Easy Questions  
Free Legal Documents

Frequently Asked Questions about Personal Bankruptcy in Altair, TX

Frequently Asked Questions about Personal Bankruptcy in Altair, TX


Bankruptcy represents a longstanding commitment in this country to helping people get a fresh start.
 
- Tim Johnson


Bankruptcy is a legal procedure that allows an individual or company to eliminate debt and stop their creditors from harassing them.

What does "Chapter 7" and "Chapter 13" bankruptcy mean?

There are different types of bankruptcy, referred to as "chapters" because of their chapter location in the bankruptcy laws. For example, Chapter 7 refers to the seventh chapter in the Bankruptcy Codes. Bankruptcy Chapter 11 is for business reorganization, while Chapters 7, 12, and 13 can apply to families and individuals.

What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy?

Chapter 7 bankruptcy is known as a "fresh start "or "liquidation bankruptcy." It is used to sell off assets in an attempt to satisfy the outstanding debts. On the other hand, Chapter 13 bankruptcy does not require assets to be sold. Instead, the filer follows a payment plan which typically gives them several years to pay off a percentage of their debts based on their income.


What are the advantages and disadvantages of choosing to file Chapter 7 rather than Chapter 13 bankruptcy?

  • Under Chapter 7 bankruptcy, the basic principle is to sell off the majority of your assets and properties so that creditors can reclaim part of the money that is owed to them. Certain assets, such as a primary residence or a vehicle, can be declared exempt and may be retained even after Chapter 7 bankruptcy has been filed. Certain debts, such as taxes and student loans, may not be eliminated under Chapter 7 bankruptcy. By contrast, under Chapter 13 bankruptcy you may be able to keep all of your assets, and are only required to pay off a percentage of the debt over time.
  • You only qualify for Chapter 13 bankruptcy if you have a regular source of income and your debt is below a certain amount. This ensures that a restructured payment plan is workable. If you don't have the means to pay off your debt over time, then Chapter 7 bankruptcy may be the only option for you.

  • How does filing for bankruptcy help me deal with creditors?

    After you have filed your paperwork, the court clerk will inform all of your creditors that they may no longer contact you in pursuit of payment.

    What happens to my assets during Chapter 7 and Chapter 13 bankruptcy?

    If you file for Chapter 7 bankruptcy, you are required to make a complete list of all of your assets and properties. There are a limited number of assets that you may keep, depending on the laws of your state. If you file for Chapter 13 bankruptcy, you are able to keep all of your assets.


    Can I keep any of my current or old credit cards once I have filed for Chapter 7 or Chapter 13 bankruptcy?

    Your credit card company will decide if you can keep your credit cards after you file for bankruptcy.

    Can I apply for new credit cards after filing for bankruptcy?

    Credit card companies may perceive you to be a greater credit risk once you have filed for bankruptcy. This may cause them to offer you lower credit limits, higher interest rates, and additional fees and penalties. As an alternative, some companies may offer you a secured credit card (or prepaid card) in which you are required to pay a specific amount of money up front. That money acts as the credit limit for your credit card.

    Do I have to file for bankruptcy if I am in debt?

    If your debts are significantly higher than the value of your assets and income, then you might consider filing for bankruptcy.

    Do I have to disclose all of my assets and property when I file for bankruptcy?

    Yes. Full disclosure of all of your assets is required by the bankruptcy law. In fact, it is a felony to fail to list all of your assets or to transfer them to another party in an attempt to hide them.


    Does filing for bankruptcy require that I go to court?

    If you are able to resolve all issues between you and your creditors, it is not necessary to go to court.

    Will everybody know about my bankruptcy?

    Bankruptcy filings are public, but personal information is withheld. Your creditors and co-debtors will be given direct notice of your bankruptcy. If you have an ex-spouse who receives child support from you, he or she will receive a letter regarding your bankruptcy and what to do if child support cannot continue.

    If I am married, does my spouse have to file for bankruptcy too?

    If you and your spouse have co-signed debts together, then you can file for a joint-bankruptcy petition and eliminate or restructure the debt for both spouses. If the debts are only in your name, then you can file for bankruptcy individually.

