Plano TX Bankruptcy Attorney
April 30, 2012 | 
Author Bankruptcy disrupts more than just finances. It can be a major event in a person or business’s life. The laws regarding this process are complex, and for those going through bankruptcy, legal counsel is advised. DEMARCO MITCHELL is the Plano TX bankruptcy attorney for many. This practice has attorneys with knowledge of the various forms of bankruptcy available in Texas and how to help people to file for these.
DEMARCO MITCHELL is a bankruptcy practice with 35 years of experience in the field between their partners. Among the options is Chapter 7 bankruptcy for businesses and individuals to create a fresh start. Chapter 7 should only be filed if an individual cannot fund Chapter 13 bankruptcy or if a partnership or corporation needs to file. The bankruptcy attorneys with DEMARCO MITCHELL can help their clients to determine the correct type of bankruptcy to file for, whether it is Chapter 7, Chapter 13, or Chapter 11.
Bankruptcy is never an easy decision to make, but it may be the only way to overcome overwhelming debt. It may be an option for those who are facing legal suits, foreclosure of their homes, vehicle repossession, creditor harassment, or IRS problems. A free consultation with a Plano bankruptcy attorney with DEMARCO MITCHELL can help the individual or business to decide if bankruptcy is the best option. If it is determined that this is the correct path, the attorney can help with filing the needed information and assisting the individual throughout the process.
Money problems can happen to anyone. While bankruptcy is not always the best choice for every debtor, it may be an option for some. Those interested in the bankruptcy process and getting legal advice should contact the Plano bankruptcy lawyers with DEMARCO MITCHELL today at 972-578-1400 to get a free initial consultation.
Posted in Bankruptcy, Chapter 7, Plano Bankruptcy Firm | 
Tags: bankruptcy attorney in plano, bankruptcy lawyers, chapter 7, plano tx bankruptcy | 
Comments Closed
Bankruptcy Assistance in Plano TX
If you are looking for a Plano bankruptcy lawyer to help you enjoy a fresh start in life, you will absolutely want to consult with DeMarco Mitchell, PLLC, which was established in 2009. This firm will ensure that you receive the services of a highly qualified Plano TX bankruptcy attorney who has expertise in bankruptcy litigation. The lawyers at this firm have successfully represented clients with 35 years of combined experience in bankruptcy practice. The Plano firm has provided quality service to hundreds of consumer debtors in the Plano and Dallas areas.
Bankruptcy law has become increasingly complex over recent years and it can be very difficult to navigate through all the legal issues involved in bankruptcy litigation. This Plano based law firm is packed with straight shooters who will thoroughly assess your financial outlook and provide you with appropriate options at your disposal. The firm enjoys a reputation of adhering to strict ethical standards and will not hesitate to advise you against filing for chapter 7 bankruptcy or chapter 13 bankruptcy if it is in your best interest. There are a variety of possible solutions that may be available to you, including refinancing, creditor workouts, assignment for benefit of creditors and bankruptcy. Allow one of the seasoned attorneys at this firm to guide you through the best solution for you. The clients of this firm have reported being put to ease, which is so important because your financial future is on the line.
This Plano-based law firm guarantees to provide you with the personal attention you need and deserve to tackle your bankruptcy situation and options. Do not risk or jeopardize your future financial security and stability. To take the first step to a better financial future, contact DeMarco Mitchell, PLLC at 972-578-1400 to schedule a free bankruptcy consultation. You won’t regret it.
Posted in Bankruptcy, Plano Bankruptcy Firm | Tags: bankruptcy attorney in plano, bankruptcy lawyers, chapter 7, plano tx bankruptcy | Comments Closed
Plano TX Chapter 7 Bankruptcy
Dealing with debt can be an overwhelming challenge for many people. If you’re looking for a Plano TX bankruptcy attorney, lawyers with DeMarco Mitchell can help you decide if declaring bankruptcy is right for you and guide you through the complex legal process.
