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

Of course, not just happening in Texas. Men and women in households across the country are facing difficult financial decisions in light of our current economy. The questions that arise around the dinner table may differ from how reduce the summer holidays and plans that will be responsible for cutting the bonds of this week so that bills can go without pay until next month and making your child child know that plans to attend college should be put his dream on hold. What are the options available to an individual or a family that has to do a certain improvement in its financial position or else face dire consequences? In an effort to avoid foreclosure home, 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 more and more people are turning to debt consolidation services, promising in that day and the late television commercials of the night to reduce their monthly payments at 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 throughout the United States decide to seek protection from bankruptcy may be the best option in these economically troubled times.

Recent figures on bankruptcy in our state to show what is increasingly one the hard reality of our fellow Texans, especially in Austin, Houston and San Antonio. Only in the early months of 2009, court records indicate that approximately 2672 bankruptcy cases have occurred in Houston. This figure shows an increase of 6.2% over the 2515 cases were filed during the same period last year. The jump in filings in some of our major cities is even more surprising. In San Antonio, bankruptcy filings for the first three months of 2009 amounted to 1,127, representing a 22.5% increase from 920 such filings, which took place between January and March 2008. And the numbers indicate that people living in the capitol State in Austin, are also trying to get rid of some of its overwhelming financial burdens. Bankruptcy orders of all types in the Austin area was slightly more than 800 in the first quarter of 2009, which is 25% over the same period last year. Despite data showing that most Texans are struggling to maintain their personal financial standing, our state is doing better than most others in the country. Last year, Texas ranked forty-sixth in the nation in bankruptcy, even better than our 2007 ranking, which put us at number thirty-nine. Of course, this relatively good news does nothing to diminish the pain of each individual who is facing bankruptcy.

For those who are considering the option of declaring bankruptcy, you should be aware of laws state and federal affecting such filings in Texas. There are two options available to individuals: Chapter 7 or Chapter 13 bankruptcy.

Chapter 7, the most common method is considered to direct the liquidation bankruptcy in which his non-exempt assets are turned over to an administrator appointed by the court and then converted into cash to pay its creditors. In fact, most people with Cap. 7 does not have to sell nonexempt property and bankruptcy Chapter 7 is essentially becomes a new beginning for your finances. The federal bankruptcy laws in Texas have found it so you can determine whether to use the exemption statutes or federal statutes of Texas, when documentation of property that creditors are not allowed to touch. With Texas having the list of the most generous in the country for what the debtor may retain those who use most of bankruptcy choose to follow the guidelines of Texas. You are eligible for Channel 7 bankruptcy if their income falls below the median family income in Texas, as determined by the U.S. Census Bureau statistics. If your income is above this fixed amount, the court can look at your income in the last six months, and your current expenses to determine if you qualify.

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

While a presentation of Chapter 13 can be seen as similar to working with a debt consolidation service, both of which periodic payments are intended to keep up to date with its creditors, those seeking financial aid should know that there are differences in the two options. With Chapter 13, you get the guarantee of a trustee appointed by the court (which may or may not be lawyers) who works with you to ensure that payments are appropriate and correctly processed. Moreover, some private companies may be scams to make a profit by charging exorbitant fees and can even result in the alleviation of credit you want. Such contracts should be signed only after completing an extensive investigation into the company and reading the experiences others have had.

Filing bankruptcy may seem like a wonderful solution to 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 declaring bankruptcy affect your assets, your credit score, and the creation of a registry that is available to the public. It is essential to have an effective and complete and bankruptcy attorney, that will support you as you navigate through bankruptcy court proceedings and cumbersome. Errors can result in loss of assets considers essential to protect. And if you do not report some of its assets, federal criminal charges may result. Why take chances with your money, precious objects, and even its future? If you can be filing a Chapter 7 bankruptcy or Chapter 13 soon, your first step should be a phone call to an attorney with experience bankrupt.

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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