     
    Personalize & Print a Free TX Last Will Download this Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
     
    Personalize & Print a Free TX Living Will Download this Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Related Legal Services near Altair, TX
    Alfredo Ortiz
    814 W Hildebrand Ave
    San Antonio, TX 78212
    (210) 785-9881
    Attorneys, General Practice Attorneys, Criminal Law Attorneys
    Martinez James A
    7170 Westwind Dr Ste 201
    El Paso, TX 79912
    (915) 543-9712
    Attorneys
    JAMES WHEAT
    2611 San Pedro Ave
    San Antonio, TX 78212
    (210) 224-9300
    Attorneys, Criminal Law Attorneys, Bail Bonds
    Wheat James S
    2611 San Pedro Ave
    San Antonio, TX 78212
    (210) 224-9300
    Drug Charges Attorneys,  Bail Bonds,  Attorneys,  Criminal Law Attorneys,  Sex Offense Attorneys,  D
    Rudy Wattiez
    2118 N Main Ave
    San Antonio, TX 78212
    (210) 320-9284
    General Practice Attorneys, Attorneys, Legal Service Plans
    John W. Stickels, J.D. PhD
    770 N Fielder Rd
    Arlington, TX 76012
    (817) 479-9282
    Attorneys
    Stickels & Associates P.C.
    770 Fielder Rd
    Arlington, TX 76012
    (817) 479-9282
    David S Kohm & Associates
    1414 W Randol Mill Rd
    Arlington, TX 76012
    (817) 984-9233
    Bankruptcy Law Attorneys
    Buttles Lewis
    342 W Woodlawn Ave # 103
    San Antonio, TX 78212
    (210) 738-8881
    Bankruptcy Law Attorneys, Business Bankruptcy Law Attorneys, Attorneys
    Rodriguez Jose C
    342 W Woodlawn Ave # 103
    San Antonio, TX 78212
    (210) 738-8881
    Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
    Harmonson S Clark
    7170 Westwind Dr
    El Paso, TX 79912
    (915) 584-8777
    Attorneys
    Hicks & Llamas PC
    124 W Castellano Dr # 100
    El Paso, TX 79912
    (915) 834-8400
    Attorneys,  Personal Injury Law Attorneys,  Insurance Attorneys,  Litigation & Tort Attorneys,  Lega
    Ty J. Wood
    2302 North 208
    Colorado City, TX 79512
    (325) 728-8400
    Attorneys, Legal Service Plans
    Coles-Davila Teresa
    4819 San Pedro Ave
    San Antonio, TX 78212
    (210) 222-8389
    General Practice Attorneys, Attorneys, Legal Service Plans
    Walthall Jr, Thomas J - Gardner Law Firm
    745 E Mulberry Ave # 500
    San Antonio, TX 78212
    (210) 733-8191
    Attorneys, General Practice Attorneys, Legal Service Plans, Business Law Attorneys, Litigation & Tor
    Roberto S Vargas
    201 W Poplar St
    San Antonio, TX 78212
    (210) 212-8181
    Attorneys, Legal Service Plans
    Seal Karen Law Office
    202 E Park Ave
    San Antonio, TX 78212
    (210) 226-8101
    General Practice Attorneys, Attorneys
    Leal Ernest
    2119 McCullough Ave
    San Antonio, TX 78212
    (210) 738-8100
    General Practice Attorneys, Attorneys
    Henderson Law Office
    7005 Woodway Dr # 207
    Woodway, TX 76712
    (254) 235-8008
    General Practice Attorneys, Attorneys, Legal Service Plans
    Mark D Scott & Associates
    3000 E Loop 820
    Fort Worth, TX 76112
    (817) 534-8000
    General Practice Attorneys, Attorneys, Legal Service Plans
    Janice Miles, PLLC
    111 W. Olmos
    San Antonio, TX 78212
    (210) 710-7773
    Estate Planning, Probate, & Living Trusts, Child Custody Attorneys, Divorce Attorneys, Family Law At
    Lovett Steven
    7362 Remcon Cir
    El Paso, TX 79912
    (915) 225-7745
    General Practice Attorneys, Attorneys
    Crowson & Crowson
    725 S Mesa Hills Dr
    El Paso, TX 79912
    (915) 533-7717
    Insurance Attorneys, Attorneys, Business Law Attorneys
    Derek W. Emmons, P.C.
    206 E Locust St
    San Antonio, TX 78212
    (210) 887-7711
    Attorneys,  Criminal Law Attorneys,  DUI & DWI Attorneys,  Legal Service Plans,  Traffic Law Attorne
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US