy in Texas? Contact DeMarco Mitchell, PLLC! 

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      ]]>             What Happens When You File for Bankruptcy in the State of Texas? https://demarcomitchell.com/what-happens-when-you-file-for-bankruptcy-in-texas/ Fri, 24 Mar 2023 15:45:10 +0000 https://demarcomitchell.com/?p=7881
      Written By Robert DeMarco

      What Happens When You File for Bankruptcy in Texas?

      Filing for bankruptcy is not an easy decision to make. It can be a stressful and overwhelming process, but it may be necessary for those who are struggling with debt. Bankruptcy laws and procedures vary from state to state, so it’s important to understand the process in your state. This article will provide an overview of what happens when you file for bankruptcy in Texas, including the different types of bankruptcy, how to file, and what to expect during and after the process.

      Types of Bankruptcy

      Chapter 7 bankruptcy, also known as liquidation bankruptcy, is designed to eliminate most unsecured debts, such as credit card debt and medical bills. To qualify for Chapter 7 bankruptcy, you must pass a means test to determine if your income is below the state median. If you qualify, a court-appointed trustee will sell your non-exempt assets to pay off your debts. Most people who file for Chapter 7 bankruptcy do not have any non-exempt assets, so they do not lose any property.

      Chapter 13 bankruptcy, also known as reorganization bankruptcy, allows you to keep your property and pay off your debts over a three- to five-year period. To qualify for Chapter 13 bankruptcy, you must have a regular income and your secured debts must not exceed $1,257,850, and your unsecured debts must not exceed $419,275.

      How to File for Bankruptcy in Texas

      Filing for bankruptcy in Texas involves several steps:

      1. Credit Counseling: Before you can file for bankruptcy, you must complete a credit counseling course from an approved agency.
      2. Filing the Petition: You must file a bankruptcy petition with the Texas bankruptcy court. You will need to provide information about your income, debts, assets, and expenses.
      3. Automatic Stay: Once your petition is filed, an automatic stay goes into effect, which stops most creditors from trying to collect on your debts.
      4. Meeting of Creditors: You will be required to attend a meeting of creditors, where the trustee and your creditors can ask you questions about your finances.
      5. Financial Management Course: Before your debts can be discharged, you must complete a financial management course from an approved agency.

      What Happens When You File for Bankruptcy in Texas?

      When you file for bankruptcy in Texas, there are several things that will happen:

      1. Automatic Stay: As mentioned earlier, an automatic stay goes into effect when you file for bankruptcy. This means that most creditors cannot continue to try to collect on your debts.
      2. Exemptions: You will be allowed to keep certain property that is exempt under Texas law. Exemptions include your home, car, clothing, and household goods.
      3. Trustee: A court-appointed trustee will oversee your case and liquidate any non-exempt assets in a Chapter 7 bankruptcy or manage your payment plan in a Chapter 13 bankruptcy.
      4. Discharge: If your debts are discharged, you will no longer be legally responsible for paying them. However, some debts, such as student loans and certain tax debts, cannot be discharged.

      Filing for Bankruptcy in Texas? Contact DeMarco Mitchell, PLLC! 

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      ]]>             Should I File My Taxes Before or After Declaring Bankruptcy? https://demarcomitchell.com/should-i-file-taxes-before-or-after-filing-bankruptcy/ Tue, 28 Feb 2023 17:10:17 +0000 https://demarcomitchell.com/?p=7874

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      Should I File My Taxes Before or After Declaring Bankruptcy? 

      If you plan to file for bankruptcy, it is a good idea to ensure your current tax returns. From there, your next course of action will depend on the type of bankruptcy you plan to file: Chapter 7 or Chapter 13.

      Filing Chapter 7 Bankruptcy During Tax Season

      When you file for Chapter 7 bankruptcy, the trustee in charge of your case will request your most recent tax return. Note that your most recent tax return does not necessarily mean the most recent tax year.

      The trustee will compare your income on your tax return to the amount listed in your bankruptcy paperwork. If you demonstrate that you are entitled to a refund, the trustee will want to ensure that you have the right to safeguard it and that you have claimed the appropriate exemption amount. If you do not, you must return the refund to the trustee, who will distribute it to your creditors.

