Debt Restructure Service from Your Plano TX Bankruptcy Attorney
February 13, 2012 | 
Author 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 | 
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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