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Bankruptcy Attorneys
Texas and Bankruptcy
Texas Bankruptcy Law – Dallas Texas Attorney
Tom M. Thomas II knows the Texas bankruptcy laws and practices law
throughout the Dallas-Fort Worth Metroplex and North
Texas, including Denton, Plano, Mesquite, McKinney,
Frisco, Allen, and all surrounding areas. While he offers
many
debt settlement and lawsuit solutions and debt
options and not just bankruptcy protection, Chapter 7 or
Chapter 13 bankruptcy relief may be your best choice,
especially if you are overwhelmed and being harassed
with telephone calls from debt collectors for credit
card debt; or being threatened by credit card company
attorneys or sued for credit card lawsuits by credit
card lawyers and need a fresh start.
The very thought of bankruptcy stirs strong emotions in
many people. It’s a word that many folks associate with
defeat instead of a new beginning. If you are
considering hiring a Texas bankruptcy lawyer but feel
bad about the thought of filing for bankruptcy
protection as you are reading this, let’s take a look at
some Americans who sought bankruptcy protection and went
on to thrive afterwards:
Abraham Lincoln – yes, that Abe Lincoln, former
President of the United States.
Walt Disney – went on to create the Disney empire.
H.J. Heinz – the H.J. Heinz company averages over $10
billion in yearly revenue.
P.T. Barnum – the founder of the Greatest Show on Earth
sought the greatest debt protection our laws have to
offer in 1855.
Milton Hershey – founder of Hershey chocolate, an
American treasure.
Henry Ford – founder of Ford Motor Company – after he
sought bankruptcy protection for his first company.
Thomas Jefferson – writer of the Declaration of
Independence.
Common Bankruptcy Questions
1. What is bankruptcy? Bankruptcy is a legal proceeding
governed by Federal law that allows an individual to get
a financial fresh start.
2. What are the different types of bankruptcy?
a. Chapter 7 – A chapter 7 bankruptcy is often referred
to as “straight bankruptcy. Although there are some
exceptions, this type of bankruptcy discharges or “wipes
out most unsecured debts, such as credit card debt,
medical bills, old bills, repossession deficiencies, and
unsecured loans. This type of bankruptcy also helps stop
most collection lawsuits. Some debts cannot be
discharged in bankruptcy. The debts that cannot be
discharged include most taxes and student loans, child
support, criminal restitution orders and alimony. In
addition, individuals will have to continue to pay for
their mortgage and cars if they want to keep them in a
chapter 7 bankruptcy.
b. Chapter 13 – A chapter 13 bankruptcy is a type of
reorganization of debt used by individuals to pay all or
a portion of their unsecured debts over a period of
three to five years.
c. Chapter 11 – A chapter 11 bankruptcy is typically
used by businesses but can also be used by individuals
with very large debts.
d. Chapter 12 – A chapter 12 bankruptcy is reserved for
family farmers and fishermen.
3. Will I lose any assets if I file for bankruptcy? In
most cases, no. Although there are some exceptions,
Texas has very generous bankruptcy exemptions and most
individuals keep all of their assets in bankruptcy.
4. Will I have to go to court if I file for bankruptcy?
In most bankruptcy cases, no. Typically, you only have
to go to one meeting called the meeting of the creditors
to meet with the bankruptcy trustee and any creditor who
wishes to come. In most cases, no creditors show up and
the proceeding is typically a short and simple procedure
where you are asked a few questions about your
bankruptcy documents and your financial situation.
5. Will I ever be able to obtain credit again after
filing for bankruptcy? Yes. Many people are surprised to
find out that they are able to obtain credit shortly
after bankruptcy. Lenders know that one can only file a
chapter 7 bankruptcy once every eight years and they
also know that that a lot of debt was just eliminated.
As a result, many lenders are willing to extend credit
shortly after bankruptcy. Although such credit should be
used with caution, these are good opportunities to
rebuild and re-establish one’s credit after bankruptcy.
By putting the above into practice, many people are
happy to find that they have a decent credit score a few
years after bankruptcy.
6. What are common causes of bankruptcy? The most common
causes of bankruptcy include a recent divorce, loss of
employment, and illness.
