Should You File a Personal or a Business Bankruptcy Petition?

Choosing the Right Filing When your business is experiencing financial difficulties, it's almost certain to have a detrimental impact on your personal finances as well. If you don't have the business resources to properly compensate yourself, you can easily fall behind on your mortgage, car payments or other obligations. The bankruptcy laws were … [Read more...]

The Big Differences between Chapters 7 and 13

The two main consumer/small business bankruptcy options are quite different. Each one has its advantages and disadvantages. So, for many people Chapter 7 is much better, for others Chapter 13 would be. And for others it's a closer call. Even if you have your mind set on one or the other, it's important to discuss both alternatives with your … [Read more...]

Non-Bankruptcy Alternatives

Bankruptcy is not the best option for everyone. If your financial problems look like they can be solved other ways, those alternatives should be explored. Consider both their advantages and disadvantages honestly. Here are three bankruptcy alternatives, highlighting their risks and concerns: 1. Debt Settlement: Once a debt goes into extended … [Read more...]

Is it Moral to File Bankruptcy?

The Obligation to Pay Our Debts Sure, we all have a moral obligation to pay our debts. But you may well have a higher moral obligations to get relief from those debts. Think about it this way. Consider whether to file bankruptcy as a "business decision." Corporations make business decisions whether it's best for the business to file bankruptcy. … [Read more...]

Who Does What in Bankruptcy?

It's a lot easier to make sense of bankruptcy if you know who's who in the process. Debtor: The person or business filing bankruptcy. A debtor and spouse can file a joint petition in bankruptcy. The debtor has various duties which your attorney will help you with. The debtor's most important duty is simply to be honest and cooperative throughout … [Read more...]

The Bankruptcy Chapters

A Summary of the Chapter Options Each Chapter of bankruptcy is designed for certain kinds of debtors, and certain kinds of circumstances. For consumers and small business owners, usually either Chapter 7“straight bankruptcy” or Chapter 13“adjustment of debts”is appropriate, or occasionally Chapter … [Read more...]

So What is Bankruptcy?

Bankruptcy is not a single thing. It's a set of different legal options for people and businesses to deal with their debts. It's in the U.S. Constitution The U.S. Constitution specifically authorizes bankruptcy. It gives Congress the "Power . . . To establish . . . uniform Laws on the subject of Bankruptcies throughout the United States." (See … [Read more...]

Addressing Business Litigation through Bankruptcy

If you are running a business and are being sued, filing bankruptcy may well help you. It may help whether you are closing the business or want to keep it operating. If you are closing the business, most of the time filing a Chapter 7 "straight bankruptcy" will stop the lawsuit and will discharge (legally write-off) any related debt, and do so … [Read more...]

Dealing with Business Litigation against You through Bankruptcy

If you are running a business and are being sued, filing for bankruptcy can help you whether you are closing the business or want to keep it operating. If you are closing the business, most of the time filing a Chapter 7 “straight bankruptcy” will stop the lawsuit and will discharge (write off) any related debt permanently. If instead you want to … [Read more...]

You May Not Need to Take the “Means Test” If You Are a Business Debtor

The means test is the gateway for qualifying to get a fresh financial start through a Chapter 7 “straight bankruptcy” case. This test is based first on your income and then, if your income is not low enough, also on your allowed expenses, all based on a very complicated set of rules. Being able to avoid all this and be allowed to file a Chapter 7 … [Read more...]

Call Rockwall bankruptcy lawyer Carrie Weir at 972-772-3083 or fill out the contact from below for a free, confidential consultation to discuss your options.

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Consumer Bankruptcy

Can I keep my car? Will bankruptcy stop a foreclosure? Will I ever be debt-free again? How will I ever pay these medical bills?

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Chapter 7 Bankruptcy

If you want to stop creditor harassment, eliminate repossession debt, stop garnishments and keep your house, and car, a Chapter 7 bankruptcy could help.

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Chapter 13 Bankruptcy

Are you in jeopardy of losing your house? Are you making good money but everyone is asking for payment right now? Do you want or need to stop collections?

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