Honest individual debtors can get a fresh start by filing for bankruptcy under Chapter 7 of the U.S. Bankruptcy Code. Most debt can be discharged under Chapter 7 bankruptcy, and it protects most of the debtor’s assets. Most actions by creditors, including wage garnishment, repossession and lawsuits, must stop as soon as the bankruptcy case begins. Some debt, including student loans and various taxes, can not be dismissed.
A Plano bankruptcy lawyer can help you through the process of declaring bankruptcy in both the Northern and Eastern District Courts of Texas.
The first step is to file a petition for relief in the U.S. bankruptcy courts. The petition lists all of the debtor’s assets and liabilities, details his income and expenses, and contains a statement of his full financial situation.
Next, the court appoints a trustee who examines the accuracy of the debtor’s filings, designates some assets as non-exempt, and oversees selling those assets and giving the proceeds to the creditors.
The debtor will meet with the trustee, usually within 30 days of filing a bankruptcy petition. This is called a meeting of creditors, and although creditors rarely attend, this meeting is their chance to question the debtor. The debtor testifies under oath, and any untruths can result in perjury charges and lead to a dismissal of the bankruptcy case.
Finally, the Bankruptcy Court clerk issues the official discharge of debt, typically about 60 days after the first meeting of creditors. Copies of the discharge are mailed to the debtor and all the creditors.
The DeMarco Mitchell bankruptcy practice can help you decide if this process is the right way to solve your debt problems. Get legal bankruptcy advice today by calling 972-578-1400.
Posted in Bankruptcy, Chapter 7, Plano Bankruptcy Firm | Tags: bankruptcy attorney in plano, bankruptcy lawyers, chapter 7, plano tx bankruptcy | Comments Closed
Debt Restructure Service from Your Plano TX Bankruptcy Attorney
DeMarco Mitchell offers debt restructure for individuals and business owners considering filing for Chapter 11 or Chapter 13 bankruptcy. When debts due to mortgages, medical bills, consumer goods and any other reason are no longer manageable, you need a Plano TX bankruptcy attorney with experience. The attorneys at DeMarco Mitchell have more than 35 years of experience in bankruptcy practice.
Debt restructuring is a responsible and reasonable alternative action to declaring bankruptcy. Unlike the slow and costly process of declaring bankruptcy in a court of law, the restructuring of debt moves quickly. DeMarco Mitchell is experienced and knowledgeable in restructuring of both individual and business debts. During restructuring of debts, DeMarco Mitchell attorneys negotiate with your creditors, vendors and suppliers on your behalf. This allows you to concentrate on growing your business instead of dealing with legal issues.
When your monthly income is less than your expenses, conversion of your high interest debt or refinancing to more favorable rates will help you get back to an improved financial position. Restructuring your debt allows you to keep making payments, but on terms that are more favorable than those in your original agreement with your vendors and creditors.
Another option to restructure your personal or business debt may be a consolidation loan to lower your monthly expenses and improve your cash flow. As your Plano bankruptcy lawyer, DeMarco and Mitchell is experienced in all manners of business litigation, including negotiating with creditors to gain the most favorable terms before making any final bankruptcy decisions.
Restructuring your debt allows you to maintain your existing relationships with your vendors, suppliers and creditors. DeMarco and Mitchell will litigate on your behalf and both you and your creditors benefit by avoiding bankruptcy and continuing with repayment of existing debt.
To find out how DeMarco Mitchell is experienced in restructuring of personal and business debt, call 972-578-1400 today to schedule a free, no obligation consultation.
Posted in Bankruptcy, Debt Restructuring, Plano Bankruptcy Firm | Tags: bankruptcy attorney in plano, bankruptcy lawyers, debt restructure, debt settlement, plano tx bankruptcy | Comments Closed
Choose DeMarco Mitchell for Bankruptcy in Plano Texas
DeMarco Mitchell have a combined experience of 35 years representing individuals, families, and small businesses in Chapter 7 bankruptcy, and Chapters 11, and 13 bankruptcy proceedings. Both Plano TX bankruptcy attorneys are members of the State Bar of Texas and the Dallas Bar Association. Robert DeMarco is also a member of the American Bankruptcy Institute and Michael Mitchell is a member of the National Association of Consumer Bankruptcy Attorneys.
