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The founders of our country understood that a fresh start under federal law is so essential to the fiscal health and economic vitality of our country; they included the right to file bankruptcy in Article 1, Section 8 of the United States Constitution.
Bankruptcy can give you a chance for a financial "fresh start." With bankruptcy, most debts can be resolved by eliminating, reducing or restructuring the debt, depending on the type of bankruptcy. For most individuals and sole-proprietorships, the available options include Chapter 7 and Chapter 13. Chapter 11 is available for larger businesses and businesses which are incorporated. Chapter 11 is also available for the rare individual with debts exceeding the limits allowed under Chapter 13. Chapter 12 is for family farmers and fisherman.
The outright elimination of many types of debts can be accomplished in a Chapter 7 bankruptcy, commonly referred to as a "straight" bankruptcy. In a Chapter 7 case, your unexempt assets (property) are subject to liquidation (sale) by a trustee in order to pay off your creditors. The vast majority of cases are treated as "no asset" cases because the debtor has claimed all of their property as exempt (such as a house, a car, furniture and household goods, clothing, retirement and many other types of property) and there is no unexempt property for the trustee to sell.
Contact us today to learn more about your options under the current bankruptcy laws. We're here to help. Have questions on filing for bankruptcy and need a Dallas bankruptcy attorney or a Fort Worth bankruptcy attorney? The Patrick D. West Law Firm, P.C. has been providing bankruptcy and debt solution legal counsel for over 20 years. The law office serves bankruptcy clients in these DFW area cities in both Dallas & Tarrant Counties: Dallas, Fort Worth, Arlington, Irving, Grapevine, Grand Prairie, Euless, Bedford, Hurst, Haltom City, Burleson, Colleyville, Mansfield, Keller, Saginaw, West Lake, Richland Hills, Coppell, Lewisville, and more