Common Legal Terms Explained
Personal jurisdiction Requirement that a particular court have authority over a person, in order to bind that person to the judgment of the court, based on minimum contacts. International Shoe Co v. Washington is a landmark Supreme Court case outlining the scope of a state courts reach in personal jurisdiction.
The Court Will Confirm Your Eligibility To File Bankruptcy
The bankruptcy court will review your information along with any challenges presented at the meeting of creditors. If you are filing Chapter 7, the bankruptcy court will ensure you pass the Means Test. If you are filing Chapter 13, the bankruptcy court will review the amount of your secured and unsecured debts and determine if you qualify.
Contact Leinart Law Firm Today
At Leinart Law Firm, we understand that not all businesses are successes. Businesses fail, and its a fact of life. However, you shouldnt completely panic because you may have to close up shop. A bankruptcy means youll have to rebuild and move on, but its still a new beginning and a stepping stone on the path to finally having a successful business.
Whether youre interested in filing Chapter 7 or Chapter 11 bankruptcy, the professionals at Leinart Law Firm are standing by. Get in touch with us today to see how a qualified bankruptcy lawyer in Dallas can help.
Recommended Reading: Southern Florida Bankruptcy Court
Common Reasons For Bankruptcy
Anyone can experience financial hardship, regardless of age, background, education or income level, through no fault of their own. The leading reasons for bankruptcy include:
A 2019 study published in the American Journal of Public Health indicates that medical issues the high cost of care, time lost from work account for 66.5 percent of bankruptcy filings in the U.S. The study also found that the majority of filers had some form of health insurance serious illnesses or injuries, however, can result in hundreds of thousands of dollars in medical bills that are not fully covered. Because medical bills can quickly deplete savings and retirement accounts, bankruptcy may be the only alternative.
The loss of income due to a layoff, termination, or unemployment can be devastating. Employers are not required to offer severance packages, and unemployment benefits do not replace all of the lost income. The loss of insurance coverage and the cost of obtaining private insurance coverage can also add to a job seekers financial burdens. Those who are unemployed for an extended period without an emergency fund to rely on one can easily spend through their savings and may not be able to pay their creditors, which makes filing for bankruptcy necessary.
Emergencies happen. A death in the family or property damage arising from a natural disaster can cause significant hardship for those who are uninsured or underinsured. Such a calamity can result in having to file for bankruptcy.
The Best Attorneys Deliver Best Outcomes
The outstanding attorneys of the Vida Law Firm, PLLC possess the legal skills, connections, and depth of experience you need to make the best choices to resolve your financial situation. If you are in need of the best bankruptcy law firm in Fort Worth, look no further. Call us now and put us to work protecting you from creditors.
You May Like: What Does A Bankruptcy Discharge Look Like
We Can A Bankruptcy Lawyer Do For Me
If you are struggling with mounting debts, you may be wondering if bankruptcy is the right solution for you. While bankruptcy can be a helpful tool for some people in debt, it is not right for everyone. Here is a brief overview of what bankruptcy can and cannot do.
Bankruptcy can help you get out of debt. When you file for bankruptcy, an automatic stay is put in place. This means that your creditors must stop all attempts to collect on your debt, including phone calls, letters, and wage garnishments. This can give you a much-needed respite from your debts and allow you to start fresh.
Bankruptcy can also help you get rid of some of your debts. In most cases, you will only be required to repay a portion of your unsecured debts, such as credit card debts and medical bills. Chapter 7 bankruptcy will discharge most of your unsecured debts, while Chapter 13 bankruptcy will require you to repay a portion of them over time. Filing for bankruptcy is a complex legal process that requires the assistance of an experienced attorney.
What Types Of Debt Can Be Discharged
You cant discharge all debts through a bankruptcy. There are certain types of debt that are dischargeable and others that are non-dischargeable. A knowledgeable bankruptcy lawyer can review your debt and help you understand which types of debt you are dealing with.
