Filing Chapter 11 Is Mainly For Businesses

Filing Chapter 11 Is Mainly For Businesses

by

Ballard Terp

Thinking about filing for bankruptcy in the state of Texas? Here are some points to think about prior to proceeding with a claim.

If you are similar to a lot of Texas folks, you\’ve been adversely affected by the economy over the last couple of years. You probably purchased a home you couldn\’t afford, incurred unforeseen medical expenses, or been fired from your job. Any of those issues could start a money crisis that could mean claiming bankruptcy.

First, you will need to really look at your money predicament. Are things actually as bad as you think? Is it possible that a debt payment plan or loan consolidation could help?

If you really think bankruptcy is the only solution, the next move is to contact an experienced bankruptcy attorney near Plano, TX. Filing for bankruptcy can be complicated. That is the reason you\’ll need the expertise of bankruptcy lawyers like Harriet Langston on your side.

If you live in Plano, TX, you\’ll want to consult a lawyer that specializes in bankruptcy. In many cases Dallas bankruptcy attorneys also practice in Plano, TX. Be sure to consult with your attorney\’s office to be certain.

Bankruptcy Lawyer Dallas

Looking for an experienced bankruptcy lawyer in the state of Texas? Call Harriet Langston an experienced bankruptcy lawyer with over 25 years of proven success. She has assisted hundreds of Texas residents to start over and secure their financial futures.

Bankruptcy – Ways to File

Chapter 7

Used for businesses or individuals, this type of bankruptcy is generally known as a liquidation because assets that are not excluded are sold and the resulting capital is distributed to creditors. This is often considered the best form of bankruptcy to obtain a fresh start.

Filing Chapter 11

Mainly for businesses, this type of bankruptcy will allow companies to consolidate their debt and create a payment plan at the same time maintaining management of the company\’s assets.

Filing Chapter 13

Used by consumers in debt who have stable paychecks and have the ability to pay back some of the debt. Similar to Chapter Eleven for businesses, Chapter 13 helps individuals negotiate a repayment plan, typically over three to five years, which is approved by the creditors. This can be a nice option for many who do not qualify to go through Chapter 7 bankruptcy.

To get more information regarding bankruptcy filings in Plano or Dallas, TX, consult an attorney or an accountant.

Our firm provides top notch bankruptcy lawyers around Plano, TXFor extra details about our firm stop by stop by the link here…

Harriet Langston

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