Arlington Personal Bankruptcy Attorneys

Helping You Regain Control of Your Finances

Many people have preconceptions – and misconceptions – about the personal bankruptcy process. At Norred Law, we know that if you are considering filing for bankruptcy, you may have been in financial distress for some time. You may also be unsure of how bankruptcy will benefit you.

When finances become unmanageable, there are several chapters in the bankruptcy code that can help. If you need legal assistance, we provide direct access to our personal bankruptcy attorneys.

Our firm takes the mystery out of the often-misunderstood bankruptcy process and can help improve your financial outlook. We serve clients not only in Dallas-Fort Worth but also throughout Texas and the United States.

If your finances have reached the point that you can no longer control them, bankruptcy law grants you certain protections. At Norred Law, we have helped countless clients file for personal bankruptcy and are prepared to help you do the same. We firmly believe in educating our clients on the different options they have and can help you choose the right one for your situation.

Most people get control of their unmanageable debt by filing for one of three forms of bankruptcy protection:

• Chapter 7 bankruptcy: When filing a Chapter 7 bankruptcy in Texas, most of an individual’s assets are exempt from the liquidation process. This means that most people can keep their homes, cars and other personal property. However, non-exempt assets belonging to a bankruptcy filer are sold to pay creditors – this is why Chapter 7 bankruptcy filings are referred to as “liquidation.” In most cases, remaining debts are discharged and the individual can begin the process of rebuilding a positive credit history almost immediately.
• Chapter 13 bankruptcy: This form of bankruptcy involves developing a three- to five-year payment plan to pay creditors from your disposable income. Secured creditors (usually a house or car) must be paid in full, or at least caught up. Unsecured creditors may be paid a fraction of what they are owed. Chapter 13 can be a wise course of action for homeowners who are behind on their mortgage because they were unemployed but can get caught up slowly. Chapter 13 is also a good choice for individuals who do not qualify for Chapter 7 bankruptcy.
• Chapter 11 Bankruptcy: This is similar to Chapter 13 bankruptcy, but is not usually the choice unless an individual possesses significant assets and debt. This is often an individual who owns a few rental houses or a small business. Most individuals fall into a Chapter 7 or Chapter 13 filing.

Our experienced Arlington bankruptcy attorney can counsel you on which bankruptcy options are available and which is best for you. If bankruptcy is not an option, we can work to negotiate debt repayment with individual creditors.