Find a Bankruptcy Lawyer in Garland, Texas
In Garland, Texas, bankruptcy is a judicial process in which the debts of a person or business can be eliminated or restructured. This allows the debtor to climb out of a financial hole, and move on with a clean slate, which is sometimes more economically efficient than requiring the debtor to pay off everything they owe. Bankruptcy should be treated as an option of last resort, and should not be viewed as a convenient way to get out of debt that you just don't feel like paying. Bankruptcy can have severe consequences, including but not limited to damage to your credit rating. A bad credit score can impact your ability to obtain loans in the future, to rent an apartment, and possibly even your ability to get hired at some jobs (as some employers now run credit checks on prospective employees).
Therefore, it is prudent to consult with an experienced Garland, Texas bankruptcy attorney, who can advise you of the costs and benefits of bankruptcy. Because the decision to file for bankruptcy depends very heavily on the facts of each individual case, the advice of a Garland bankruptcy attorney cannot be substituted.
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Types of Bankruptcy in Garland, Texas
There are three basic bankruptcy schemes that are most commonly used in Garland: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Garland, Texas will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the proceeds to pay off debt. Many types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.
The other popular bankruptcy system in Garland is Chapter 13 bankruptcy. Under this system, the debtor's debts are restructured, instead of discharged. This involves creating a new repayment plan that the debtor wil find manageable, given his or her income, and that will result in the creditors being paid in a reasonable amount of time. When a repayment plan is approved by a court, creditors are legally barred from attempting to collect under the orginal terms of their agreement with the debtor. Chapter 11 bankruptcy is primarily used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - essentially telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be approved by the participating creditors through a simple majority vote.
During the Chapter 11 process, a business can usually continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.
How Can a Garland Bankruptcy Lawyer Help?
Filing for bankruptcy in Garland is a very important decision, and should not be made lightly. Before filing, one should consult with a good Garland bankruptcy attorney for advice.
There are 165 Bankruptcy, Banking and Credit cases posted in Garland
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest TX Cities
Life in Garland
Garland is located northeast of Dallas, Texas. It is located in Dallas County, with some areas in Collin County. Per the 2010 census, it has a population of 226,876 people.Interestingly, CNN and Money Magazine included Garland in its "Top 100 Places to Live" list, ranking it sixty-seven.
Top employers include Sears, Atlas Copco, Raytheon Intelligence and Information Systems, Danaher, General Dynamics, Kraft Foods, L-3 Communications and US Foodservice. The legal industry also has a potent presence because many well-experienced attorneys call Garland home. Thus, businesses and residents need not travel far to receive excellent legal services.
Some great sites to check out is the Historic Downtown Garland, Patty Granville Arts Center, The Plaza Theater, Pace House and The Garland Opry.
