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How To File Bankruptcy

Personalized Bankruptcy and Debt-Relief Solutions in texas

Have questions about bankruptcy laws and how to file? Our bankruptcy law firm in the Plano, TX area, LoBue Law, is here to answer them all!

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. It’s best to consult with a lawyer to ensure you have the necessary information and guidance to move forward in the best way possible for your specific situation.

Get Familiar with Bankruptcy Laws

A functioning bankruptcy system is critical to a strong economic environment because individuals and companies that cannot actively participate in the economy become a burden on the economy.  A successful bankruptcy will set a formerly bankrupt debtor up to become an active participant in a thriving economy.

There are two types of bankruptcy:

  • Chapter 7: In this type of bankruptcy, you wipe out and receive a “fresh start”. Chapter 7 involves liquidation and a trustee collecting your assets, selling any that are not exempt. To learn more, head over to our Chapter 7 page.
  • 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. To learn more, head over to our Chapter 13 page.

Common Bankruptcy Questions

What are the advantages of filing for bankruptcy?

Filing will 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 of 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 with a professional, to ensure you experience the least amount of negative effects.

How did bankruptcy start?

Prior to the 1880s, when Americans could not pay their debts, they were potentially imprisoned for their failure to uphold their end of a financial obligation.  Unfortunately, then as is often the case today, most people WANTED to pay their debts, but due to circumstances beyond their control, they could not.  For that reason, Congress eliminated debtors’ prisons and enacted the first Bankruptcy law.  These laws have matured over time and have had several significant overhauls, the most recent of which took place in 2005.

Have more questions? Call us today!

About

Vincent (Vinny) LoBue is an attorney in Plano, TX that has a focus on loss mitigation, bankruptcy, collections, foreclosure operations and compliance. He is a Certified Regulatory Compliance Manager (CRCM), Certified Anti-Money Laundering Specialist, and a Member of the National Association of Consumer Bankruptcy Attorneys. 

CONTACT US TODAY FOR A FREE CONSULTATION

Personalized Bankruptcy and Debt-Relief Solutions

LoBue Law, PLLC, Attorneys & Lawyers  Bankruptcy, Plano, TX

LEGAL DISCLAIMER: 
The information contained on this website is presented for informational and marketing purposes only and is not to be understood as legal advice. You should consult an attorney for advice respecting your individual needs. LoBue Law looks forward to speaking with you about your particular needs. Please note, however, that the mere act of contacting our firm does not create an attorney-client relationship. As a result, you should never send any confidential information to our office until a Representation Agreement has been signed by both you and LoBue Law. We are a debt relief agency, our debt relief lawyers help people file for bankruptcy under the United States Bankruptcy Code.

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