Types of Bankruptcy
What Types of Bankruptcy Are Available in Houston?
If you are considering filing for bankruptcy, it is best to speak with an experienced Bankruptcy Lawyer before you decide what to do. There are multiple types of bankruptcies, and the well experienced Houston Bankruptcy Attorney can help you determine which type of bankruptcy is best suited for your specific needs and situation. The various forms of bankruptcy are as follows:
Chapter 7 Bankruptcy:
Under Chapter 7, a debtor can eliminate most or all of their unsecured debts through discharge. Debts that are commonly discharged through Chapter 7 include all credit cards, unsecured loans, medical and many more types of debts of bankruptcy creditors. After filing for Chapter 7, a debtor will no longer be held responsible for paying any debts that were discharged through bankruptcy. However, not all people will qualify for bankruptcy protection under Chapter 7. Chapter 7 is typically reserved for people with too much expenses and not enough income. If you really have too many expenses and not enough income you need to find out about filing bankruptcy in Houston.
Chapter 11 Bankruptcy:
Chapter 11 is a form of bankruptcy that is available to businesses or corporations who are seriously behind in paying their debts. Businesses and corporations that are granted bankruptcy protection under Chapter 11 are given the chance to reorganize their finances and debts. During the reorganization process, the business is able to continue its operations while it works on a repayment plan for all of its creditors (usually pennies on the dollar).
Chapter 13 Bankruptcy:
Chapter 13 is another form of personal bankruptcy used by both individuals and families. Under Chapter 13, the debtors consolidate their outstanding debts into one monthly payment which is then paid to a trustee in installments over the course of three to five years. While this form of bankruptcy can be effective in helping completely eliminate some of their debts, it is generally less desirable than Chapter 7, which completely eliminates an individual’s unsecured debts (credit cards, loans, etc) without having to pay any of them.
Experienced Bankruptcy Attorney Serving Houston
It is normal to feel confused or unsure about which type of bankruptcy is best for you. If you are considering bankruptcy as an option, Houston Bankruptcy Lawyer O. Miller White is available to meet with you to determine which type of bankruptcy would be most effective in helping you eliminate as many of your debts as possible. He will also give you the total of all the bankruptcy fees needed to handle your case to its conclusion. Call us today if you live in the Richmond, Galleria, Rosenberg, Southwest Houston and all other Houston Areas. Often the total of all bankruptcy fees needed are less than the payments you now make monthly on all your unsecured debts.
To schedule a free office consultation, please contact the Law Offices of O. Miller White today.