Find a Bankruptcy Lawyer in Arlington, Texas

Find the right Bankruptcy attorney in Arlington, TX

In Arlington, 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. Remember, though, that bankruptcy should not be viewed as a convenient way to get out of debt that you don't feel like paying back. It is meant to serve as an option of last resort for people and businesses faced with debt that they will probably never be able to pay back. The decision to file for bankruptcy can result in negative consequences, such as damaged credit ratings, which must be seriously weighed against the potential benefits.

Accordingly, it might be a good idea to consult with an Arlington, Texas bankruptcy attorney. Your lawyer will be able to counsel you about your options, including alternatives to bankruptcy, if such alternatives exist in your case. Whatever the result, it is often difficult to foresee the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in Arlington could prove invaluable.

Types of Bankruptcy in Arlington, Texas

There are 3 bankruptcy schemes that are commonly used in Arlington: Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Bankruptcy is governed by federal law, so the procedures in Arlington, Texas are very similar to what they will be anywhere else in the United States. 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 Arlington 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. Though available to individuals, Chapter 11 bankruptcy is mostly used by businesses. Like Chapter 13, Chapter 11 requires the restructuring of debts. Under this system, the debtor must come up with a plan to reduce debt, cut costs, and improve operations. Once this plan is proposed, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.

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 Arlington Bankruptcy Lawyer Help?

The decision to file for bankruptcy in Arlington is not one to be made lightly, and it certainly should not be made without first obtaining the advice of an experienced Arlington bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Arlington

You'd have to agree with TV show "King of the Hill" when they assert that Arlington, Texas may be heaven. Arlington boomed in Post World War II era nearly doubling its size in one year. The suburbs of downtown Arlington grew so quickly it became known as one of America's Bloomburbs. Today the population is well over 400,000 Arlington residents who enjoy the Texas Rangers and Dallas Cowboys as hometown teams. Arlington also hosted the 2010 NBA All-Star Game. In addition to professional sports, the local colleges and universities in Arlington offer entertainment and tourist attractions. The University of Texas at Arlington, Tarrant County College, and Arlington Baptist College all operate campuses in Arlington. Six Flags Over Texas is a nationwide attraction for theme park enthusiasts. It's the original Six Flags Theme Park and was also the first park to offer a mine train coaster, log flume splash ride, and the first free fall (cliff hanger) ride. Six Flags Over Texas has some of the most extreme rides around too. The Titan rollercoaster is the tallest and fastest amusement rides in the state of Texas at 245 feet high and with an 85 mph top speed. Spring Break Out, the Best of Texas Festival, and Fright Fest are a few of Arlington's annual festivals with parades.

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