Bankruptcy Advice in Dallas, McKinney and Plano

Harriet Langston, P.C. helps clients choose which type of Dallas bankruptcy to file. Ms. Langston has over 20 years of experience helping individuals and businesses find solutions to their debt problems. With extensive knowledge of federal and state bankruptcy laws, Ms. Langston is able to develop legal solutions that suit your financial situation.

There are two general types of bankruptcy: personal bankruptcy and business bankruptcy. A personal bankruptcy in Dallas, McKinney & Plano Texas addresses the debt problems of individuals. Credit card debt, late mortgage payments, unemployment, and high medical bills are common causes of personal bankruptcy. A Dallas business bankruptcy focuses on reversing the fortunes of a business or completely liquidating assets.

Eligibility can be a key factor in determining which type of bankruptcy to file. Since the 2005 passage of the Bankruptcy Abuse Prevention and Consumer Protection Act, there are more criteria for qualifying for bankruptcy. If you are not sure if you meet the conditions for filing bankruptcy, contact Harriet Langston to learn more about personal bankruptcy in Dallas.

Types of bankruptcy

Chapter 7 bankruptcy

Chapter 7 bankruptcy is used by individuals and businesses to discharge their debts. Chapter 7 is commonly known as liquidation because all non-exempt assets of the debtor are sold and distributed to creditors. In addition, debts are dismissed and the debtor is afforded a “fresh start.”

Chapter 11 bankruptcy

Harriet Langston helps clients file a Dallas business bankruptcy using Chapter 11. Chapter 11 bankruptcies allow business owners to reorganize their companies and create repayment plans, which must be approved by creditors. A key advantage of Chapter 11 is that it allows business owners to remain in control of their companies’ assets.

Harriet Langston, P.C. could help businesses of all sizes navigate the bankruptcy process and create and present reorganization and repayment plans to creditors.

Chapter 13 bankruptcy

Chapter 13 is reserved for individuals with stable incomes who show some promise of being able to pay back debt. Like Chapter 11 for businesses, Chapter 13 establishes a repayment plan—lasting between three to five years—which must be approved by creditors. Chapter 13 is sometimes used by debtors who fail the “means test” for Chapter 7, as required by the Bankruptcy Abuse Prevention and Consumer Prevention Act.

Call 866-603-0804 to file personal bankruptcy in Dallas.