These are tough economic times. Job loss may lead to the inability to pay all bills in full and on time. Bills may pile up. Medical expenses are unavoidable but can be staggeringly high. While we all want to live up to our promises and obligations, a time may come when we have no choice but to start over cleanly. This point may have to be the drastic step of bankruptcy. If you are in Texas, a Plano Texas bankruptcy attorney can help you through this difficult process. He or she can educate you on the types of bankruptcy, point you toward the type that is best for you, and walk you through the process. If you need a Plano Texas bankruptcy lawyer, don't just throw a dart at the phone book. Do some research to find the best one for your needs. All good bankruptcy lawyers have a web site that tells you what they do and how they do it. Be discerning in your choice. Make sure the web site spells out the differences between the three types of bankruptcies. These are Chapter 7, Chapter 11, and Chapter 13.
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With a Chapter 7 bankruptcy, you can quickly rework your finances through the discharge of most of your unsecured debts. The most common debts that are discharged through Chapter 7 are credit cards and medical bills. There are a number of types of debts that are not erased by Chapter 7. These include student loans, child support, alimony, and most taxes. If your mortgage payments and car payments are up to date, you may be able to keep your home, your car, and your retirement money and life insurance cash value during this process.
Chapter 11 is a less common type of bankruptcy for individuals. It is normally used by businesses, partnerships, and other business entities. Unlike Chapter 7 in which the assets of the business are sold off to pay the creditors, when a business files for Chapter 11 bankruptcy, it can continue in operation while it reorganizes its finances. While the bankruptcy is being processed, the owner retains possession of the business and can continue to run it, but this debtor is held to standards of a fiduciary. The debtor is allowed to reject or cancel contracts. Also, during this time, all litigation is put on hold, and the debtor is immune from further litigation.
Chapter 13 is a third alternative for the individual. It may prove attractive to the person who wants to honor his or her debt obligations as fully as possible. An individual opting for Chapter 13 proposes a three-to-five year plan to pay off the creditors. Under this written plan, the debtor agrees to begin repayment within thirty to forty-five days. This period is a safe period during which the creditors cease their collection activities, giving the debtor an opportunity to stop and catch his breath. During the bankruptcy process the creditors must do all collection through the bankruptcy court.
Bankruptcy should always be a last resort because the stigma of having gone bankrupt stays with the person or the business for up to ten years.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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