Find a Bankruptcy Lawyer in Grand Prairie, Texas
In Grand Prairie, 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 Grand Prairie, 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 Grand Prairie bankruptcy attorney cannot be substituted.
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Types of Bankruptcy in Grand Prairie, Texas
There are three basic bankruptcy schemes that are most commonly used in Grand Prairie: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Grand Prairie, Texas will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the proceeds from the sale to pay down as much debt as possible. Once the sale is complete, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the entire amount owed. You should note that some property (usually the types of property deemed essential) is fully or partially exempt from liquidation, meaning that the debtor gets to keep it. This includes houses, cars, and retirement accounts, among others. Some types of debts, however, cannot be discharged in bankruptcy, including taxes, child support, and student loans.
Under Chapter 13 bankruptcy in Grand Prairie, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over a longer period of time, thereby theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. Although it can be used by individuals, Chapter 11 bankruptcy is used almost exclusively by businesses. Not unlike Chapter 13, Chapter 11 focuses on restructuring of debt, rather than discharging it. Chapter 11 requries that the debtor come up with a reorganization plan designed to reduce debt and cut costs. Before being implemented, this plan must be approved by a majority vote of participating creditors.
One advantage of Chapter 11 bankrutpcy is that it allows a business going through it to continue operations, and to trade its stock.
How Can a Grand Prairie Bankruptcy Lawyer Help?
Filing for bankrtuptcy in Grand Prairie is a major decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a good Grand Prairie bankruptcy attorney.
There are 124 Bankruptcy, Banking and Credit cases posted in Grand Prairie
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest TX Cities
Life in Grand Prairie
Grand Prairie is a city located in three counties--Dallas, Ellis and Tarrant. Grand Prairie is considered to be a suburb of both Dallas and Fort Worth. Per the 2010 census it has a population of 175,396 people.Top employers include Lockheed Martin, Grand Prairie Independent School District, Vought Aircraft Industries, Lone Star Park, Hanson Pipe & Products and Siemens Energy & Automation, Inc. Although law firms are not included in the list, many small law firms and offices call Grand Prairie home. Therefore, residents and businesses have excellent legal services awaiting at their doorstep.
When visiting Grand Prairie, must-see attractions include the Lone Star Park, GPX Skate Park, Verizon Theatre, Prairie Lights, Traders Village, Quiktrip Park, and Grand Prairie AirHogs.
