Worrying about what went wrong in the past often traps individuals and business owners struggling with financial insolvency. In our bankruptcy practice, we make every effort to put our clients’ pasts behind them and work hard to place them in the best long-term financial situation possible.
Visit our New Bankruptcy website - Taxas Bankruptcy Attorneys
At Bailey & Galyen , we represent individuals and commercial entities throughout Texas and the Dallas-Fort Worth, and Houston areas with Chapter 7 and Chapter 13 bankruptcy proceedings. We now have a Board Certified Bankruptcy Attorney . Our bankruptcy practice works with insolvent individuals, businesses, or creditors seeking to have the debtor’s remaining assets distributed among the creditors, or restructured to allow the business to continue to operate. Our attorneys routinely handle:
- Credit Card Debts
- Credit Harassment
- Garnishments
- Home Foreclosures
- Repossessions
- Liquidation
- Individual Reorganizations
- Invalid Claims
- IRS Collections
- Lawsuits
- Judgment
Please call 1-800-529-8008 or Contact Us to discuss your case.
Click here to learn more about our bankruptcy practice.
Bankruptcy - An Overview
Bankruptcy is a legal vehicle that provides relief to individuals and businesses in serious financial trouble and protects their creditors to the extent possible. Generally, the bankruptcy process assesses the debtor's assets and liabilities and provides a structure within which the debtor is allowed to keep some property and ordered to satisfy as many eligible debts as possible, according to an order of priority established by law. Remaining debts are discharged, except those of certain types, like domestic support orders, debt obtained by fraud and most tax debt.
The traditional stigma of bankruptcy has faded and been replaced by the view that it is a fresh start after a time of trouble. Most bankruptcy debtors have experienced unexpected and extreme financial shock, such as that caused by sudden events such as job loss, business failure, death, divorce or illness.
In such cases, filing bankruptcy may be the right answer.
If you are facing serious financial challenges, it is very important to seek the counsel of an experienced bankruptcy attorney to help you to assess your legal options.
Read More
Consumer Bankruptcy
When an individual falls desperately behind in his or her debt payments, one option may be to declare bankruptcy, a legal proceeding in a federal bankruptcy court that relieves the debtor of some or all of his or her debts. Although in many ways bankruptcy can give a person a fresh start, it is important to remember that bankruptcy can also negatively affect his or her credit rating and make it hard to obtain credit in the future.
A lawyer experienced in bankruptcy law can advise you as to whether bankruptcy may be the right move for you.
Read More
Commercial Bankruptcy
Like a consumer, a business sometimes finds itself in the uncomfortable position of being unable to pay its debts. One solution is to file for bankruptcy, a legal process in federal bankruptcy court that releases the business from the obligation to pay all or some of its debts. Although bankruptcy provides a fresh start, bankruptcy can also have harmful credit consequences. Sometimes the bankrupt business even ceases to exist at the end of the court proceedings. A lawyer experienced in bankruptcy can advise business owners about whether bankruptcy is right for them.
Read More
Credit Counseling Requirement in Bankruptcy
In 2005, Congress passed and the president signed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), a bankruptcy reform law. One of the new requirements BAPCPA imposes on a new bankruptcy debtor is to receive credit counseling from an approved credit counseling agency before the bankruptcy filing. A lawyer experienced in consumer credit and bankruptcy law can help educate debtors about these new counseling requirements.
Read More
Surviving the Emotional Effects of Bankruptcy
No matter what circumstances ultimately led to filing bankruptcy, both the practical and the emotional impact on the debtor will be enormous. Confronting the emotional and psychological issues surrounding bankruptcy and reaching an understanding and acceptance of the situation are essential to rebuilding and maintaining a successful financial life. An experienced bankruptcy attorney can guide a debtor through the complicated legal, financial and emotional maze of bankruptcy and steer him or her in the right direction for the future.
Read More
Frequently Asked Questions about Bankruptcy
Q: Why are so many consumers filing bankruptcy?
A: Americans generally have overextended themselves by using too much easily accessible credit to finance overspending, combined with lack of savings. With no financial safety net, sudden crises such as medical emergencies, job losses or failed businesses, death or disability of spouses, or divorce can result in insurmountable debt. On average, a typical bankruptcy debtor is employed and middle-aged with a high school education and relatively low income.
Q: What alternative courses of action are there to filing bankruptcy when facing overwhelming debt?
A: Short of bankruptcy, a debtor may enter into mediation with creditors or negotiate workout agreements to extend due dates, lower interest rates, partially forgive debt or alter other terms. A debtor may execute an assignment of property for the benefit of creditors (ABC), wherein the debtor puts assets in the trust of a neutral third party to pay creditors. A business debtor can sell the business, negotiating the satisfaction of debt as part of the deal. Other creative options to bankruptcy exist.
Read More
