Bankruptcy Law Information

The Information You Need to Help You Make an Informed Decision about…Bankruptcy Law

Located in Texas, Bailey & Galyen serves clients throughout Dallas/Ft. Worth, Houston, Grand Prairie, Arlington, Weatherford, Harlingen and Brownsville. We understand that in order to make informed decisions about bankruptcy issues, you need accurate information and sound advice. For bankruptcy matters, we provide you with the information you need and the advice and service you expect, so you can make informed decisions.

We are pleased to provide you with the following general information about bankruptcy law and some answers to some frequently asked questions as well as some issues you may be interested in knowing about if you, or a family member, have a bankruptcy matter.

We hope you find the information useful, and we invite you schedule a confidential consultation with Bailey & Galyen by calling 800-529-8008 or fill out our intake form and we will contact you to schedule a consultation.

What Is Bankruptcy Law?

Bankruptcy is a complex set of laws that govern an individual's and business' ability to discharge their debts and obtain a fresh start. The bankruptcy laws had a major reform in 2005, known as the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 or BAPCPA.

Under the 2005 bankruptcy reform act, individuals wishing to file for bankruptcy must past a "means test," which precludes many individuals with higher incomes from filing for a Chapter 7 bankruptcy, and forces those individuals into a Chapter 13 bankruptcy where they will be forced to pay all or part of their unsecured debt.

Secured debt is a debt that has property of some sort attached to it, such as a car or home. If you default on your loan, the secured creditor can always take back the property that corresponds with your loan. Unsecured debt is debt that has no property attached to it. The most common types of unsecured debt are most credit card bills and medical or hospital bills.

Bankruptcy, whether a Chapter 7 liquidation bankruptcy, a Chapter 11 business reorganization bankruptcy or Chapter 13 individual reorganization bankruptcy, treats secured debt and unsecured debt differently.

One of the many benefits of filing bankruptcy is the "automatic stay." The automatic stay in bankruptcy requires creditors to immediate cease all collection efforts, including repossession and garnishments.

If you have an bankruptcy matter, including Chapter 7 or Chapter 13, and you would like to discuss your situation with an experienced Texas bankruptcy attorney, please schedule a confidential consultation with Bailey & Galyen by calling 800-529-8008 or fill out our intake form and we will contact you to schedule a consultation.

Contact an Experienced Texas Bankruptcy Lawyer

Our goal is to provide you with the information you need to make informed decisions. We hope the information outlined above will give you a general understanding of bankruptcy law and some of the factors involved with the bankruptcy process.

To schedule a confidential consultation to answer your questions or to discuss your bankruptcy matter with a knowledgeable lawyer, please call 800-529-8008 or fill out our intake form and we will contact you to schedule a consultation.

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