chapter 7 bankruptcy Dallas

Does Filing For Personal Bankruptcy Result In Closing My Business Too?

Call: 888-297-6203 According to lawyers of Dallas based law firm, when an individual files for chapter 7 bankruptcy, they might have to close their business down. However, if it is an LLC or a corporation, despite being personally liable for significant amount of debt, you might be able to keep it running. Here is what happens in different types of businesses during a bankruptcy filing: Sole proprietorship In this case, the trustee might ask for the business to be closed till an assessment of its value, exemption status and sale price of business assets in your bankruptcy estate [...]

2023-06-27T07:51:43+00:00
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Circumstances In Which You Are Personally Liable For Corporate Debt

Call: 888-297-6203 There are situations in which the owner of a corporation or LLC might become personally liable for debts owed by the business. In that case, they need to file for personal bankruptcy rather than business bankruptcy advise lawyers of Dallas based bankruptcy law firm. Here are the situations which might lead to this situation: Signing personal guarantee An LLC is formed to restrict the owner’s personal liability for business related obligation. Usually, corporate shareholders and LLC members are not personally liable for business debts. However, most suppliers, banks, etc. do not extend credit without a personal [...]

2025-08-12T11:56:25+00:00
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Filing For Bankruptcy Without Losing Your Car

Call: 888-297-6203 If you are filing for bankruptcy, there are factors which determine whether you can keep your vehicle or not. According to Dallas law firm lawyers, these factors include whether you are filing for a chapter 7 or 13 bankruptcy, whether you are current or behind car payments, and is the equity in the vehicle exempted or not. Keeping vehicle in Chapter 7 bankruptcy In chapter 7 bankruptcy, most debts are discharged in exchange of giving up your non-exempt property. The non-exempt property is liquidated by bankruptcy trustee and the money generated is paid to the unsecured [...]

2025-08-12T11:13:49+00:00
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While Filing For Bankruptcy Which Items Are Protected Through Exemptions?

Call: 888-297-6203 Exemptions form an important part of the bankruptcy proceedings as you can protect your property (home, car, pension, personal property, etc.) using them. Any non-exempt property you have can be taken by the trustee and sold to pay your unsecured creditors in chapter 7 bankruptcy. in case of chapter 13, you can even keep your non-exempt property if you pay your creditors an amount equal to the value of the non-exempt property. Before filing for bankruptcy, it is important to find out about the state exemptions, according to Dallas based law firm. Which bankruptcy exemption should [...]

2025-08-06T07:55:23+00:00
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Calculations For Chapter 13 Monthly Payment Plan

Call: 888-297-6203 People filing for Chapter 13 bankruptcy need to propose a repayment plan which generally continues between 3-5 years depending on your debt and disposable income. You have to pay the specified amount to your bankruptcy trustee who in turn pays your creditors. According to lawyers of Dallas based law firm, some creditors are paid entirely, while others are paid only a part of what is owed to them. If you wish to know how to calculate your plan payments, here is how you can do that: Debts paid in full through a repayment plan You need [...]

2025-08-25T13:33:00+00:00
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Can Bankruptcy be the Solution for Identity Theft Related Debts?

Call: 888-297-6203 Identity theft is a common issue across the country. People often face numerous issues because some obscure person managed to steal their identity. One of the worst problems is the amount of debt which identity thieves accumulate, which unfortunately gets reflected on your credit report. This can have grave consequences according to lawyers of Dallas based bankruptcy law firm Recovery Law Group. You might have to bear the brunt of aggressive debt collectors despite your repeated attempts to assure them of your innocence. How to deal with identity theft? Whenever you become aware of any identity [...]

2025-08-11T09:28:29+00:00
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An Increase Seen in Bankruptcy Filing in Elders

Call: 888-297-6203 When people are unable to repay their debts and find no other way out, they opt for bankruptcy. In recent years, there has been an increase in the number of elders filing for bankruptcy. compared to young filers, the number of senior citizens filing for bankruptcy has tripled in the past 25 years. According to Dallas based bankruptcy law firm Recovery Law Group, the reasons why bankruptcy filing has seen an increase in older debtors are: Higher healthcare costs With increasing age, health complications are bound to happen. Thanks to erratic lifestyle, diseases like diabetes, hypertension, [...]

2025-08-11T09:31:09+00:00
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What Are the Most Common Questions People Ask About Bankruptcy?

Call: 888-297-6203 When you are left with no other option apart from bankruptcy, people are worried sick because of the myths surrounding bankruptcy. Since most of these myths are bogus, having no relation to the truth, it is important that you discuss this issue with people who are well versed with the facts. Discussing your worst fears about bankruptcy with able lawyers of Dallas based bankruptcy law firm Recovery Law Group, can open your eyes to the fact that bankruptcy can actually do you more good than you ever imagined. Here are some questions that can settle your [...]

2025-08-11T09:33:06+00:00
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Can Bankruptcy Help with Creditor’s Lawsuits Against You?

Call: 888-297-6203 When the going gets tough, managing your finances becomes extremely tricky. Sudden loss of job or medical problems can throw your household economy out of gear. Managing your debt payments may be problematic in such cases. It is no wonder that many people find themselves on the verge of bankruptcy. Despite its disadvantages, lawyers of Dallas based bankruptcy law firm Recovery Law Group say, filing for bankruptcy has many benefits including preventing any legal action against you. When you fall behind payments, creditors can pursue all kinds of actions to ensure they get their money back. [...]

2019-10-01T13:25:46+00:00
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What is Bankruptcy Audit?

Call: 888-297-6203 When any individual files for bankruptcy, whether Chapter 7 or Chapter 13, there is always a possibility of an IRS audit taking place either after filing for the bankruptcy-process or during the process. However, say lawyers of Dallas based bankruptcy law firm Recovery Law Group, that filing for bankruptcy plays no role in this audit. Though bankruptcy can stop all kind of inconvenient actions like threatening phone calls, possible lawsuits, etc., it has no effect on the IRS audit. Every year many bankruptcy petitions are filed, out of which several are selected for an audit; however, [...]

2019-10-01T13:25:06+00:00
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