Find a Bankruptcy Lawyer in Lewisville, Texas
In Lewisville, 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 Lewisville, 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 Lewisville bankruptcy attorney cannot be substituted.
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Types of Bankruptcy in Lewisville, Texas
In Lewisville, Texas, there are 3 types of bankruptcy in common use: Chapter 7, Chapter 13, and Chapter 11. Because bankruptcy is a creation of federal law, the procedures governing bankruptcy in Lewisville, Texas will be similar anywhere else in the U.S. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her assets in order to pay off as much debt as possible. Once the sale of the assets is complete, and the proceeds handed over to the creditors, the debt is viewed as discharged. Liquidation is basically selling assets to the highest bidder. Not all of the debtor's assets will need to be sold, and many types of property are totally or partially exempt, including homes, cars, retirement accounts, and insurance policies. This means that the debtor can keep them. It should be noted that some types of debts are not dischargeable in Chapter 7 bankruptcy, including student loans, criminal fines, taxes, and child support payments. Even when the bankruptcy process is complete, these debts will have to be paid in full.
The other form of bankruptcy most commonly used in Lewisville is Chapter 13. It allows a person to pay off their debt over a longer period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while gradually paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. 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 Lewisville Bankruptcy Lawyer Help?
Filing for bankruptcy in Lewisville is a very important decision, and should not be made lightly. Before filing, one should consult with a good Lewisville bankruptcy attorney for advice.
There are 175 Bankruptcy, Banking and Credit cases posted in Lewisville
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest TX Cities
Life in Lewisville
Lewisville, Texas is a medium-sized city in Denton County, and it is part of the greater Dallas-Fort Worth Metropolitan area.At the 2000 Census, the population of Lewisville was estimated to be 77,000. However, current estimates place the population at over 100,000 people, making it one of the fastest-growing cities in the country.
Lewisville, Texas was incorporated in 1925, making it one of the oldest incorporated cities in the Dallas area. In its early history, growth was very slow, with the economy largely depending on relatively small-scale agricultural operations. After the construction of the Lewisville Dam, creating a large reservoir in the area, growth began to accelerate.
In the mid-1960s, Lewisville became one of the first cities in Texas to racially integrate its public schools.
When the Dallas-Fort Worth International Airport opened in 1973, the population of Lewisville and other nearby towns exploded, partially attributed to the thousands of jobs the airport brought to the area.
Thanks to its rapid growth, and proximity to one of the country's major metropolitan centers, the legal community of Lewisville, Texas is highly diverse and well-developed. From large, national law firms, to small firms and solo practices, chances are good that you can find a Lewisville, Texas lawyer who is the right match for you.
