Uniquely packaged forms and information for Chapter 7 or 13 bankruptcies, including detailed instructions and other resources. Click and view the Free Preview for the latest revision dates and a complete overview of contents.
Texas Northern District Bankruptcy Guide and Forms Package for Chapters 7 or 13
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Free preview Chapter 7 Bankruptcy Texas Forms
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Unlike the Chapter 7 bankruptcy process which liquidates significant portions of a debtor's assets and distributes the proceeds to creditors, Chapter 13 is best viewed as a financial reorganization of the individual's debts, allowing the debtor to repay creditors over an extended period of time in accordance with a
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.
Filing Chapter 13 BankruptcyChapter 13 allows debtors to repay all, or a significant portion, of their debts in 3-5 years under a court-ordered plan. The most common debts discharged in a Chapter 13 proceeding are medical bills, credit card debt and personal loans.
With Chapter 7, those types of debts are wiped out with your filing's court approval, which can take a few months. Under Chapter 13, you need to continue making payments on those balances throughout your court-instructed repayment plan; afterwards, the unsecured debts may be discharged.
Key Takeaways. Chapter 7 bankruptcy doesn't require a repayment plan but does require you to liquidate or sell nonexempt assets to pay back creditors.Chapter 13 bankruptcy eliminates qualified debt through a repayment plan over a three- or five-year period.
In many cases, Chapter 7 bankruptcy is a better fit 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.
Chapter 7 is a liquidation bankruptcy. In a Chapter 7 bankruptcy, the court makes an order saying that certain debts do not have to be paid back. Chapter 13 is a reorganization bankruptcy. It allows a person to make a plan to pay some debts over a period of time.
The filing fees in a Chapter 13 case are $310. This figure is accurate as of December 1, 2016. To stay on top of the latest fees, visit the web sites for the bankruptcy courts in Texas. United States Bankruptcy Court for the Eastern District of Texas, Fee Schedule.
How soon can you file for Chapter 13 after Chapter 7 bankruptcy? In order to get debts discharged through Chapter 13, you must wait four years after filing a Chapter 7 bankruptcy.