Northern Law Firm, P.C.

At first, the idea of filing bankruptcy may seem unsettling. With an experienced attorney at the Northern Law Firm, you can learn how bankruptcy could be the first step in ending the cycle of debt and moving on with your life. We are an Amarillo bankruptcy firm, that treats clients with respect and focuses our efforts on delivering solutions.

After you have decided to file for bankruptcy in Amarillo, the most important consideration is choosing which type of bankruptcy to file. There are three common types of bankruptcy:

• Chapter 7 bankruptcy:  liquidates nonexempt assets and distributes proceeds to creditors while discharging almost all types of debt. Chapter 7 is sometimes referred to as a “fresh start” for individuals and businesses.
  
  
• Chapter 11 bankruptcy:  used by businesses, this type of bankruptcy permits companies to reorganize and restructure while repaying debts. When filing for Chapter 11, the company must submit a repayment plan to creditors for approval.
  
  
• Chapter 13 bankruptcy:  this chapter is similar to Chapter 11 bankruptcy, but for individuals. Applicants for Chapter 13 must demonstrate a stable income and the possibility of paying back debts within three to five years. Under Chapter 13, most people are able to stop repossessions and foreclosures and correct delinquent mortgage payments.

Each of these options has its advantages. If you are in need of bankruptcy help in Amarillo contact attorney Van W. Northern who can advise you about which type of bankruptcy is most suitable for your situation.