Should I Use Chapter 7 Or Chapter 11 Bankruptcy?

There are different chapters of the bankruptcy code designed for different types of debtors and their individual financial needs. Some are designed to help a debtor liquidate existing assets, distribute assets among creditors and then discharge remaining debt. Other chapters involve debt restructuring — having debts reorganized into manageable payment plans.

At the office of Gregory A. Whittmore, Attorney at Law, I can help you determine which chapter of bankruptcy is right for you and steer you toward the option that will yield the most favorable results in your case.

Contact my office to discuss your financial needs with an experienced Dallas bankruptcy attorney. I have worked in this area of law for more than 30 years, and can confidently and swiftly guide you through the bankruptcy process.

Chapter 7 Bankruptcy

Chapter 7 is commonly understood as the liquidation bankruptcy. It is reserved for individuals who pass a "means test" that qualifies them to have unsecured debts (credit card debt, medical debt and other debts not secured by property) discharged. To qualify, your income and assets must be low enough to show that you could not make reasonable payment plans to existing creditors.

While this process involves liquidating a debtor's assets, many assets are protected through bankruptcy exemptions. You do not have to lose everything when filing for Chapter 7 bankruptcy.

Chapter 11 Bankruptcy

Chapter 11 is often used for businesses that need to restructure their debts into payment plans, allowing them to remain in business. Chapter 11 can be used for individuals as well depending upon the type of assets and debts he or she has.

Contact My Office In Dallas, Texas

Before you take steps on your own to file bankruptcy or explore other debt relief options, make sure you understand your obligations as a debtor under bankruptcy law. Failure to provide complete and accurate information has serious consequences.

Contact my office online or by telephone at 214-217-0330 for more information. Here, you will work personally with your lawyer to find a solution.

This law firm is a debt relief agency. In addition to other services we offer, we help people file for relief under the Bankruptcy Code.