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3 Kinds Of Chapter Bankruptcy Protections To Alleviate Your Financial Anxiety

When you’re in dire financial straits, drowning in debt, you may think there is no way to get out from under the mountain. Whether your mortgage company is threatening to foreclose on your home or business, the landlord is suing you for back rent, or the debt collectors are calling you for your past due credit card bill or car payment.

With the help of Pratt Law Group, you can stop all the calls and letters for collection and become financially solvent.

How Can You Get Relief From Debt?

The relief comes in the form of bankruptcy protection. Bankruptcy will alleviate some of the financial pressure, so you can strategize a plan that gets you back on the right financial path. Bankruptcy helps protect you from foreclosures and creditor harassment.

We are a bankruptcy law firm that has successfully helped clients with their complex business bankruptcies. It doesn’t matter how much money you owe; we have the answer to your problem. And, we will help you to get back on solid ground.

We Focus On Three Main Aspects Of Bankruptcy Law

  • Chapter 7 Bankruptcy – Eliminate your unsecured debt to have a better financial start.

  • Chapter 11 Bankruptcy – Reshuffle your business debt to secure your company’s success

  • Chapter 13 Bankruptcy – Set up your debt into a reasonable payment plan to repay the debt over a set period of time, with the rest discharged at the end of it.

No matter why you can’t pay your bills, the attorneys at Pratt Law Group can assist you in getting financial relief.

  • Full Service Representation

  • Debt Relief Agency

  • Debtor Bankruptcy Services

  • Creditor Bankruptcy Services

  • Chapter 7 – Liquidation Bankruptcy

  • Chapter 11 – Business Bankruptcy

  • Chapter 13 – Reorganization Bankruptcy

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Business Owners Can File Chapter 7 Bankruptcy

Business chapter 7 bankruptcy isn’t very common as Chapter 11 business restructuring, but the practice is becoming more common these days. With this kind of bankruptcy, a business seeks liquidation and sells its assets to pay off its debts (usually tax debts).

Small business owners often use their personal line of credit to get their business off the ground and may find that they cannot pay off their debt. We come up with a plan after we look at your financial situation. We’ll ask you about solvency, the future of your business and come up with an idea for relief for your personal debt.

Consumers Chapter 7 Bankruptcy

If you don’t have a lot of assets and your last six months of income is lower than the median income for your family size in Texas, you may be eligible to file for Chapter 7 bankruptcy. After a review of your situation, we’ll know for sure if Chapter 7 or Chapter 13 is better.

If your house is underwater or you have too high of an adjustable-rate mortgage, we will make you aware of your situation and let you know what your options are.

Divorce and Bankruptcy

When a household loses one income, usually through a divorce, it often leads to serious financial difficulties. We can assist you during this trying process so that you can move on with your life without a financial cloud hanging over your head.

We Can Assist With Your Chapter 11 Bankruptcy

Bankruptcy offers you immediate relief from bill collectors, providing you with some breathing room to come up with a plan of action to get out from underneath your debt. It gives you a chance to look at which bankruptcy option is best for you.

How do we help?

We look over your business’ finances to consider your cash flow and business prospects to set up a Chapter 11 reorganization. We can help set up the reorganization plan structure between you and the other parties involved – vendors, banks, creditors, etc.

In the majority of situations, we suggest to our clients to look at all their options before declaring bankruptcy. We only suggest it as a last resort, and we feel it’s your only option to recover from financial distress.

Get Legal Help When You Face Financial Problems

Most businesses tend to file Chapter 11 bankruptcy, but people who have large debts or earnings will find Chapter 11 is best for them. With the help of our bankruptcy attorneys, we can help you wade through the process and find an option that’s right for you.

We’ll Help You Through The Chapter 11 Process

At The Pratt Law Group, we know there is no one-size-fits-all solution to bankruptcy. With over 99 years of experience, we learned that there is no universal way to help business owners get out of debt.

We listen to the concerns our clients have. We review the details of every clients’ business – no matter its size. We give them advice on which bankruptcy option is best to address their financial situation.

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Considering Filing For Chapter 13 Bankruptcy?

You may think it’ll never happen to you, but bankruptcy can occur to anybody. It could happen because of a job layoff, medical bills, divorce, etc. If you have the means to pay for some of your debt (but not all), Chapter 13 bankruptcy may be the right financial recovery path.

Chapter 13 bankruptcy can reorganize the debt. Bankruptcy protection will give you the relief you need, doing so by reorganizing it to get back on solid financial ground.  With the help of Pratt Law Group bankruptcy attorneys, we can bring you some peace of mind.

Ask yourself if you deserve the financial freedom that bankruptcy can offer. If the answer is yes, then you should really consider the option.

We Can Review Your Finances To Find The Best Solution

We look over your finances and come up with a solution best for you. People who have a decent income and can pay on their secured debts are usually eligible for Chapter 13 bankruptcy. People who do not have the financial means or assets are usually eligible for Chapter 7 bankruptcy. We have helped many businesses with their commercial bankruptcy cases to restructure companies and give them a chance for success.

If you restructure your debt via Chapter 13, you can rest easier at night, knowing that you won’t lose your home or car and a lot of credit card debt. You can feel assured that we can help you have a clean financial start.

We Can Help You On The Road To Financial Recovery

For decades, we have been helping people like you get control over their debt. Darryl Pratt, our founding attorney, is a business owner who has dealt with some of Texas’ most complicated commercial bankruptcies. He has the experience and skills that make him more than competent and formidable in court, and great respect from his peers.

Just because you choose Chapter 13 bankruptcy doesn’t mean you’re on the hook to pay everything back. Actually, depending on how much you make and the amount of your secured and unsecured debt, you may find that you only need to pay some of it back. With the repayment plan, you should get relief from your financial pain. Once the plan has been fulfilled, your unsecured debt will be discharged.

Reach out to our bankruptcy law firm by phone at 888-517-4575 or online to set up a free initial consultation.

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