Find a Bankruptcy Lawyer in Irving, Texas

Find the right Bankruptcy attorney in Irving, TX

In Irving, Texas, bankruptcy is a judicial process in which the debts of a person or business can be cleared or restructured. This allows the debtor to climb out of a financial hole, and move on with a clean slate, which is often more economically useful 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 acquire 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 advisable to consult with an experienced Irving, 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 an Irving bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Irving, Texas

In Irving, Texas, there are three basic bankruptcy schemes that are most commonly used. They are known as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in Irving, Texas will be very similar to those in any other part of 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 verified, and the proceeds handed over to the creditors, the debt is perceived 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 typically used bankruptcy system in Irving is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is authorized by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the agreements that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is usually a better option for people who have a steady income. Although it can be used by individuals, Chapter 11 bankruptcy is used almost always 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 implemented, this plan must be approved by a majority vote of participating creditors.

While going through Chapter 11 bankruptcy, a business can continue operating, and its stock can continue to be traded.

How Can a Irving Bankruptcy Lawyer Help?

One should not make the decision to file for bankruptcy in Irving easily. Before making any such decision, it would be highly advisable to contact an experienced Irving bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Irving

Irving, Texas is most notable for encompassing the master-planned Las Colinas development and the Mustangs at Las Colinas sculpture, which is the largest equestrian sculpture in the world. The massive sculpture depicts a band of horses running through a splashing fountain at 1.5 times their actual size and extends 400 feet. Others may know Irving as the home to the Dallas/Fort Worth International Airport that fits just inside city limits. The outstanding neighborhoods and easy airport access makes Irving an ideal location for business executives to headquarter their businesses.

Irving is home to lots of household names like Chuck E. Cheese's, Hostess Brands, Omni Hotels, ExxonMobil, and Kimberly-Clark producer of Kleenex, Cottonelle, Huggies, and Kotex feminine products. Additionally, the National Headquarters for the Boy Scouts of America calls Irving home. You know it's a standout community when the Boy Scouts approve.

Notable residents of Irving include ZZ Top drummer Frank Beard, Olympic sprinter Jeremy Warner, pro football player Demarcus Faggins. Surprisingly, Lee Harvey Oswald, accused assassin of President John F. Kennedy, lived with his family there for a period of time. Many believe he lived within Dallas. Irving has much more history for visitors and residents to enjoy because it's been around for over a century. Irving was founded in 1903 and named for author Washington Irving who was a favorite of a co-founder's wife.

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