      Filing Chapter 13 Bankruptcy During Tax Season

      You must be current on your tax returns before filing a Chapter 13 case. Before the 341 meeting of creditors, you must provide the Chapter 13 trustee with copies of your returns for the previous four tax years.

      You have control over your assets and how you repay your creditors in a Chapter 13 bankruptcy. As a result, while you will not lose your tax refund, you must disclose the right to receive it as part of your list of assets when the case is filed. 

      When is the Best Time to Declare Bankruptcy? 

      Filing your taxes will not feel as much of a burden when filing Chapter 13 when you realize the advantages of your tax debt. 

      Dischargeable taxes, those older than three tax years, might be forgiven without any payment at all. While you are in Chapter 13, you will not have to pay any additional interest or penalties on dischargeable past-due taxes. 

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      ]]>             The Top 4 Reasons Why People File Bankruptcy https://demarcomitchell.com/top-4-reasons-people-file-bankruptcy/ Wed, 25 Jan 2023 19:21:44 +0000 https://demarcomitchell.com/?p=7865

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      The Top 4 Reasons Why People File for Bankruptcy in Texas

      We often get asked why people file for bankruptcy. Though in some cases, it is as simple as someone living beyond their means, it is usually due to a combination of unexpected life changes. When considering filing for bankruptcy, it’s important to consider these causes fully, so you understand how to solve them and prevent them in the future. Here are the top 4 reasons people file for bankruptcy: 

      Divorce or Separation  

      The dissolution of a marriage is both emotionally and financially difficult. When a household splits, income is divided, and household expenses increase. These expenses, combined with the cost of divorce proceedings, can leave anyone in an unexpected and often unmanageable financial predicament. 

      Medical Bills Caused by Disability, Illness, or Injury

      Whether due to high health insurance premiums and deductibles, a loss of insurance due to job loss, or the inability to afford insurance at all, if these expenses are not covered, our finances can quickly get out of control. 

      Unexpected Emergencies

      Like medical bills, there are other unpredictable life events, such as accidents, or catastrophic weather events, that can cause damage to your most valuable possessions. This is a very common reason for bankruptcy. 

      Loss of Income

      This is the most common cause of bankruptcy, and it’s no wonder, considering our economy. Companies all over the country are firing or laying off their employees, often with little to no notice. For those without significant savings in the bank, out-of-control debt is often the result.

      Have You Considered Filing for Bankruptcy in the State of Texas? Explore Your Options with DeMarco Mitchell, PLLC

      Every day, thousands of people file for bankruptcy. If you’re considering this decision, you should understand what’s involved; your best next step is to call DeMarco Mitchell, PLLC. We are leading Plano & Dallas board-certified bankruptcy attorneys and would be happy to explain your options and help you determine the best path forward! 

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      ]]>             The Cost of a Texas Bankruptcy Lawyer https://demarcomitchell.com/cost-of-texas-bankruptcy-lawyer/ Mon, 07 Nov 2022 20:32:25 +0000 https://demarcomitchell.com/?p=7824

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      The Cost of a Texas Bankruptcy Lawyer

      Filing for bankruptcy could be costly. Between filing and lawyers’ fees, you could easily spend a few thousand dollars to file for bankruptcy. Some may try to file without an attorney; however, your filing is far less likely to be approved by the court without one. For the best success, you should hire a lawyer. Here’s how much you can expect to pay for a Texas bankruptcy lawyer.

      Bankruptcy Lawyer Fees by Chapter 

      When you file for bankruptcy, the fee for a bankruptcy lawyer in Texas varies by type of bankruptcy. If you’re filing for chapter 7 bankruptcy, lawyers’ fees can be from $1,000 to $5,000. For chapter 11 bankruptcy, the cost will be around $10,000. Chapter 13 bankruptcies may range between $1,500 and $6,000.

      Lawyer Fees by Complexity 

      For chapter 11 and chapter 13 bankruptcy filings, law firms often offer a fixed rate fee that can be paid in installments. For a chapter 7 bankruptcy filing, the fee often varies greatly depending on the complexity of the case and your situation. Additionally, fees for a chapter 7 filing are usually paid upfront.

