Plano/McKinney/Frisco/Allen/Lewisville Bankruptcy Attorneys
Are you considering bankruptcy?
The Law Offices of Arnove and Wiley helps people in the Plano and Greater Dallas area with the entire bankruptcy progress – from deciding if bankruptcy is the right choice, to filing the paperwork and representing our clients in court. Our Plano, Texas bankruptcy attorneys have provided legal assistance for hundreds of people who wanted to escape the burden and stress that debt creates. We will explain the alternatives to bankruptcy and protect you from unlawful collection actions.
Bankruptcy allows individuals and businesses to be released from their debts with several options. In the end, you will have a clean slate and a fresh start to assist you in rebuilding your life. There are three primary methods of bankruptcy:
- Chapter 7 – Known as a “straight bankruptcy”, Chapter 7 will allow you to be released from most debts.. A person qualifies for a chapter 7 bankruptcy by passing the current monthly income level or through a “means test.” There are some exceptions to debt that may be discharged. The assets lost are also limited. In fact, most people we have represented got to keep all their property when going through a chapter 7 bankruptcy.
- Chapter 11 – Chapter 11 is utilized by businesses and corporations and those individuals with extremely high debt loads. Most consumers have heard of major corporations filing for bankruptcy via this method. For example, American Airlines filed a chapter 11 bankruptcy in 2012. In this form of bankruptcy, the creditors, court, and debtor work together to agree upon a pay out amount for the existing debt. The pay out amount is usually pennies on the dollar. Corporate bankruptcies via this method are highly complex. If you are considering a chapter 11 bankruptcy, we urge you to contact our office for more information.
- Chapter 13- This form of bankruptcy is known as the “reorganization” method. Chapter 13 is designed for those that wish to keep valuable assets, those who do not qualify for Chapter 7, and those who have debts that would not be discharged in a Chapter 7 bankruptcy. Chapter 13 is an effective form of solving your debt problems when you are behind on your car or mortgage payments or owe back taxes. Chapter 13 creates a creditor payment plan through the bankruptcy court. This plan allows the individual to pay off creditors in monthly installments through the Chapter 13 trustee, until the debts are fully satisfied. Usually, a debtor pays the full amount owning on secured debt and pennies on the dollar for unsecured debt. The repayment plan for a Chapter 13 bankruptcy generally lasts between three and five years.
What Should I Do?
If you’d like more information regarding how the experienced Plano and Greater Dallas bankruptcy attorneys at the Law Offices of Arnove and Wiley can help you through this tough time, or to see if bankruptcy is your best option, simply call us 972-424-2233 or go to our free case evaluation page.
Additonal Dallas and Plano Bankruptcy Information
The Bankruptcy Process
Our website offers a great amount of assistance. In addition to our website, our experienced Plano bankruptcy attorneys offer a free initial consultation to assist you.
Choosing to File Bankruptcy
Our Plano bankruptcy attorneys can assist you in a free initial consultation to educate you in the process and assisting you in this very important decision. We will answer if bankruptcy is right for you.
Benefits of Bankruptcy
Creditor collections cease when you file bankruptcy. This feels like an enormous amount of stress and pressure are relieved. This generally happens within days after the petition is filed.. Our experienced Plano bankruptcy attorneys will discuss all benefits in a free initial consultation.
Bankruptcy’s Automatic Stay
Bankruptcy will stop wage garnishment, repossession, foreclosure, collection lawsuits and contact from creditors stop once you file a bankruptcy petition. This benefit from bankruptcy is known as the Automatic Stay.
Debtors who file Chapter 7 bankruptcy in Texas rarely lose their property. Exemptions protect specific property and assets – most debtors don’t lose anything. Find out more about bankruptcy exemptions by contacting the Law Offices of Arnove and Wiley. Our experienced Plano Bankruptcy attorneys will discuss with you your exemptions.
Bankruptcy Mistakes to Avoid
Don’t make a mistake by listening to a friend or family that does not specialize in bankruptcy. Since we offer a free no obligation consultation, take advantage of our experience. The Law Offices of Arnove and Wiley will use their vast experience to assist you in avoiding mistakes. Contact us for a Free Initial Consultation.
