Work with a Trusted Bankruptcy Attorney in the Allen, TX Area

Chapter 7: Chapter 7 bankruptcy, also known as “straight” bankruptcy, involves selling certain property and using the proceeds to repay creditors. During this process, the court will place a temporary start on current debts to prevent creditors from garnishing wages and home foreclosure. You must have a lower income to quality for Chapter 7.

Chapter 11: Chapter 11 bankruptcy involves reorganization of a corporation or partnership. It is important to work with a professional to develop a plan of reorganization that will properly pay creditors over a certain period of time and keep the business alive at the same time.

Chapter 13: also known as the wage earner’s plan, Chapter 13 helps people with regular income create a plan to repay a portion or all of their debts. Typically, repayment lasts three to five years.