Bankruptcy Filing Tips

Chapter 7 and Chapter 13 Consumer Bankruptcy Presented on the rise in Texas

Of course, it is not just happening in Texas. Men and women in homes across the country are facing difficult financial decisions in the light of our current economy. The issues raised around the table can vary from how reduce the summer and plans that will be responsible for cutting coupons this week for the unpaid bills may go up next month and how to knowing that her youngest son plans to attend her dream college should be retained. What are the options available to an individual or a family needs to see some improvement on their finances or else face dire consequences? In an effort to avoid foreclosure, many people try to sell their homes and find a new place to live with a lower rent or mortgage payment. But with the housing market today, may have properties "For Sale" signs planted in the front yards of the months before a buyer is interested. debtors increasingly are turning to debt consolidation services that promise in the ads television during the day and evening to reduce your monthly payments into a manageable rate. But what if your situation is so desperate that these options will not be enough to ease their burden? As Texas and other debtors of the United States are deciding to request the protection of bankruptcy can be the best option at this time economic concern.

Recent issues concerning bankruptcy in our state program as is becoming a harsh reality of our jeans, especially in Austin, Houston and San Antonio. Only in the early months of 2009, according to court records indicate that approximately 2672 bankruptcy cases have been presented in Houston. This figure shows an increase of 6.2% in the 2515 cases filed during the same period last year. The jump in filings in some of our other large cities is even more surprising. In San Antonio, the bankruptcy filings in the first three months of 2009 amounted to 1,127, representing an increase 22.5% compared to 920 such filings, which took place between January and March 2008. And the numbers indicate that people living in our state Capitol in Austin are also trying to relieve themselves of some of its overwhelming financial burdens. Bankruptcy presentations of all kinds in the Austin area were slightly higher 800 in the first quarter of 2009, which is 25% over the same period last year. Despite data showing more Texans are struggling to maintain his personal life financial capacity, our state is doing better than most others in the country. Last year, reached the forty-sixth in the nation in bankruptcy, even better than our 2007 ranking which placed us at number thirty-nine. Of course, this relatively good news does nothing to lessen the pain of each individual facing bankruptcy.

For those who are considering the option of filing for bankruptcy, be aware of state and federal laws affect such filings in Texas. There are two options available for individuals, Chapter 7 or Chapter 13 bankruptcy.

Chapter 7, the approach common, it is considered direct liquidation bankruptcy in which their non-exempt assets are turned over to an administrator appointed by the court and then converted into cash to pay their creditors. In fact, most people who have the cap. 7 does not have non-exempt assets to sell and Chapter 7 bankruptcy filing becomes essentially a new beginning for your finances. The federal bankruptcy laws in Texas have to consider so you can determine whether to use the federal exemption statutes or the statutes of Texas when the documentation of property that creditors are not allowed to play. With Texas having the list of the most generous in the country about what debtor may retain the majority of bankruptcy filers choose to follow the guidelines of Texas. You are eligible for Ch 7 bankruptcy if your income is below of the average family income in Texas, as determined by statistics from the U.S. Census Bureau. If your income is above that amount determined, the court can look at your income during the past six months, and current expenses to determine if you qualify.

If the court determines that the bankruptcy their financial capacity makes ineligible for a Channel 7 filing, then Channel 13 may be the most appropriate action for you. Under this system, known such as debt reorganization bankruptcy, debtors develop a payment plan to repay creditors over a period of three to five years. If you have some assets not free to hold, even after bankruptcy, you may prefer to file as a Chapter 13 bankruptcy. This also applies to people who have debts such as taxes or student loans that can not be liquidated through a Chapter 7 bankruptcy.

While a Chapter presentation 13 can be seen as similar to working with a debt consolidation service, as both set periodic payments the intention of bringing up to date with creditors, people seeking financial relief to know that there are differences in the two options. With chapter 13, to obtain the testimony of an administrator appointed by the court (which may or may not be lawyers) who works with you to ensure that payments are appropriate and properly processed. Moreover, some private companies may be scams to obtain a profit by charging exorbitant fees and it can even lead to the exemption of credit you want. These contracts should be signed only after completed extensive research on the company and reading the experiences others have had.

Filing bankruptcy may seem like a wonderful solution for a financial crisis that has been draining for years and this is true in many cases. However, you must remember that when you hire a lawyer and file for bankruptcy that are affecting its assets, your credit score, and the creation of a registry that is available to the public. It is essential that you have a bankruptcy lawyer effective and complete and that will be on your side as you navigate through the procedure of bankruptcy court and cumbersome procedures. Errors can result in loss assets which it considers essential to protect. And if you do not report some of its assets, federal criminal charges may result. Why take risks with their money, their belongings precious, and even its future? If it is possible that the presentation under Chapter 7 or Chapter 13 bankruptcy soon, your first step should be a phone call to a lawyer with experience in bankruptcy.

About the Author

Tony R. Bertolino is the managing partner of Bertolino LLP, a law firm with attorneys in Austin, Houston, and San Antonio who practice bankruptcy law. The attorneys at Bertolino LLP can assist with both Chapter 7 bankruptcy and Chapter 13 bankruptcy cases.

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