Find a Bankruptcy Lawyer in Denton, Texas

Find the right Bankruptcy attorney in Denton, TX

In Denton, Texas, bankruptcy is a judicial process in which the debts of a person or business can be absolved 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 proficient than requiring the debtor to pay off everything they owe. Remember, though, that bankruptcy should not be viewed as a proper 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 possible benefits.

Accordingly, it might be a good idea to consult with a Denton, 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 hard to predict the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in Denton could prove invaluable.

Types of Bankruptcy in Denton, Texas

In Denton, 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 Denton, Texas will be similar anywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets to pay off as much of his or her debt as possible. Once the liquidation is fulfilled, and the proceeds given to the creditors, the rest of the debt is discharged. Liquidation is essentially selling assets to the highest bidder. Only some of the debtor's assets have to be sold, and varied classes of property are exempt, meaning that the debtor can keep them, including homes, cars, insurance policies, and retirement accounts. It should be noted that certain types of debt cannot be discharged through Chapter 7 bankruptcy, including student loans, child support payments, criminal fines, and recent taxes.

The other recognized bankruptcy scheme used by consumers in Denton is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the contracts that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is approved, creditors are not allowed to attempt to collect payment under the original agreements. 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 requires that the debtor come up with a reorganization plan designed to reduce debt and cut costs. Before being executed, this plan must be approved by a majority vote of participating creditors.

One main advantage of Chapter 11 bankruptcy is that it allows businesses to continue their operations while the process plays out. Additionally, their stock can still be bought and sold.

How Can a Denton Bankruptcy Lawyer Help?

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

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Denton

Denton, Texas is a major city and the county seat of Denton County. It is best known for its world-acclaimed live music scene. The city of Denton has produced a long list of famous musical artists and Grammy award-winning performers. It is also an excellent city in terms of residential housing and employment opportunities.

Denton's lively musical culture centers mostly around the University of North Texas. The University runs an excellent music department which has sprung the careers of artists such as Norah Jones, Don Henley, Meat Loaf, and Roy Orbison. Many graduates of the University of North Texas have signed with major recording labels. The University also maintains Winspear Auditorium, which hosts concerts throughout the year. The presence of the University of North Texas as well as Texas Women's University helps to create an enjoyable "college-town" atmosphere in Denton.

Other attractions in Denton, Texas include the Golden Triangle Mall, which is a shopping complex that has more than 90 specialty stores. Visitors also flock to Denton to attend the Denton Arts and Jazz Festival and the North Texas State Fair and Rodeo. These annual festivities attract crowds of over 300,000 people.

Denton, Texas lawyers practice law in many different fields to meet the needs of the community. Lawyers in Denton are often members of multiple bar associations and civic groups. The Denton County "Courthouse-on-the Square" is a popular historic museum located in the city.

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