7. How long does a typical chapter 7 bankruptcy last?
Most chapter 7 bankruptcies last approximately 4 months
from filing to discharge. In most cases, one must attend
a meeting of the creditors about one month after the
case is filed. As noted above, most creditors do not
show up and one must simply answer a few short questions
about his or her bankruptcy documents and financial
situation. Approximately three months after the meeting,
one will receive his or her discharge. The discharge
legally eliminates liability on most unsecured debts.
8. What does it cost to file bankruptcy? All chapter 7
bankruptcy cases require a $299 filing fee. In addition,
there is a cost for credit counseling, a financial
management course, typically a credit report and
attorney’s fees. Attorney’s fees vary according to the
situation but the cost for credit counseling and
financial management ranges from $30 to $50 a piece
(depending on the provider used) and the cost of a
credit report typically ranges from $30 to $50
(depending on whether the case is a single or joint
filing).
If you found this website because you are currently
being sued, threatened or harassed by debt collectors
for credit card debt, you might want to review the
following list of cases where we have used bankruptcy to
get rid of the lawsuit and other dischargeable debts.
Texas Debt Collector and Credit Card Lawsuits That We
Have Defeated Using Bankruptcy
Facts: A large debt buyer sued our client.
Creditor: Portfolio Recovery Associates, LLC
Venue: Dallas County Court at Law No. 4
Cause No: CC-6-13669-D
Result: We recommended Chapter 7 Bankruptcy which was
used to have the lawsuit dismissed and to eliminate our
client’s eligible debts.
Facts: A large debt buyer sued our client.
Creditor: Portfolio Recovery Associates, LLC
Venue: Dallas County Court at Law No. 2
Cause No: No. CC-6-13671-D
Result: We recommended Chapter 7 Bankruptcy which was
used to have the lawsuit dismissed and to eliminate our
client’s eligible debts.
Facts: A large bank sued our client.
Creditor: Lyon Financial Services, Inc. d/b/a U.S.
Bancorp Business Equipment Finance Group.
Venue: Tarrant County 17th Judicial District Court
Cause No: 017-242870-10
Result: We recommended Chapter 7 Bankruptcy which was
used to have the lawsuit dismissed and to eliminate our
client’s eligible debts.
Facts: A large bank sued our client.
Creditor: Capital One Bank (USA), N.A.
Venue: Travis County Court at Law No. 1
Cause No: C-1-CV-09-013192
Result: We recommended Chapter 13 Bankruptcy which was
used to have the lawsuit dismissed and to provide our
client with manageable debt relief.
Facts: A large debt buyer sued our client.
Creditor: Dodeka, LLC
Venue: Denton County Court at Law No. 2
Cause No: CV-2009-01162
Result: We recommended Chapter 7 Bankruptcy which was
used to have the lawsuit dismissed and to eliminate our
client’s eligible debts.
Facts: A large bank sued our client.
Creditor: FIA Card Services, NA A/K/A Bank of America
Venue: Dallas County Court at Law No. 4
Cause No: CC-09-01016-D
Result: We recommended Chapter 13 Bankruptcy which was
used to have the lawsuit dismissed and to provide our
client with manageable debt relief.
Facts: A large debt buyer sued our client.
Creditor: Troy Capital, LLC
Venue: County 352nd Judicial District Court 2
Cause No: 352-234859-09
Result: We recommended Chapter 7 Bankruptcy which was
used to have the lawsuit dismissed and to eliminate our
client’s eligible debts.
Facts: A large bank sued our client.
Creditor: Citibank (South Dakota), N.A.
Venue: Tarrant County Court at Law No. 3
Cause No: 08-060841-3
Result: We recommended Chapter 7 Bankruptcy which was
used to have the lawsuit dismissed and to eliminate our
client’s eligible debts.
Facts: A large bank sued our client.
Creditor: HSBC Bank Nevada, N.A. S/I/I To Direct
Merchants Credit Card Bank, N.A.
Venue: Parker County Justice Court Prec. 3
Cause No: CV3-10-1590
Result: We put our client into a Chapter 7 Bankruptcy
proceeding which was used to have the lawsuit dismissed
and to eliminate our client’s eligible debts.
Facts: A large bank sued our client.
Creditor: Citibank (South Dakota), N.A.
Venue: 429th Tarrant County Judicial District Court
Cause No: 429-03585-2009
Result: We put our client into a Chapter 7 Bankruptcy
proceeding which was used to have the lawsuit dismissed
and to eliminate our client’s eligible debts. |
