BANKRUPTCY LAWYERS IN DALLAS, TX
Bankruptcy Lawyers in Dallas
We get it – you’re doing everything possible to continue making timely payments on your secured and unsecured debt. But the bills keep piling up, and you dread getting your mail or answering the phone.
Although it should never be taken lightly, filing for bankruptcy is an option for those experiencing extreme financial troubles. It can give you and your family a fresh start or allow you to affordably restructure your debt to rebuild your credit.
Are you thinking about filing for bankruptcy? Morgan & Morgan wants to help. Our Dallas bankruptcy attorneys will guide you through every step of the process and provide insight as to how bankruptcy may affect your financial future. All law firms are not the same – having the right one on your side can make all the difference. We pride ourselves on transparency and provide our clients with 24/7 open communication through our mobile app, ensuring you get the best service possible.
Chapter 7: Liquidation Bankruptcy
Liquidation is what many people think of when they consider bankruptcy. If you chose to go through Chapter 7, the court will require you to sell, or liquidate, your nonexempt property to pay your creditors. “Nonexempt” property includes any assets that are not essential for living, including investments, personal assets, such as art and jewelry, and new model vehicles.
If you have no nonexempt property, your creditors receive nothing. Filing for Chapter 7 means discharging your secured and unsecured debt at once and starting over with a clean slate.
In order to file for Chapter 7, individuals or businesses must pass the Chapter 7 Means Test. The intention of the test is to identify if your disposable income is low enough to qualify. Chapter 7 has a significant impact on credit and does not offer individuals the chance to make back payments on secured debt. Thus, if you file for Chapter 7 bankruptcy and are late on mortgage payments, the bank can foreclose your house.
Chapters 11 and 13: Reorganization Bankruptcy
The other option businesses and individuals have is reorganization bankruptcy. Chapter 11 is for legal entities, like corporations and LLCs, while Chapter 13 is for individuals and sole proprietors.
Under this option, filers can restructure their debt rather than having to liquidate any assets. The debt is discharged in three to five years via a repayment plan. The plan takes into consideration what is reasonable to expect you to pay. That means your creditors may write off some of the debt you owe.
Reorganization bankruptcy is the only option available to people who do not qualify for Chapter 7. But because it offers individuals the ability to make back payments on secured debt, it is a popular option even for those who qualify for liquidation bankruptcy. Also, it takes less time for this form of bankruptcy to disappear from your credit report – three years instead of ten years for Chapter 7.
Experience the Morgan & Morgan Difference
If you’re a Dallas, TX resident or business owner thinking about filing for bankruptcy, contact Morgan & Morgan. Our lawyers have been helping clients like you for more than 30 years. With more than 400 attorneys and 50 offices nationwide, we have the resources to give you the best service possible. A decision to file for bankruptcy is serious. At Morgan & Morgan, we treat every client like family and handle their cases personally. You deserve dignity, respect, and insight regarding you and your family’s financial future. Fill out a no-cost case evaluation form to speak to one of our experienced bankruptcy lawyers today.