You can completely wipe out debts that are dischargeable through bankruptcy. You do not have to repay them at all moreover, the creditors cannot harass you to collect them. Dischargeable debts include medical bills, credit card debt, personal loans, and utility bills.
Non-dischargeable debt cannot be done away with through bankruptcy however, you may be able to manage these debts through your Chapter 13 repayment plan. Examples of non-dischargeable debt include some tax debt, alimony, child support, and student loans.
You May Like: What Are Requirements For Filing Bankruptcy Brainly
Top Questions To Ask When Hiring An Attorney
- How many years have you been practicing law? How long have you practiced law in the local area?
- How many cases similar to mine have you handled in the past?
- What is the likely outcome for my case?
In legal practice, experience matters. An experienced attorney will likely have handled issues similar to yours many, many times. Therefore, after listening to your situation, the attorney should have a reasonable idea of the time line for a case like yours and the likely resolution.
Why Choose Our Texas Bankruptcy Attorneys
Determining how to file for bankruptcy in Texas on your own can be daunting. If youre unsure about whether you should file for Chapter 7, Chapter 13 or business bankruptcy, were here to help you understand your options and take action to resolve your financial issues. At Leinart Law Firm, we care about you and your family, and were dedicated to helping you seek and find financial stability.
Whether youre looking for a top law firm in Dallas, Fort Worth or Plano, our bankruptcy attorneys have helped thousands of clients throughout north Texas. We give straightforward legal advice thats easy to understand, putting our clients best interests above all else.
You May Like: Liquidation Pallets Charlotte Nc
The Law Office Of Donald E Hood
The Law Office of Donald E. Hood provides the highest quality legal services in Dallas at a competitive price. The firm specializes in bankruptcy, with its team of highly-qualified, experienced, and efficient lawyers providing assistance to people who need legal help. They believe in providing clients with a dignified and personal representation and will go above and beyond to ensure that clients get the best possible outcome in their cases. As one of Texas best bankruptcy law firms, Donald E. Hoods law office is a go-to for people in Texas who are in need of the perfect and ideal bankruptcy solutions.
Products/Services:Bankruptcy, free evaluation, online payment.
LOCATION:Address: The Turley Law Center 6440 N. Central Expy Suite 605 Dallas, TX 75206Phone: 234-0529Website: dehlaw.com
REVIEWS:Don Hood was referred to me by a co-worker and that was the best decision I ever made, Don was very patient with me and answered all my calls, I was so Blessed with the end results! Lupe Ledesma
Is Chapter 7 Right For You
Chapter 7 helps those of modest means who, after paying their monthly living expenses, have no money left to repay debts. While Chapter 7 bankruptcy does not enable you to restructure secured debt, catch up on past-due payments, or taxes, there is no repayment plan and your personal liability on most credit card debt is discharged, providing you with a clean slate.
Also Check: Can You Claim Bankruptcy On Student Loans
How Do I Declare Bankruptcy For A Failing Business
When your business is on the rocks, you can declare bankruptcy just as you would for your own finances. However, there are a few key differences. While some elements of business bankruptcy look similar to personal bankruptcy, its important to remember that there are investors and founders to keep in consideration. Youre not dealing with your own money, but rather with the money of everyone involved in the business.
Choosing What Kind Of Bankruptcy To File For
Your lawyer will be helpful in determining whether it will be in your best interest to file for Chapter 7 bankruptcy or Chapter 13 bankruptcy. In Chapter 7 bankruptcy, you file and all of your debts are wiped out. Keep in mind that it is incredibly difficult to get student loans wiped out, however, so those debts may need to be looked at and restructured in a way that you can pay them off. Chapter 13 bankruptcy is often used by people who want to keep many of their assets. It is more of a restructuring process and will allow you to keep much of what you have, rather than selling it to pay off your debts. Chapter 13 is also good for someone who can figure out how to pay off his or her debts, rather than filing and needing everything completely wiped off to create a clean financial slate. You will still get a lot of help for filing, but it allows a bit more flexibility and less repercussions for filing. Your bankruptcy lawyer in Dallas will be able to assist you to figure out what the best option for you will be.
