Southlake Bankruptcy Attorneys

Interested in Filing for Bankruptcy in Southlake, TX?

Have you been overwhelmed by debt to the point that you are considering filing for bankruptcy? If so, you are not alone. Many people across the country have found themselves in the same situation and have turned to bankruptcy as a solution. If you are considering bankruptcy, you want to know you are working with an attorney who has the experience and knowledge to help you deal with your situation. At the Law Office of Mark M. Childress, P.C., we have helped thousands of individuals and families deal with their bankruptcy issues. We have the experience to get you through the process and back on your feet.

Call (817) 497-8148 or contact us online today to learn more about the bankruptcy process and how we can help.

How Does Bankruptcy Work?

Bankruptcy is a legal process through which you can deal with your debts by getting out of certain obligations, reducing the amount you must pay, or stopping collection calls. There are three basic types of bankruptcy: Chapter 7, Chapter 13, and Chapter 11.

Here are brief explanations of each type of bankruptcy:

• Chapter 7 bankruptcy – This type of bankruptcy requires you to prove that you are unable to pay your debts and involves liquidation of your non-exempt assets. Once you are approved for this type of bankruptcy, your debts will be discharged. This means you will no longer be obligated to pay the debts listed in your petition. With a Chapter 7 bankruptcy, you will not be allowed to keep certain assets, such as a second home, a boat, expensive jewelry, and the like.
• Chapter 13 bankruptcy– This type of bankruptcy allows you to work with a bankruptcy trustee to develop a payment plan to pay off your debts over a period of three to five years. As long as you can make the payments as they are due, you will be able to keep your home, car, and other assets.
• Chapter 11 bankruptcy– This type of bankruptcy is used by businesses and allows them to restructure their debts and continue to operate.

It's important to note that not all debts can be discharged through bankruptcy. For instance, certain tax debts, student loans (in most cases), child support, alimony, and some other types of debts may not be eligible for discharge.

Before filing for bankruptcy, you are required to undergo credit counseling from an approved agency within 180 days of filing. Additionally, bankruptcy filings involve complex paperwork and court proceedings, so hiring a knowledgeable bankruptcy attorney is highly recommended to ensure you understand the process and meet all legal requirements.