Dallas Bankruptcy Attorneys & Lawyers
11300 N. Central Expressway, Suite #301
Dallas, Texas 75243
Phone/Fax: 972-739-5255

 

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About Bankruptcy in Dallas, Texas

What is Bankruptcy?

Bankruptcy is a legal process designed to help individuals and businesses eliminate their debts with the protection of Federal Law.  Bankruptcies are either described as “liquidation” (Chapter 7) or “reorganization (Chapter 11 and 13). 

Chapter 7 Bankruptcy

In Chapter 7 Bankruptcy, you are asking the bankruptcy court to discharge most of the debts you owe. Eligible consumers and businesses can file under Chapter 7 Bankruptcy, although changes in the bankruptcy laws instituted in 2005 have imposed new restrictions on who may qualify for Chapter 7.

Chapter 13 Bankruptcy

You file a repayment plan with the bankruptcy court in which you propose to repay some or all of your debts over time. The amount you’ll have to repay depends on several factors, including how much “disposable income” you have, the value of property you own, and the nature of the debts that you have. Chapter 13 is less expensive and less complex than Chapter 11, but not everybody qualifies for Chapter 13 Bankruptcy.

Chapter 11 Bankruptcy

High-income people who do not qualify for Chapter 7 or Chapter 13 or businesses attempting to reorganize instead of liquidating their assets to pay off their debts usually file for Chapter 11. Chapter 11 cases are typically more complex than cases under Chapters 7 and 13. Like a Chapter 13, the debtor may propose a repayment plan, but unlike Chapter 13, the creditors must approve the repayment plan before it will be approved by the Court.

DISCLAIMER: These descriptions are not intended as legal advice, but as a general overview of Chapters 7, 11 and 13 of the Bankruptcy Code.

We will be happy to answer your specific questions about the difference between these Chapters (and which is right for you) at your initial consultation. Call us now at 972-739-5255.

Who is Bartholow & Bartholow?

At Bartholow & Bartholow our bankruptcy attorneys understand the enormous pressure debt can burden you with. We are located in Dallas, Texas and will meet with you, in person, for a free consultation to determine if bankruptcy is the right solution for you. Our bankruptcy lawyers are dedicated to helping our clients stop foreclosure and prevent their assets from being repossessed. We are here to help you; we are here to give you a Fresh Start.

Still have more questions?
Try our Bankruptcy FAQ
or Contact us today
972-739-5255