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Bankruptcy
In addition to our patent and litigation services, the Law Office of Warren V. Norred offers a full range of bankruptcy services, including consumer bankruptcy, corporate bankruptcy, corporate dissolution, lawsuits in bankruptcy (known as adversary proceedings), and creditor representation. This includes liquidation (Chapter 7) and reorganization (typically, Chapter 11 for business, Chapter 13 for individuals).
We have recorded a video that provides an introduction to bankruptcy and our office processes, which you can find HERE.
Most Ft. Worth bankruptcies are filed under Chapters 7, 11 and 13 of the Bankruptcy Code. The essential question that the would-be bankruptcy filer must answer is, “Can you pay your bills?” If you can’t pay your monthly bills on time, or find that you are slowly sinking under a mountain of debt, then bankruptcy is an option to consider.
To stop a house from foreclosure, the typical approach is a restructuring of your debts under Chapter 13. To file under Chapter 13, debtors can discharge credit card debt over a three-year or five-year plan, depending on their income, but must be able to pay their secured debts.* Typical cost of a Chapter 13 petition filing is upwards of $3000 in attorney fees, with some of that paid before filing and the rest paid while the plan is implemented.
To completely start over, debtors typically file a Chapter 7 petition for bankruptcy. You can keep your house, car, and usually all the required belongings that you need to live and work** so long as you can make the associated payments. Typical attorney cost of a Chapter 7 petition filing is approximately $1600.
Chapter 11 filings have some common traits to the restructure of Chapter 13, but for commercial restructuring of debts so a company can survive difficult times. However, Chapter 11 filings are far more complex than other types of bankruptcy, and not for the faint of heart. A company in Chapter 11 is under a microscope and must have a reasonable plan to pay its bills and still survive.
* Loans associated with your house and cars are secured loans. A secured loan is a debt attached to a specific item, where he loan agreement allows the creditor to take the item that is attached to the loan if payments aren’t made. To keep an item that is part of a secured debt during any kind of bankruptcy, debtors have to maintain payments on secured loans.
**The government recognizes that you need a minimum amount of possessions to survive the modern world; these items are called “exempt” property. It usually includes your house, work tools, clothing, a car for each debtor, and other various belongings.
A bankruptcy attorney can discuss your options with you regarding file for bankruptcy, protection from foreclosure and home loan modifications. Call our office to set up an appointment: 817-704-3984.
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Find out how we can help … If you have any questions about but not limited to, intellectual property, civil litigation, and filing for bankruptcies in Arlington and surrounding areas in Texas. Contact the Law Office of Warren V. Norred for the answers. Please fill out the quick contact form and submit or call us at 817-704-3984. A representative of the firm will be in touch shortly.
We do hard things.
