Filing Bankruptcy in Texas

Harriet Langston, P.C. helps clients file bankruptcy in Dallas, McKinney & Plano TX. Ms. Langston has been handling debt problems for individuals and businesses for over two decades.

The process of filing bankruptcy can be quite confusing. Federal laws may say one thing, and Texas laws may say another. People who face constant harassment from creditors and collection agencies should not need to feel burdened by understanding bankruptcy laws. Ms. Langston handles the administrative side of bankruptcy so that you can begin focusing on your financial future, rather than your past mistakes and misfortune.

Addressing your financial situation

One of the first steps for filing bankruptcy in Dallas involves honestly assessing your financial situation. Ms Langston will work with you to determine just how severe your debt has become and if there is any likelihood of paying it back, under a repayment plan. As an individual filing personal bankruptcy, you will have two choices:

• Chapter 7: if you are in deep debt and need to discharge debts in exchange for liquidating all non-exempt assets
• Chapter 13: if you have a stable income and could potentially pay back creditors according to a three to five year repayment plan.

For businesses, a Chapter 11 bankruptcy could provide the time you need to reorganize your company and pay back loans while remaining in control of your company.

If you need help deciding between chapter 7, 11, and 13, contact Ms. Langston for help filing bankruptcy in Dallas.

How to initiate a bankruptcy

Bankruptcy litigation in Dallas formally begins when debtors, with the help of lawyers, submit their bankruptcy petition to a bankruptcy court in their area. The petition is essentially an application asking a judge to initiate the bankruptcy proceeding.

The bankruptcy petition requires specific information about your personal finances and must be filled out accurately:

• A list of your properties
• A list of assets that you are claiming as exempt and their values
• Contact information of your creditors
• Details about claims against you, including amount
• Your income and expenditures

In addition, the petition is where you indicate which type of bankruptcy that you plan to file. People filing for bankruptcy are expected to pay filing fees, which are set by the federal bankruptcy code. Chapter 7’s fee is $299; Chapter 11’s is $1039 (for businesses), and Chapter 13’s is $274.

Call 866-603-0804 for help filing bankruptcy in Dallas.