Bankruptcy is not for every debt situation. There are other methods to consider including debt counseling, negotiation and settlement without filing bankruptcy. Our experienced Plano attorneys will assist you if there are alternatives to bankruptcy.
Bankruptcy And How It Affects You
Our experienced Plano bankruptcy attorneys will explain the effects of bankruptcy and how it will positively and negatively affect your life.
There are more bankruptcy myths than myths in Greek mythology. At our free initial consultation, our experienced Plano bankruptcy attorneys will guide you through the countless myths.
Bankruptcy Warning Signs
In reality, if you are considering bankruptcy, you likely have one or more of the following issues: Mortgage defaults, credit card bills, wage garnishment and repossession – these are all warning signs of bankruptcy. Our experienced Plano and Greater Dallas attorneys will guide you and discuss these issues in a free initial consultation.
Benefit of Bankruptcy
Yes, there is are many great benefits of bankruptcy. If you need relief from your creditors, bankruptcy may be the answer. Filing bankruptcy stays all collection activity against you, putting a stop to harassing phone calls.
Many people think bankruptcy destroys your life. This is one of the many myths. You can still buy a house after you file. You can still buy a car and you will also still be able to get credit cards. Talk to our experienced Plano bankruptcy attorneys in a free initial consultation.
Once your debts are discharged, your credit score will increase. As long as you are paying your bills on time, your score will rebuild.
Bankruptcy & Divorce
Unfortunately, bankruptcy and divorce processes often go hand in hand. For this kind of a discussion, our experienced Plano bankruptcy attorneys can assist you.
When a person falls behind on credit cards, personal loans or other bills may end up facing lawsuits from creditors who take this course of action as a means of collecting the money they are owed. Our Plano based collections defense attorneys provide more information about collection lawsuits.
Medical bills can become enormous and call us to discuss how to discharge these debts in bankruptcy.
Payday loan collectors are some of the most ruthless. If you contact or Plano based lawyers, we can use the bankruptcy process to stop these predatory lenders.
If you have a low income and increasing debt, Chapter 7 is often the best option. Quick and straight forward, it provides relief and recovery.
Business Chapter 7
When a business files Chapter 7, this involves selling all assets to pay off creditors and therefore results in the business closing its doors.
A means test evaluates a debtors’ income against the median income for the state to determine. This allows a debtor to file under Chapter 7. Find out more by calling our experienced Plano bankruptcy attorneys.
While similar to Chapter 13, the rules of Chapter 11 provide you with more flexibility. Debt can be reorganized and the debtor may have up to six years to pay back taxes.
Chapter 13 bankruptcy involves the reorganization and repayment of debt with an approved payment plan. This option is good for higher income individuals with property that needs protection from liquidation and those individuals with debts that may not be discharged in a Chapter 7 case.
Find an ally to protect you from angry phone calls, nasty letters and collection lawsuits.
Threats, profanity and harassment are considered abusive practices by creditors, and debtors who have been subjected to this conduct may have legal recourse under the Fair Debt Collection Practices Act.
The specific actions a creditor or bill collector may take when an account becomes delinquent will vary, but it is important to seek legal help if harassment, lawsuits or threats ensue.
Credit Card Debts
Credit card debt is one of the most common types of debt discharged through bankruptcy.
When a homeowner defaults on a mortgage loan, the lender may seek to take back the property and sell it in order to recoup some or all of the money the homeowner owed. In most cases, we can stop foreclosure. Call our experienced Plano bankruptcy attorneys at 972-424-2233 to discuss stopping your foreclosure.
There are various ways to stop foreclosure, and bankruptcy is one method. Once you file your petition, foreclosure proceedings must cease. Other options may include loan modification, short sale or a deed in lieu of sale.
When a debtor defaults on a loan that is secured by collateral, the creditor may take legal action to repossess the property. There are ways to stop repossession, and a lawyer at our firm can discuss your options with you to save your property.
An action that certain creditors may take in order to recover debt they are owed is to secure a judgment to garnishment a debtor’s money.
There is more to bankruptcy than you know, but our attorneys at The Law Office of Arnove & Wiley know the best way to offer you relief, protect your assets, and provide a path back to financial freedom. Contact our Plano and Greater Dallas Bankruptcy Lawyers today to find out how. Call 972-424-2233 or call hit the Free Evaluation button.