Bankruptcy Process

Dallas Bankruptcy Lawyer

Understanding the Bankruptcy Process

There are three general types of bankruptcy you can file in Dallas: Chapter 7, Chapter 11, or Chapter 13, and each of them differs in how they are filed in court.

No matter which process you under take, you can be assured that the professionals at Engel Law Firm will help you every step of the way. Engel Law Firm has years of experience filing for bankruptcy and will answer all of your questions. Their goal is to shepherd you through the process and help you escape debt and begin to build a positive credit history.

Chapter 7 Bankruptcy

Chapter 7 begins with a means test you undergo and submit to the bankruptcy court. If the test is accepted, you’ll participate in a creditors meeting. This provides your creditors with the opportunity to dispute any debts being discharged. Next, your bankruptcy trustee takes care of liquidation of any non-exempt assets in order to fund the repayment of creditors, and their debts are discharged 75 days after the creditors meeting.

Chapter 13 Bankruptcy

Those filing for Chapter 13 devise a creditor payment plan with an attorney’s assistance, and presents it to the court. Should the plan be accepted, the person begins to make monthly payments until all debts are satisfied. Chapter 13 takes three to five years to complete.

Chapter 11 Bankruptcy

Information about Chapter 11 can be found elsewhere on this site, but in short this filing is for businesses who can no longer meet their financial obligations.

No matter which bankruptcy filing you are considering, get the right legal help from Engel Law Firm.