Find a Bankruptcy Lawyer in Plano, Texas

Find the right Bankruptcy attorney in Plano, TX

In Plano, 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. Bankruptcy should be treated as an option of last resort, and should not be viewed as a proper 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 receive 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).

Accordingly, you should speak with a good Plano, Texas bankruptcy lawyer. Your Plano bankruptcy lawyer can inform you of the costs and benefits of filing for bankruptcy, and give his or her professional advice as to whether or not it's a good option, given your individual circumstances.

Types of Bankruptcy in Plano, Texas

In Plano, Texas, there are three basic bankruptcy schemes that are most often used. They are recognized as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in Plano, Texas will be very similar to those in any other part of the United States. 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 popular bankruptcy system in Plano is Chapter 13 bankruptcy. Under this system, the debtor's debts are restructured, instead of discharged. This involves creating a new repayment plan that the debtor will find manageable, given his or her income, and that will result in the creditors being paid in a reasonable amount of time. When a repayment plan is approved by a court, creditors are legally barred from attempting to collect under the original terms of their contract with the debtor. Chapter 11 bankruptcy is almost exclusively used by businesses, but there is nothing that legally prevents it from being used by individuals, and its use by individuals is very rare. Chapter 11 bankruptcy requires the debtor to come up with a restructuring plan - telling the court how they propose to cut costs, improve their operations, and pay down their debts. The plan has to 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 Plano Bankruptcy Lawyer Help?

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

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Plano

Plano is a Collin County city that ranks 9th most populous in the State of Texas. Most folks who aren't from Plano still know about the annual Plano Balloon Festival or that it's consistently ranked in the top communities in the United States by Forbes Magazine and CNN Money Magazine. Much of those outstanding rankings have to do with the famous corporations headquartered in Plano. Cinemark Theatres, Dr. Pepper-Snapple Group, J.C. Penny, Pizza Hut, Dell's Computer Services, Frito Lay, Rent-A-Center, and Alliance Data are all located in Plano. The popular social phenomenon Facebook operates a number of servers in their Plano facility, too. The government facilities, as you would assume with such a massive and important community, are quite extensive.

Plano was ranked as "The Safest City in America" by Forbes Magazine in 2010 making it even more attractive to tourists and locals. A number of celebrities live in Plano including cyclist Lance Armstrong, professional golfers Fred Couples and Hunter Mahan, actors like Chance Crawford and Kevin McHale who plays "Artie" on primetime hit-series Glee.

A branch of Southern Methodist University (SMU) is located in Plano and enrolls 3,000 graduate students who major in business, education, and technical work like engineering. Plano is home to outstanding schools and companies making it a very desirable community in the United States. Unsurprisingly, there's also an outstanding cast of new and seasoned lawyers who are familiar with local Collin County and Texas State Courts.

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