      Court Approval

      Under bankruptcy law, lawyers’ fees are strictly regulated to ensure they are reasonable. Many district courts have issued guidelines on a reasonable fee. Therefore, if the lawyers’ fee you are quoted falls within these guidelines, they are almost guaranteed to be approved. 

      However, just because you are charged an amount higher than the guidelines doesn’t mean the price is unreasonable. If you have a particularly complex chapter 7 filing, the court may still approve it.

      Contact DeMarco Mitchell, PLLC Today!

      Filing for bankruptcy can be a stressful and expensive process, but that’s why we’re here to help. For a Texas bankruptcy attorney, you can count on, contact us at DeMarco Mitchell PLLC today.

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      ]]>             3 Questions Every Client Should Ask their Plano Bankruptcy Lawyer https://demarcomitchell.com/3-questions-to-ask-plano-bankruptcy-lawyer/ Wed, 28 Sep 2022 15:15:43 +0000 https://demarcomitchell.com/?p=7812

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      3 Questions You Should Ask Your Plano Bankruptcy Lawyer

      If you are considering filing for bankruptcy in Plano, TX, plan to ask your Plano bankruptcy attorney a few specific questions. Here are 3 key questions your bankruptcy lawyer should answer to help you make the most informed decision.

      What Type of Bankruptcy Suits Me the Most?

      Chapter 7 bankruptcy is better suited for individuals with little income that may have property they’d like to protect. They can protect their property through bank exceptions. Creditors can sell off any property that isn’t covered by the exceptions. A Chapter 7 bankruptcy lasts 4 months.

      Chapter 13 bankruptcy suits people who earn enough to pay their debts through a repayment plan. Since it lasts 3-5 years, it helps people to catch up on their car and mortgage payments. It also allows them to keep all their property as long as they can pay their creditors for the non-exempt property.

      What Property Will I Lose If I File for Bankruptcy?

      You may be able to keep your car, house, and personal belongings depending on the type of bankruptcy you choose and the nature of your assets. Your bankruptcy attorney in Plano will assess your assets and resources and help you determine what you can keep.

      How Much Will It Cost Me to File for Bankruptcy in Plano?

      Ask Plano bankruptcy attorneys for fee estimates upfront. Ideally, these estimates should include the cost of filing the case in court. Also, ask them about their payment plans, if any.

      Contact DeMarco Mitchell, PLLC Today!

      Are you thinking of filing for bankruptcy? DeMarco Mitchell, PLLC can help you. We are the only attorneys allowed by the State Bar of Texas to specialize as public bankruptcy lawyers, and we will help you face your financial challenges professionally and compassionately. Contact us today to schedule a free consultation.

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      ]]>             Why You Should Consider Hiring a Consumer Bankruptcy Lawyer https://demarcomitchell.com/consider-hiring-a-consumer-bankruptcy-lawyer/ Tue, 28 Jun 2022 13:54:38 +0000 https://demarcomitchell.com/?p=7640

      Why You Should Consider Hiring a Consumer Bankruptcy Lawyer

      Written by

      Filing for bankruptcy can be a daunting and stressful process, especially if you’re doing it on your own. There is a lot of paperwork and legal procedures involved, and if you’re not familiar with the process, it can be easy to make mistakes that can jeopardize your case.

      That’s why it’s always a good idea to consult with a consumer bankruptcy lawyer before making any decisions about filing for bankruptcy. A good bankruptcy lawyer will be able to guide you through the process and help you understand your rights and options. This blog post will discuss some of the reasons why you should consider hiring a consumer bankruptcy lawyer.

      About Consumer Bankruptcy Lawyer

      A consumer bankruptcy attorney is a lawyer who specializes in helping people file for bankruptcy. If you’re considering filing for bankruptcy, it’s a good idea to consult with a consumer bankruptcy lawyer to discuss your options and make sure you understand the process.

      There are two types of bankruptcies that individuals can file: Chapter 7 and Chapter 13. Chapter 7 bankruptcy is also known as liquidation bankruptcy, and it’s the most common type of bankruptcy filed by individuals. Under Chapter 7, your assets are sold to pay off your debts.

      Chapter 13 bankruptcy is also known as reorganization bankruptcy, and it’s typically filed by people who have a regular source of income. Under Chapter 13, you create a repayment plan to repay your debts over a three- to five-year period.

