The Dallas Morning News is reporting another possible bankruptcy. The paper says Park Cities Chrysler-Jeep-Dodge has stopped selling new cars. Many Chrysler dealerships are facing similar circumstances in the current economy.  The News reports Chrysler Financial is no longer financing dealer loans and is even calling in dealer loans.  Since this means dealers must come up with millions, bankruptcy may be inevitable.

Dealers, employees, and their families face tough financial futures when local businesses fail.  If their debts pile up, personal bankruptcy may follow.

Individuals facing personal bankruptcy turn to Irving bankruptcy lawyers, Dallas bankrutpcy attorneys, or law firms in Arlington and Fort Worth.

Chapter 7 bankruptcy cancels most, if not all of your debts. This process takes several months and a courthouse visit. You will also be required to complete credit counseling and debtor education. You may not be able to use Chapter 7 bankruptcy if you have received a bankruptcy discharge in the past or your income to debt ratio would allow you to file Chapter 13 bankruptcy. A Chapter 7 filing will immediately stop most creditors from trying to collect on the debts.
Chapter 13 bankruptcy is sometimes referred to as reorganization bankruptcy. Your income will be used to set up payments to cover some or all of your outstanding debt. This is paid over a three to five year period. Some of the debt may be restructured and interested rates adjusted.