In 2009, DeMarco and Mitchell combined their bankruptcy practices in order to provide more efficient and affordable services to their clients. They hold themselves to high ethical standards and with their expertise, offer superior legal service. Bankruptcy is one of the most complex legal fields in law practice. These Plano bankruptcy lawyers are expert bankruptcy lawyers and always up-to-date on any changes in bankruptcy law. Their goal is to provide the very best representation that can be found.
If you believe you need to file bankruptcy, the Plano bankruptcy attorneys will provide you with a free initial consultation. You can make an appointment or choose a consultation over the phone. They will advise on your filing options or whether you need to file for bankruptcy at all. There may be other solutions to help resolve your debt problems.
If, after consultation, it is determined that it is in your best interest to file bankruptcy, DeMarco Mitchell will represent you throughout the proceeding. They will attend court with you or on your behalf if you do not need to physically attend. You will be kept informed of the status of your case and will be advised of any actions that may need to be taken on your behalf. For your free initial consultation, call 972-578-1400.
Posted in Bankruptcy, Debt Restructuring, Plano Bankruptcy Firm | Tags: bankruptcy attorney in plano, bankruptcy lawyers, debt settlement, plano tx bankruptcy | Comments Closed
Debt Restructuring: Better Than Bankruptcy
For all struggling companies, the dead-last option before pulling the plug on a business should be Chapter 11 bankruptcy. According to recent statistics, approximately four out of every five businesses that file for bankruptcy are not able to make a comeback.
Many experts feel a much more reliable alternative to bankruptcy is debt restructuring, which allows companies who are facing financial issues to negotiate with creditors to modify its delinquent debts in order to continue operations. Debt restructuring keeps a business active without them having to deal with the legality issues of a bankruptcy claim.
With debt restructuring, a company works on lowering debt payments but also extend loan terms to get by. It’s not quite a deferment of sorts, but it does allow the company to continue functioning while paying smaller monthly payments. In order to qualify for debt restructuring, most companies must show proof to creditors and loan officers that they are in need of immediate assistance but also show that their profitability has sound potential to improve in the near future.
In the eyes of some, most business should do everything possible to insist that bankruptcy is a last-ditch option. Let our Plano TX attorneys assist you with all debt restructuring questions, in addition to other commercial and business litigation issues. Call our Plano bankruptcy law firm today, or contact us online for more details.
Posted in Bankruptcy, Chapter 11, Debt Restructuring, Plano Bankruptcy Firm | Tags: bankruptcy, chapter 11, debt restructuring, plano, texas, tx | Comments Closed
Bankruptcy: Chapter 7 vs. Chapter 13
The law office of DeMARCO•MITCHELL, PLLC specializes in Chapter 7 bankruptcy and Chapter 13 bankruptcy law. To some, that says a lot. To many, it’s like hearing a foreign language.
While some may hear about Chapter 7 bankruptcy and Chapter 13 bankruptcy on TV or the radio, defining both bankruptcy options may be an entirely different subject. Our Plano TX attorneys want you to understand the difference between the two options and, if bankruptcy is the route you must take, choose your option wisely.
Chapter 7 bankruptcy, also known as straight bankruptcy, gives a debtor a fresh start by granting a discharge in exchange for the sale all non-exempt asses owned. The funds from those assets are distributed within a debtor’s creditors.
Chapter 13 bankruptcy requires debtors to put together and follow a debt repayment proposal for all creditors over a period of three to five years. A debtor is allowed to retain all assets in this case. A debtor is required to make monthly payments to a bankruptcy trustee during those three to five years, and the trustee distributes payments to the creditors.
If bankruptcy is an option you must take, our bankruptcy law experts are more than willing to answer all of your questions. They can further explain the differences in the two bankruptcy options and will offer proper and thorough advice regarding which option suits you best. Call our Plano attorneys today, or contact us online for more information.