      Reasons to Hire a Consumer Bankruptcy Lawyer

      Here are some of the key reasons why you should consider hiring a consumer bankruptcy attorney:

      Bankruptcy is a complex legal process.

      There are many different types of bankruptcy, and each has its own set of rules and procedures. A consumer bankruptcy lawyer will be familiar with all the ins and outs of the bankruptcy process and can help you navigate the complexities.

      Bankruptcy can have a major impact on your life.

      Filing for bankruptcy can significantly impact your finances, credit, and overall lifestyle. A consumer bankruptcy attorney can help you understand the potential consequences of filing for bankruptcy and help you make the best decision for your unique situation.

      Bankruptcy can be expensive.

      While filing for bankruptcy can help you get out of debt, it’s important to understand that there are costs associated with the process. A consumer bankruptcy lawyer can help you understand the cost of filing for bankruptcy and can work with you to develop a budget that fits your needs.

      Bankruptcy can be complicated and stressful.

      The bankruptcy process can be complicated and stressful, and it’s often made even more so by the fact that you’re dealing with a lot of money and legal issues. A consumer bankruptcy attorney can help take some of the stress out of the process by handling all the paperwork and legal rocedures involved.

       

      You have rights during the bankruptcy process.

      During the bankruptcy process, you will be dealing with a lot of different people, including your creditors, the bankruptcy trustee, and the bankruptcy court. Understanding your rights during this process is important, and a consumer bankruptcy lawyer can help you do that.

      The Benefits of Having a Consumer Bankruptcy Attorney

       

      They can help you understand the process.

      The entire process can be confusing and daunting if you’ve never filed for bankruptcy before. A consumer bankruptcy lawyer will be able to explain the process to you in simple terms and help you understand what to expect.

      They can help you choose the right type of bankruptcy.

      There are two main types of consumer bankruptcy – Chapter 7 and Chapter 13. Which one is right for you will depend on your individual circumstances. A consumer bankruptcy lawyer can evaluate your situation and advise you on which type of bankruptcy would be best for you.

      They can help you protect your assets.

      If you’re worried about losing your home or your car in bankruptcy, a consumer bankruptcy attorney can help you protect your assets. They can also help you make arrangements to keep making payments on secured debts, like your mortgage or car loan.

      They can help you discharge your debts.

      One of the main goals of bankruptcy is to discharge your debts so that you can start fresh. A consumer bankruptcy lawyer will be able to help you determine which debts can be discharged and which ones you’ll still be responsible for.

      They can help you rebuild your credit.

      Once you’ve been through bankruptcy, you’ll need to start rebuilding your credit. A consumer bankruptcy attorney can advise you on the best ways to do this so that you can get back on track financially.

      They can help you avoid fraudulent companies.

      There are many companies out there who prey on people who are in financial distress. These companies promise to help you with your bankruptcy for a fee, but they often do more harm than good. A consumer bankruptcy lawyer can help you avoid these fraudulent companies and make sure that you’re getting the help you need from a legitimate source.

      They can help you avoid mistakes.

      Filing for bankruptcy is a complex process with a lot of rules and regulations. If you make a mistake, it could jeopardize your case or even result in your case being dismissed. A consumer bankruptcy attorney will ensure that all the paperwork is filed correctly and that all deadlines are met so that you can avoid any mistakes that could cause problems down the road.

      They can help you save money.

      While hiring a consumer bankruptcy lawyer will obviously involve some upfront costs, it can actually save you money in the long run. A good bankruptcy lawyer can help you keep your assets and discharge your debts, which can save you a lot of money down the road.

      They can help you get a fresh start.

      Bankruptcy can give you a fresh start financially. A consumer bankruptcy attorney can help you navigate the process and make sure that you’re taking advantage of all of the benefits that bankruptcy has to offer.

      They can help you avoid future debt problems.

      A consumer bankruptcy lawyer can help you understand the process of bankruptcy and how to avoid future debt problems. They can also provide you with resources and information on how to manage your finances so that you can avoid getting into debt again in the future.

