Texas Bankruptcy For Individuals And Businesses

Mike Wallace is a business bankruptcy attorney who understands that the prospect of bankruptcy can be daunting and the processes involved are complex. He has been helping clients in Marshall, TX, and the surrounding area since 2005 and has a proven track record of success. Mike and his team are dedicated to getting their clients the best possible results.

If you are considering bankruptcy, we can help you explore your options and make sure that you make the right decision for your financial future. We have a team of experienced lawyers knowledgeable in all bankruptcy forms, including business and individual bankruptcies. With our help, you can choose the type of bankruptcy that best suits your needs and ensure that you take the proper steps to protect your finances.

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Types Of Bankruptcies

Texas Bankruptcy For Individuals And Businesses

Depending on your specific needs, the court offers various approaches to financial recovery. Many different types of bankruptcy can be filed in the state of Texas. The different types of bankruptcy are called chapters. Depending on the circumstances, various bankruptcy chapters are more or less appropriate to file for individuals, small businesses, or large corporations. So, if you are considering filing for bankruptcy in Texas, it is crucial to understand the different types of bankruptcy and which would be best for your particular situation.

Chapter 13

You may be considering filing for a chapter 13 bankruptcy as a small business owner. Chapter 13 bankruptcy is the most common type of bankruptcy for small businesses. With this type of bankruptcy, you can repay creditors over five years. A repayment plan is often efficient as it allows you to resolve debt that other bankruptcy options do not cover.

Another perk of filing for Chapter 13 bankruptcy is that it may allow you to keep your business in operation. However, there are two conditions. Not only must your business be generating net income. But additionally, your unsecured creditors must receive the same amount they would have if you had alternatively filed for Chapter 7 bankruptcy. If these conditions can be met, a chapter 13 bankruptcy lawyer can be an excellent option for struggling businesses that still have the potential to turn things around.

Chapter 7

If you are filing for bankruptcy as an individual, there are many reasons to choose a Chapter 7 bankruptcy instead of Chapter 13. One of the main reasons is having a lot of medical bills or credit card debt. Since a Chapter 7 bankruptcy usually gets rid of most medical bills and credit card debt, it can be a great choice, especially for individuals or consumers with overwhelming debt. There are several alternatives to chapter 7 bankruptcy relief, and each has its benefits and drawbacks. To determine whether a Chapter 7 is right for you, you must consult an experienced chapter 7 bankruptcy lawyer.

Debtors should be aware of all their options before making any decisions. This is especially true for business owners who prefer not to liquidize or halt operations, as some chapters, including chapter 7, would force one of these outcomes. Therefore, before deciding to file a chapter 7 bankruptcy, please consult a debt relief attorney that understands bankruptcy laws for a consultation on how to best proceed.

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Contact Our Marshall, TX Location For A Free Consultation

Texas Bankruptcy For Individuals And Businesses

If you're struggling to keep up with debts from loans, credit cards, or your mortgage, it may be time to consider bankruptcy. Filing for bankruptcy is a significant decision, and working with a lawyer can ensure that everything is done correctly. Our law firm in Marshall, TX, can help make the process as smooth as possible. We can help in many ways, including:

  • Providing a free initial consultation to help you determine if bankruptcy is right for you
  • Assessing your financial situation and determining if filing for bankruptcy is in your best interests
  • Answering questions about the bankruptcy process
  • Arranging a repayment plan with your creditors and consolidating your debt
  • Assisting in the preparation and filing of the bankruptcy petition and required documents
  • Assisting with required meetings of creditors, court proceedings, and negotiations with creditors
  • Negotiating with lenders to forgive as much debt as possible
  • Planning for the future
  • Protecting your interests and legal rights during the bankruptcy process and working on getting the best possible outcome under the circumstances

As your bankruptcy lawyers, our primary focus is on helping you keep your assets, such as your home or car, and getting you back on track to a financially stable future. Bankruptcy, like any other legal matter, can be confusing and challenging to navigate without legal assistance. If you're considering filing for bankruptcy, contact our office today to schedule a free consultation to discuss your options. Mike Wallace Bankruptcy Lawyer serves clients in Marshall, TX, and surrounding areas.

Phone IconTalk With Mike(888) 402-5557

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