Energy & Exploration Partners of Fort Worth and an affiliate filed for Chapter 11 bankruptcy protection after the Texas firm was unable to pay millions of dollars in debt, citing changes to the world oil market. The supplier and service companies filed late on...
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Bankruptcy
Bankruptcy is viable option for debt relief
On Behalf of Pelley Law Office LLP | Nov 18, 2015 | Bankruptcy
Texas residents who find themselves overwhelmed by financial obligations may be averse to filing for bankruptcy because of the presumed stigma it carries. They may not realize there are times when this form of debt relief may be the best thing they could do.When debts...
Misrepresentations in bankruptcy can lead to asset seizure
On Behalf of Pelley Law Office LLP | Oct 15, 2015 | Bankruptcy
Texas consumers sometimes face mounting debt that becomes unmanageable and need to file for bankruptcy. While bankruptcy can provide people with a fresh financial start, a recent case out of North Carolina demonstrates the importance of fully disclosing all assets and...
Important facts about filing for bankruptcy
On Behalf of Pelley Law Office LLP | Oct 9, 2015 | Bankruptcy
When bills overwhelm an individual, bankruptcy might present itself as a legal way out of financial hardship. The process, however, comes with long-term consequences and may not solve all debt problems. In Texas, a person considering bankruptcy can get counseling from...
Filing personal bankruptcy for real estate debts in Texas
On Behalf of Pelley Law Office LLP | Sep 1, 2015 | Bankruptcy
In the past, filing for bankruptcy was considered the easy way out of debt and carried a social stigmata. However, in recent years, it has become a standard way of getting out of a bad situation. Due to the housing crisis, many people who bought homes and real estate...
Restaurant chain Z’Tejas files for Chapter 11 bankruptcy
On Behalf of Pelley Law Office LLP | Jul 30, 2015 | Bankruptcy
It has recently been reported that the restaurant chain Z'Tejas has filed for Chapter 11 bankruptcy. According to the bankruptcy filing, the company, founded in Texas in 1989, owes $9.3 million to over 200 creditors. One of the company's debts includes a $17,448.61...
Celebrity bankruptcies show the ups and downs of success
On Behalf of Pelley Law Office LLP | Jul 21, 2015 | Bankruptcy
Fortunes go up and down for famous people in Texas and around the country. Like others who are not as well known, they experience financial challenges, such as divorce, lawsuits and business failures. Their troubles make the headlines, however, because of the large...
If I file for bankruptcy in Texas, will I lose all of my assets?
On Behalf of Pelley Law Office LLP | Mar 31, 2015 | Bankruptcy
Filing for bankruptcy is not a decision that many people in Texas take lightly -- nor should they. Although bankruptcy can be an effective debt relief tool, it is important to consider exactly what it will mean for you and your future before you choose to file.One of...
Actions to avoid before filing bankruptcy
On Behalf of Pelley Law Office LLP | Mar 26, 2015 | Bankruptcy
When a person in Texas files for bankruptcy protection, a trustee is assigned by the court. In addition to assessing assets the debtor has on hand that can be sold to pay off creditors, the trustee is also responsible for determining whether valuable assets were...
When bankruptcy can be the correct choice
On Behalf of Pelley Law Office LLP | Mar 10, 2015 | Bankruptcy
The last time a major change was made to bankruptcy laws was in 2005, when new regulations were passed that made it more difficult for people to file. Due to the stigmata that tends to be associated with filing for bankruptcy, it was considered by many to be a good...