Posted in Bankruptcy, Chapter 13, Chapter 7 | Tags: bankruptcy, chapter 13, chapter 7, debtor, differences, law | Comments Closed
Assignment for Benefit of Creditors: A Corporate Bankruptcy Alternative
We at DEMARCO•MITCHELL, PLLC would like to take a moment to discuss one bankruptcy alternative. Assignment for Benefit of Creditors, or ABC, is the voluntary transfer of property and legal title by a debtor (Assignor, and Transferor) to a third party (Assignee); where the third party liquidates said property in order to meet a debt obliged to a creditor or creditors. The Assignor is given any surplus money should liquidation yield funds greater than debts owed to creditors. While anyone can file for an ABC, it is rare that an Assignee will accept an individual debtor as an Assignor. However, an ABC can be an ideal solution for certain corporate entities facing insolvency.
There are a few forms ABC may take; such as: General Assignment, Partial Assignment, or Special Assignment.
In a general assignment, the assignor turns over all property to the assignee for liquidation in order to meet obligations to all creditors. Whereas a partial assignment is an iteration where only a portion of the assignors property is transfered to the assignee for the benefit of all creditors. A special assignment differs from the previous assignments in that specificied creditors benefit from the liquidation of assets. An Assignment for Benefit of Creditors may not clear the assignor of debts obligated to creditors. The assignor is liable for the amount owed to a creditor or creditors, should the debt prevail after liquidation.
This is by no means an exhaustive definition of Assignment for Benefit of Creditors; and state statutes may vary. If you are an individual debtor or small business debtor considering bankruptcy, contact DEMARCO•MITCHELL, PLLC in Plano, Texas. Our experienced, Plano TX bankruptcy attorneys will provide a free consultation and handle your case with the diligence and personal attention you deserve. Contact our attorneys online, or call us today at (972) 578-1400.
Posted in Assignment for Benefit of Creditors, Bankruptcy, General Assignment, Partial Assignment, Special Assignment | Tags: abc, assignee, assignment, assignment for benefit of creditors, assignor, benefit, creditor, debtor, general assignment, liquidation, partial assignment, special assignment | Comments Closed
How Your Bankruptcy May Affect Co-Debtors
You may have passed the means test and are ready to proceed with your Chapter 7 Bankruptcy, but have you thought about your co-signer or your spouse? Bankruptcy affects those around you in ways you wouldn’t anticipate. If you file Straight Bankruptcy, or Chapter 7 Bankruptcy, and your spouse fails to file as well, your spouse may still be liable for all debts owed to creditors. If you are divorced, and the debt was incurred during the marriage, your ex-spouse may still be held liable as well. Further, under Chapter 7 Bankruptcy, Co-Debtors (Co-Signers / Guarantors) are liable for all debts owed to a specific creditor.
However, under Chapter 13 Bankruptcy, a co-debtor may receive an automatic stay, if the debt was incurred for a domestic (e.g. household) purpose. If the debt is related to business, the co-debtor is not protected and may be held liable for the debt. Still, filing for Chapter 13 Bankruptcy does not relieve the co-debtor of debt obliged to the creditor. The stay is a mechanism for protecting the co-debtor from collection actions while your Chapter 13 Bankruptcy is pending. And so long as you meet your debt payments under Chapter 13 Bankruptcy; your co-debtor should remain unharmed.
This blog post is by no means a comprehensive interpretation of co-debtor obligations. Should you have any questions regarding your bankruptcy proceedings, consult your Dallas TX Bankruptcy Attorneys at DEMARCO•MITCHELL, PLLC. Our Dallas TX bankruptcy lawyers will provide the personal attention your legal needs require. Contact us online, or call (972) 578-1400.
Posted in Bankruptcy, Chapter 11, Chapter 13, Chapter 7, Co-Debtor | Tags: attorneys, bankruptcy, chapter 13, chapter 7, co-debtor, debt, debtor, liable, spouse | Comments Closed