Recommended Reading: Buying Home In Foreclosure
Types Of Debt Relief & Bankruptcy Services We Offer
Are you a candidate for tax forgiveness? Would Chapter 7 bankruptcy or Chapter 13 bankruptcy be right for you? Are you facing foreclosure or repossession? Speak with us about your situation so we can find the debt relief solution thats right for you.
Learn more about the debt relief and bankruptcy services we offer:
How Do Lawyers Get Paid If They Lose A Case
Lawyers typically charge for their time regardless of whether they win a case. Sometimes, the losing party is ordered to pay the other partys lawyer fees on top of their own. Some lawyers also work on contingency, meaning they will take a percentage of the awarded amount only if they successfully win the case.
Before hiring a lawyer, make sure you understand their fee structure.
You May Like: How Long Is Chapter 13 Bankruptcy
We Are A Bankruptcy Law Firm Serving Dallas Richardson Plano And Surrounding Areas
Dealing with financial problems can be overwhelming. You may feel like youre in over your head and that theres no way out.
When financial situations do arise that are outside of your control, filing bankruptcy may be a viable option. Before you do, youll want to consult with a Dallas bankruptcy lawyer to weigh the pros and cons of your decision.
At Warren & Migliaccio, L.L.P., we understand that it can happen to anyone. Good people with every intention of paying their bills can be hit with a stroke of bad luck, an unexpected loss of employment, illness, or divorce. The pressure from mounting debt and harassing phone calls from creditors can be debilitating.
You dont need to face this alone. Bankruptcy can be a complicated process. Before you make any decisions you should talk with an experienced Texas bankruptcy well versed in United States bankruptcy law. The lawyers at Warren & Migliaccio, L.L.P. will treat you with the respect you deserve. We will review your situation and explain how this crucial decision will impact your life.
To Schedule A Free And Confidential Strategic Planning Session With A Bankruptcy Attorney Please Call The Law Office Of Donald E Hood Pllc Affordable Payment Plans Are Available
- NEARLY 1 MILLION DOLLARS IN BUSINESS DEBT DISCHARGED
- $24,000 IN FORECLOSED HOME DEFICIENCYDischarged in Ch. 7 bankruptcy
- TWO VEHICLES WITH HIGH INTEREST RATESSurrendered the cars in Ch. 7 Bankruptcy, unpaid balance owed was discharged
- $24,000 IN FORECLOSED HOME DEFICIENCYDischarged in Ch. 7 bankruptcy
Don’t Miss: How Long Bankruptcy Stay On Credit Report
How Bad Is It To File Bankruptcy Twice
Although possible, due to the damaging nature of bankruptcy, filing bankruptcy more than once isn’t recommended. Filing multiple times puts a serious burden on one’s credit report, making it harder to get a loan, buy a house, buy a car, or even open credit cards.
Note that filing for bankruptcy isn’t something that can be done at a filer’s leisure. There are time limits following bankruptcy cases that dictate when it’s permissible to file again. For example, after Chapter 7 bankruptcy, filers must wait at least eight years before filing Chapter 7 again or four years before filing Chapter 13.
Best Bankruptcy Law Firm In Dallas
Local Attorneys 360 in the city of Dallas proudly stands as the best Bankruptcy Law Firm in the city. We have the best team of lawyers and law experts who deal with any sort of bankruptcy case and Tax Legal Matters. We understand all your worries and provide you with effective legal advice. We also work at the most affordable rates you can find in Dallas.
Also Check: Where To File Bankruptcy In Indiana
What Is Chapter 11 Bankruptcy
Chapter 11 can be a vital tool for businesses as it would allow a business to reorganize itself in order to stay in business. Chapter 11 allows the debtor organization to restructure its debt and modify its payment obligations with the approval of the bankruptcy court.