      The Bottom Line

      Hiring a consumer bankruptcy lawyer is a big decision, but it’s one that can be extremely helpful if you’re considering filing for bankruptcy. A good lawyer will be able to guide you through the process and help you make the best decisions for your unique situation. They can help you understand the process, choose the right type of bankruptcy, and protect your assets. They can also help you rebuild your credit and avoid future debt problems. Contact a consumer bankruptcy attorney today to discuss your options if you’re considering filing for bankruptcy.

      Consumer Bankruptcy Lawyer in Plano, Texas

      DeMarco Mitchell, PLLC is a consumer bankruptcy law firm in Plano, Texas, that helps people filing for Chapter 7 and Chapter 13 bankruptcy. We offer a free consultation to discuss your options and help you determine if bankruptcy is right for you. With over 30 years of experience, we can help you navigate the bankruptcy process and make sure that you’re taking advantage of all of the benefits that bankruptcy has to offer. Contact us today at (972) 578-1400 to schedule your free consultation.

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      ]]>             Biggest Mistakes Businesses Make before Filing for Bankruptcy https://demarcomitchell.com/biggest-mistakes-businesses-make-before-filing-for-bankruptcy/ Tue, 31 May 2022 04:31:48 +0000 https://demarcomitchell.com/?p=7625

      Biggest Mistakes Businesses Make before Filing for Bankruptcy

      Written by

      No one ever sets out to file for bankruptcy. It’s always a last resort and usually something that businesses only consider after making mistakes that have led them to this point. Unfortunately, many businesses make common mistakes before filing for bankruptcy that worsen their situation. In this post, we’ll explore some of the biggest mistakes businesses make before bankruptcy and offer tips on avoiding them. Stay tuned for more bankruptcy advice in the future!

      What is Businesses Bankruptcy

      It’s not uncommon for businesses to go bankrupt. It happens more often than you might think. But what exactly is business bankruptcy? Businesses bankruptcy is when a business can no longer pay its debts. This can happen for several reasons, but usually, the business is struggling to make enough money to cover its costs. When a business declares bankruptcy, it’s often because it’s unable to repay its creditors. Creditors are the people or organizations to whom the business owes money. When a business declares bankruptcy, creditors may be able to get some of their money back through liquidation. Liquidation is when the business sells off its assets to pay its debts. However, not all businesses that declare bankruptcy end up going through liquidation. Sometimes, businesses can reorganize their debts and continue operating. Whether a business declaring bankruptcy can stay open or not depends on several factors, including the type of bankruptcy it files for and the strength of its business model.

      The different types of Business Mistakes Make before Filing for Bankruptcy.

      There are plenty of mistakes that businesses make before filing for bankruptcy. However, the most common mistake is not seeking professional help soon enough. Some decide to file too late, while others don’t take the time to understand all their options.

      Many business owners believe that they can handle the bankruptcy process independently, but this is rarely the case. Without a professional’s guidance, it’s easy to make costly mistakes that could jeopardize the success of your bankruptcy filing. The sooner you seek help from a bankruptcy attorney or accountant, the better off you’ll be.

      Another mistake businesses make failing to plan for and manage their post-bankruptcy operations. Just because you’re no longer in debt doesn’t mean you can relax and coast along without a plan. It would be best to have a clear idea of how you’ll operate post-bankruptcy and what steps you’ll take to ensure your business’s success. Otherwise, you could find yourself right back where you started: in financial trouble and struggling to stay afloat.

      If you’re considering bankruptcy for your business, avoid these common mistakes and seek professional help as soon as possible. With the right guidance, you can get through this difficult time and become stronger on the other side.

      Top Mistakes People Make Filing Bankruptcy

      Working With a Bankruptcy Mill: A bankruptcy mill is a company that advertises heavily to get bankruptcy clients but then passes them off to inexperienced paralegals or non-attorney staff members. These staff members may have little or no training in bankruptcy law, which can be complicated and technical. As a result, they may not be able to advise you on your options properly.

      Hiring an Attorney Who Specializes in Another Area:  Many attorneys practice multiple areas of law, but that doesn’t mean they’re experts in all of them. When it comes to something as important as bankruptcy, you want an attorney specializing in this area and staying up-to-date on the latest bankruptcy laws. Otherwise, you could end up with inaccurate or outdated advice.

