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Houston Bankruptcy Lawyers
Filing Bankruptcy in Houston Texas - Bankruptcy Laws Houston Chapter 7 & 13 Bankruptcy Laws
Texas Bankruptcy Exemptions - What you Keep! |
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Filing bankruptcy in Houston can help you...
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Repossesion of Your Car |
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Credit Card Debt and Interest |
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Interest Piling on Unpaid Bills |
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Collections |
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Since bankruptcy is a federal law, bankruptcy can only be filed in a federal court. Because of this most bankruptcy laws are the same across all the states. The variation in the state laws are the bankruptcy exemptions. Exemptions are the assets (personal property) an individual debtor is allowed to keep when filing bankruptcy. (Texas exemptions are here) The other main difference in the bankruptcy laws between states is the length of time a debtor will be in bankruptcy.
The first step in a bankruptcy is the filing of the official petition and a lengthy document called the Statement of Financial Affairs at the bankruptcy court. The Statement of Finacial Affairs includes extensive information about your priority debts, secured debts, unsecuted debts, a list of debtor assets and your contact information.
Houston, Texas Bankruptcy Laws
Under the new bankruptcy laws it is still possible to file for chapter 7 bankruptcy. There will be a little bit more paperwork for your bankruptcy lawyer to fill out, but it is still entirely possible with only a little bit more effort.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is also known as a straight bankruptcy. This chapter of the bankruptcy law is the most common. A debtor will turn over all their non-exempt assets to their bankruptcy lawyer, who will in turn sell them to raise as much funds as possible to pay to your creditors. After a period of time (usually 3-5 months) the debtor will receive a discharge of all dischargeable debts and will have a fresh start in their financial life.
Chapter 13 Bankruptcy
The main advantage of chapter 13 of the bankruptcy law is you can prevent foreclosure by filing bankruptcy under this chapter. You will lose your home if you file chapter 7 bankruptcy.
The other advantage of filing under chapter 13 is you won't have to deal with your creditors, your bankruptcy lawyer will deal with the creditors for you.
With a chapter 13 bankruptcy you agree to a structure with your creditors where you pay back as much of your debts as possible over a certain term of time. Chapter 13 is a good option for many people because they feel it is "right" to pay back their debts as they can. If you have an asset that is non-exempt and you want to prevent losing it, you may want to consider filing for chapter 13 bankruptcy instead of chapter 7. Chapter 13 is a good option for those individuals who do not want to lose any of their property that is not exempt.
You are eligble to file for chapter 13 bankruptcy in Texas if your unsecured debts are less than $307,675 and secured debts are less than $922,975.
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