Get Texas Southern District Bankruptcy Guide and Forms Package for Chapters 7 or 13

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U.S. Legal Forms, Inc. Bankruptcy Forms and Information Package SOUTHERN DISTRICT OF TEXAS This package includes uniquely packaged forms and information for Chapter 7 or Chapter 13 Bankruptcies,
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FAQ

Chapter 7 bankruptcy tends to be the fastest option and in many cases, this type of bankruptcy case can be completed in just a few months. Chapter 13 cases, on the other hand, cannot exceed five years but usually last about that long. There is no time limit on Chapter 11 plans.

Chapter 11 can be done by almost any individual or business, with no specific debt-level limits, nor required income. Chapter 13 is reserved for individuals with stable incomes, while also having specific debt limits.

Chapter 11 bankruptcy works well for businesses and individuals whose debt exceeds the Chapter 13 bankruptcy limits. In most cases, Chapter 13 is the better choice for qualifying individuals (and sole proprietors).

Chapter 11 Personal Bankruptcy Your debts can't exceed $1,184,200 in secured debt (mortgage, car payments) and $394,725 in unsecured debt (credit cards) in order to qualify. ... Chapter 11 also allows you to reduce the interest rate and extend repayment terms. That would mean lower monthly payments.

All filers can protect (exempt) the same amount of assets. Here's the difference: Only the Chapter 7 trustee sells nonexempt assets. In Chapter 13 bankruptcy you must pay for the value of the nonexempt assets you keep through your three- to five-year repayment plan.

For many debtors, Chapter 7 bankruptcy is a better option than Chapter 13 bankruptcy. ... For instance, Chapter 7 is quicker, many filers can keep all or most of their property, and filers don't pay creditors through a three- to five-year Chapter 13 repayment plan.

All filers can protect (exempt) the same amount of assets. Here's the difference: Only the Chapter 7 trustee sells nonexempt assets. In Chapter 13 bankruptcy you must pay for the value of the nonexempt assets you keep through your three- to five-year repayment plan.

It's only a good idea to file for Chapter 7 bankruptcy if you think that you're going to be in a better financial situation after your bankruptcy. ... You file for bankruptcy when you're in the most debt that you expect to be in. That way you can get lasting relief and avoid having to go through the process again.

Filing Chapter 13 can stop the foreclosure process and give you a chance to catch up on your past-due mortgage payments. And if you have debts in collections, any debts discharged during Chapter 13 means your creditors can no longer take any action to try to collect the money from you.

In general, costs ranging from $500 to $3,500 are considered typical for Chapter 7. You'll be required to pay the fee before you file, since attorney's fees could qualify as part of the debt discharged in a successful Chapter 7 filing.