The above discussion is just the tip of a very large iceberg that does nothing but get more complicated. While at first glance it may not seem that complicated, filing for bankruptcy can be very difficult and will most likely require the assistance of an attorney to complete properly.
Individual debtors are allowed to file bankruptcy without an attorney, but it may not be the ideal route to take. Filings need to include all the correct information and need to be filed in specific ways. The bankruptcy court is a separate distinct court system and has many filing rules. Filing the wrong case or the wrong paperwork will lead to a dismissal. If a debtor were to file the paperwork incorrectly, the debtor may then have to face creditors who, depending on the type of bankruptcy filed, may attempt to prevent you from filing.
Contact Our Experienced Texas Bankruptcy Attorneys
If you are struggling to pay your bills, keep up with your house and car payments, or being sued by creditors, turn to the bankruptcy attorneys at Toronjo & Prosser Law. We can help you navigate your financial difficulties and fully explain the bankruptcy process in Texas. We know that the legal system can be complicated and intimidating, and we will stand by you every step of the way. When you become our client, you will have peace of mind knowing that debt relief and a fresh start is within your reach. We have offices located in Dallas and Southlake and help people across Texas including those in Denton, Fort Worth, McKinney and Plano.
Why File For Bankruptcy
People wind up filing for bankruptcy for many reasons, often involving outside forces or unforeseen expenses: Medical debt and unexpected health care costs can quickly spiral out of control, credit card debt can accrue due to business expenses or needing to use a credit card during periods of unemployment and low cash flow, investments in the stock market, real estate or other financial vehicles might suffer due to a financial crisis, or a supply chain shutdown can cause debt to cascade in times of pandemic or due to oil price fluctuations. In any of these situations, a bankruptcy attorney can help you find the best course of action.
What Questions Should I Ask A Bankruptcy Lawyer?
Not sure what to ask a bankruptcy lawyer? Here are a few sample questions to get you started:
- How long have you been in practice?
- How many bankruptcy cases have you handled?
- How much does a bankruptcy filing cost? How much of that cost is attorney fees vs. filing fees?
- Where is your office in Dallas located?
- What are the next steps?
Can Anyone File Bankruptcy
Anyone can file bankruptcy, but there are limitations regarding which form of bankruptcy is permissible. Qualifying for Chapter 7 requires a means test that evaluates income, debt levels, and income left over each month after paying basic obligations. Income over the median set by the court and monthly income that allows meaningful payments toward unsecured debt can disqualify filers from Chapter 7, which is generally the preferred form of bankruptcy due to the possibility of a full discharge. Anyone can file Chapter 13 bankruptcy, but the terms are less favorable. In most cases, some debts must be repaid following a successful filing. Chapter 13 is also more likely to result in asset forfeiture.
Our Texas Bankruptcy Lawyers Help You Get Your Finances Back On Track
Financial difficulties can happen to anyone. Whether its due to mountains of medical bills, excessive credit card debt or job loss, there are various circumstances where people may find themselves in financial trouble. While it was once common for consumers to suffer in silence, bankruptcy is no longer taboo. It can be an effective legal tool that millions of individuals and businesses utilize to rid themselves of insurmountable debt.
Being in financial straits is serious and can impact all aspects of your life. Chapter 13 and Chapter 7 bankruptcy can enable you to keep your home, vehicle and other property. It can give you a chance to breathe and get back on your feet. However, bankruptcy is not the best solution for everyone. Depending on the circumstances, other options such as debt consolidation or having a debt relief attorney negotiate with creditors on your behalf may be more appropriate. Our experienced bankruptcy lawyers help clients with all types of debt issues, including:
Our Texas debt relief lawyers and bankruptcy attorneys take a comprehensive look at your specific financial situation and help you find solutions and options that best meet your needs. At Leinart Law, we treat each client as if they were our only client and provide the personalized, responsive service you deserve.