      Hiring a Paralegal Service: While some reputable paralegal services can help you with your bankruptcy case, many are not qualified. In addition, some of these services may try to take advantage of people who are desperate for help by charging high fees or offering unnecessary services.

      Withholding Information Concerning Debt: One of the worst things you can do when filing for bankruptcy is withheld information about your debts. Not disclosing all of your debts can result in those debts not being discharged, which means you’ll still be responsible for them after your bankruptcy case is over. It can also lead to criminal charges being filed against you.

      Withholding Information Concerning Assets: Just as it’s important to be honest about your debts, you also need to be upfront about your assets. If you try to hide any of your assets, it could result in those assets being seized by the bankruptcy trustee. It can also lead to criminal charges being filed against you.

      Transferring Assets: It could be considered fraud if you transfer any assets before filing for bankruptcy. The bankruptcy trustee could seize the assets transferred and possibly even file criminal charges against you.

      Waiting Too Long to File Bankruptcy: Many people wait too long to file for bankruptcy, assuming that their financial situation will improve. However, the longer you wait, the more damage to your credit report and the harder it becomes to get out of debt. If you’re considering bankruptcy, don’t wait – seek help as soon as possible.

      Filing Bankruptcy Too Soon: On the other hand, some people file for bankruptcy too soon before exhausting all other options. This can be a mistake because it can damage your credit and make it harder to get financing in the future. Before you file for bankruptcy, be sure to speak with a qualified professional who can help you weigh your options.

      Filing for bankruptcy without an attorney: Many people try to file for bankruptcy without the help of an attorney, thinking that they can save money by doing so. However, this is a mistake.

      Making Preference Payments: Preference payments are payments made to certain creditors before others. These payments can be considered fraudulent if they’re made before you file for bankruptcy within a certain period. As a result, the preference payments may be reversed, and the creditor may not be paid.

      Going on a Shopping Spree Right Before Filing: Many people think they can go on a spending spree right before filing for bankruptcy and then have their debts discharged. However, this is not the case. Any debts incurred within a certain period before filing are known as “incurred debts” and may not be discharged in bankruptcy.

      Running up credit card debt: People make a common mistake of running up their credit card debt right before filing for bankruptcy. This is because any debts incurred within a certain period before filing are known as “incurred debts” and may not be discharged in bankruptcy.

      Consolidating and transferring debt: If you consolidate your debt or transfer it to another account, it may be considered a “preference payment” and not be discharged in bankruptcy.

      Filing for bankruptcy is a big decision and should not be taken lightly. Be sure to speak with a qualified professional who can help you understand the process and your options before making any decisions.

      How to Avoid Bankruptcy and Build a Strong, Successful Business

      No one likes the idea of declaring bankruptcy, but it’s sadly the only way to stay afloat for some businesses. If you feel like your business is on the verge of financial ruin, don’t panic! You can take some steps to avoid bankruptcy and get your business back on track.

      First, take a close look at your expenses. Are there any areas where you can cut back? If you’re spending too much on inventory or office space, now is the time to downsize. You may also want to consider slashing your marketing budget and reinvesting that money into other areas of your business.

      Next, focus on increasing revenue. Can you raise prices without driving away customers? Are there any new products or services you can offer? Now is also the time to start looking for new markets and opportunities for growth.

      Finally, don’t be afraid to ask for help. Talk to your accountant or financial advisor about ways to improve your cash flow. You may also want to consider taking out a loan or line of credit to tide you over during this difficult time.

      No one said running a business was easy, but you can avoid bankruptcy and get your business back on track with a little hard work and perseverance.

      Conclusion

      Bankruptcy is a difficult decision to make, and it should not be taken lightly. If you’re considering bankruptcy, be sure to speak with a qualified professional who can help you understand the process and your options. You may also want to take steps to avoid bankruptcy by cutting expenses, increasing revenue, and seeking out financial assistance. With a little effort, you can get your business back on track.

      Consumer Bankruptcy Lawyer in Plano, Texas

      Are you struggling to keep your business afloat? Are you worried about what will happen if you file for bankruptcy? DeMarco Mitchell, PLLC, can help. We’ll guide you through the process and make sure you don’t make any mistakes that could cost you dearly. Contact us today to schedule a consultation.

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