Bankruptcy 101
Plano Debt Relief Solutions from a Skilled Bankruptcy Lawyer
Filing for bankruptcy is complicated, but with over 25 years of experience in bankruptcy law, our experienced lawyer has the knowledge to guide you through whether bankruptcy is right for you. Bankruptcy is available to individual debtors and companies seeking to reorganize or liquidate. The reasons for filing and the specifics of each debtor often dictate which “Chapter” they can file to achieve the results they need to obtain a “fresh start” at the end of their bankruptcy case.
Before filing for bankruptcy in the Plano, TX area, it’s important to thoroughly analyze your debt and current financial standing. Consult with our lawyer to ensure you have the necessary information and guidance to move forward in the best way possible for your specific situation. When you choose LoBue Law, PLLC, we proudly offer personalized service and a welcoming environment along with customized payment plans and free consultations.
If you or your family are financially struggling and wondering whether you should file for bankruptcy, contact LoBue Law, PLLC in the Plano, TX area for the help and advice you need.
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What Is Bankruptcy?
Bankruptcy allows someone who has gotten in over their head in debt to pay off some of their debts under court supervision and have the rest of those debts forgiven. Bankruptcy can be a benefit to both debtors and creditors as it both pays of some debts and allows individuals the chance at a new start.
A functioning bankruptcy system is critical to a strong economic environment because individuals and companies cannot actively participate in the economy when they are overwhelmed by debt. A successful bankruptcy will set a formerly bankrupt debtor up to once again become an active participant in a thriving economy.
There are several types of bankruptcy:
- Chapter 7: In this type of bankruptcy, your assets are wiped out and you receive a “fresh start”. Chapter 7 involves a court-appointed trustee collecting and liquidating your assets, selling any that are not exempt.
- Chapter 13: In this type of bankruptcy, a debtor proposes a plan to repay in parts or all of the debt from their future income. This is commonly used to prevent foreclosure.
Common Questions About Bankruptcy
What are the advantages of filing for bankruptcy?
Bankruptcy allows you to pay off debts and discharge others. Filing will also prevent creditors from repossessing property and collecting debts. This could ultimately put a halt to things such as evictions, utility shutoffs, foreclosure, etc.
What are the disadvantages of filing for bankruptcy?
If you can’t exempt all your personal property, it can be seized. In addition, your bankruptcy is recorded on your credit report for a number of years. Filing should be done carefully, and you should contact our legal professional, to ensure you experience the least number of negative effects.
Is bankruptcy right for you?
Bankruptcy is not right for everyone, but for some, it can be a great way to consolidate and discharge debt while also paying off at least part of what is owed. Contact LoBue Law, PLLC today to see what type of bankruptcy is right for your situation. Bankruptcy requires careful and personalized legal advice, and with our free consultations and decades of experience, we can provide you the help you need.
Have more questions? Call us at (972) 694-6400 today!
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