Reasons for Filing Bankruptcy

Most people file bankruptcy due to unforeseen medical expenses, excessive credit card debt, loss of employment, and divorce. As if these events are not traumatic enough, having to go through financial difficulty makes it even more distressing. That’s why it’s important that you consider hiring someone who understands the ins and outs of bankruptcy and keeps your interest in mind.

Are Our Bankruptcy Services Right for You?

Our clients are not usually looking for the cheapest lawyer; they are looking for the best lawyer to help them with their unique case. In fact, most of our clients thought they never would be in this position. Many of our clients require custom solutions because they:

  • Have above average income
  • Have complicated cases
  • Have businesses that might be tied to their personal income
  • Are professionals
  • Are elderly who have assets or other special issues

Services We Provide

Chapter 7— Chapter 7 is simple, quick, relatively cheap, and generally fairly easy. If another lawyer has told you that you do not qualify for a Chapter 7, you may wish to call us for a second opinion. It is often called a "liquidation proceeding" since a debtor's non-exempt assets could be sold by the Chapter 7 trustee with the proceeds distributed to creditors. However, Texas has very generous exemptions which means that most people do not lose anything when they file for bankruptcy. Additionally, Trustees often won't bother with non-exempt values of modest value.

Chapter 13— a reorganization, generally for individuals, where the debtor creates a three to five year creditor re-payment plan. If you have a sole proprietorship business, it is possible that it could also be reorganized.

Chapter 11— a form of bankruptcy reorganization typically used by businesses. However, for individuals who do not qualify for Chapter 7 or Chapter 13 (often high-income individuals with very large debts) simplified Chapter 11 procedures may be available.

Chapter 12— is available to persons who meet the definition of "family farmer" set forth in the statute. A family farmer may either be an individual or a corporation or partnership.