Bankruptcy, Restructuring, and Distressed Workouts & Insolvency

Freeman Law provides trusted legal counsel in bankruptcy and insolvency matters, including representation in distressed transactions and litigation. Our attorneys employ creative legal strategies to assist financially-troubled corporations and other businesses, as well as creditors, trustees, landlords, equity holders, and distressed asset investors.

Bankruptcy Attorneys

The firm’s skilled attorneys offer problem-solving solutions to complex insolvencies, including domestic and cross-border bankruptcies. Our Bankruptcy and Restructuring Practice provides experienced counsel to navigate financial restructurings in Chapter 11, workouts in and out of court, liquidations, insolvency, and distressed acquisitions and dispositions.

Our attorneys offer unique cross-disciplinary expertise in taxation, litigation, and forensic accounting and asset tracing, positioning the firm to handle complex, bankruptcy litigation on behalf of debtors, creditors and trustees, as well as bankruptcy taxation matters. The firm assists with all aspects of bankruptcy and insolvency matters, including:

  • Creditor’s rights
  • Commercial disputes and complex litigation
  • Asset sales
  • Workouts
  • Distressed acquisitions and dispositions
  • Restructuring
  • Liquidations
  • Debtor-in-possession financing
  • Debt restructuring
  • Foreclosures
  • Bankruptcy litigation, including non-dischargeability adversary proceedings
  • Corporate governance
  • Fiduciary duties
  • Bankruptcy taxation
Freeman Law represents clients in the Dallas-Fort Worth area. Schedule a consultation or call to (214) 984-3410 to discuss your bankruptcy concerns.

Bankruptcy FAQs

Q: Should I Get a Lawyer for Bankruptcies?

A: Individuals filing for bankruptcy have the right to do so without an attorney. If your Chapter 7 case involves valuable assets, or if you want to file for Chapter 13 bankruptcy, filing without an attorney could cost you more than you'd save going it alone. 

Q: When You File Bankruptcy Do You Have to Go to Court?

A: In most cases, you'll need to go to court only once for a short meeting with the trustee (and perhaps a creditor or two, although it's unusual for creditors to appear).

Q: Who is Responsible to Send a Notice to All the Creditors About Bankruptcy Filing?

A: After you file the bankruptcy petition, the court mails a notice to all the creditors listed in your bankruptcy schedules. This usually takes about one week or less. Creditors will also stop calling if you tell them that you filed the bankruptcy petition. Give them the "case number" for your case.

Q: What is the Minimum Debt to File Bankruptcy?

A: There is no minimum amount of debt you must have in order to file for bankruptcy relief. While the amount of your debt is an important factor to consider, there are other more important factors to take into account in determining if a bankruptcy filing is in your best interest.

Q: What is the Downside of Filing for Bankruptcy?

A: A bankruptcy filing can make it difficult to get another loan or mortgage for many years. Loss of property and real estate. Sometimes not all personal property and real estate will fit under an exemption. This means the bankruptcy court could seize some of your property and sell it to pay your creditors.

Q: At What Point Should you Consider Bankruptcy?

A: “If your debt is such that you can't afford to pay it off in full over the next 36 months, you may want to consider bankruptcy,” suggests bankruptcy attorney Jay Fleischman. Similarly, someone who finds themselves unable to make the minimum payments on their accounts should consider getting legal advice.

Q: Debts Never Discharged in Bankruptcy

A: While the goal of both Chapter 7 and Chapter 13 bankruptcy is to put your debts behind you so you can move on with your life, not all debts are eligible for discharge.

The U.S. Bankruptcy Code lists 19 different categories of debts that cannot be discharged in Chapter 7, Chapter 13, or Chapter 12 (a more specialized form of bankruptcy for family farms and fisheries).1

 While the specifics vary somewhat among the different chapters, the most common examples of nondischargeable debts are:

 
  • Alimony and child support.
  • Certain unpaid taxes, such as tax liens. However, some federal, state, and local taxes may be eligible for discharge if they date back several years.
  • Debts for willful and malicious injury to another person or property. "Willful and malicious" here means deliberate and without just cause. In Chapter 13 bankruptcy, this applies only to injury to persons; debts for property damage may be discharged.
  • Debts for death or personal injury caused by the debtor's operation of a motor vehicle while intoxicated from alcohol or other substances.
  • Debts you failed to list in your bankruptcy filing.

Q: Can you go to jail for declaring bankruptcy?

A: Does anyone ever go to jail for filing bankruptcy? As long as you tell the truth in court and on your bankruptcy petition, the answer is no. People don't go to jail for filing bankruptcy.

Q: Why you should never file bankruptcy?

A: Filing for bankruptcy has a bad reputation in many circles due to the fact that it damages your credit and involves discharging debts that will likely never be repaid. Sure, Chapter 7 bankruptcy isn't great for your credit score and will appear as a public record for 10 years after filing
 

Q: What is a notice of bankruptcy stay?

A:  The stay stops all parties from continuing the lawsuit in any way against the person who has filed bankruptcy. The stay is in force, whether or not anyone has received notice of the bankruptcy.
 
What are some exceptions to the bankruptcy automatic stay?
The Exceptions in Automatic Stay
  • Criminal Matters.
  • Collection of Child or Spousal Support.
  • Taxes.
  • Family Court.