How Bankruptcy Filing Works In Fort Worth

Bankruptcy is a legal process where individuals or businesses may legally declare their inability to pay back creditors and request some sort of legal action from the court. This action could be canceling all or a portion of the debt, consolidating the debt, or selling of assets to pay the debt. There are six different forms of bankruptcy called chapters that can be adapted to the needs of different filers. An individual or a business can file for bankruptcy. If you are thousands of dollars in debt, filing for bankruptcy may be the right option for you.

One of our Forth Worth Bankruptcy Attorneys can assist any client file for any of the six available options such as a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, or a Chapter 13 bankruptcy.

Chapter 7 filings are the most common form of bankruptcy. A trustee will be appointed by the court to review the petitioner’s finances and decide how creditors will be paid back. This may mean that a trustee decides to sell a petitioner’s home or a business’s property in order to pay back creditors. Any excess of funds from the sale of the assets left over from the payment of creditors will be returned to the petitioner.

There are other chapters of bankruptcy however, where the petitioner may choose which assets will be sold, or possibly even none at all. An experienced Fort Worth bankruptcy lawyer can review your individual case and help you build a solid plan of action.

Our Fort Worth bankruptcy attorneys have successfully handled all types of bankruptcy and debt relief cases for our clients in Fort Worth and surrounding counties. If you are feeling crushed under the weight of stress and credit card debt, it may seem hopeless, but you have options and we can help. Contact us to schedule a free consultation with a top Fort Worth bankruptcy attorney today.