Bankruptcy Laws Texas
According to your varied requirements, you may choose Chapter 7 or Chapter 13 in Texas.
These bankruptcy laws Texas come to rescue and protect and rescue you when you get caught in a cobweb of heavy debts. You are trapped in heavy debts because you do not know about the existing dept eliminating options. It is celebration galore for Texas dwellers because Chapter 7 and Chapter 13 will relief you all your debts in several simple steps.
Chapter 7 is what bankruptcy experts will recommend for you if you pass the “means test." You are also eligible for protection under this law if you have successfully completed a pre-filing interaction with a credit expert.
Feeling under bankruptcy laws, Texas Chapter 7 has several advantages. The process is so quick such that you will be in a position of receiving discharges in not more than three months.
Secondly, under bankruptcy laws Texas, creditors will not be in a position to contact you during the entire time the automatic stay is effective, not even after your debts have been discharged.
The third benefit is that most and in some cases. All of your unsecured debts are in the position of being completely discharged.
Who can file under Chapter 13? If you are an individual with unsecured debts that are below $360,500, then this is the perfect chapter for you. Additionally, your secured debts need to be below$1,082,450.
Chapter 13 is best to use when you have sufficient income to meet all your daily expenses, but you are not in a position to keep up with your debt payment schedule.
This chapter is beneficial in that, one, you will not have any direct contact with your creditors in the period of protection. Rather, your bankruptcy trustee makes the distributions to your creditors after making your monthly payments.
Chapter 13 allows you to retain most of your property while allowing you time for the payment of your past accounts due.
Again, after agreeing the on the schedule that is best for your condition with trustee, you will be allowed a period of 4-6 years for catching up accounts that are delinquent. Bankruptcy laws Texas allow no limitation for exemption under chapter 7.