Chapter 11, Chapter 7, and Chapter 13 in Austin

It's okay to admit that you have had enough. No one with any sense is going to judge you for deciding you need to do something drastic about your financial situation before it gets any worse. Naturally making the decision to file for bankruptcy in Austin Texas isn't an easy decision, but a person has to do what is best. The next step for you to take is to decide which type of bankruptcy plan is right for you under the circumstances. Hiring an Austin based bankruptcy attorney will make that choice easier, but until you make your appointment here is a brief look at Chapter 11, Chapter 7, and Chapter 13 bankruptcy plans under Texas law.

• Chapter 11 business bankruptcy
• Chapter 13 personal bankruptcy
• Chapter 7 personal bankruptcy

One of the first decisions you will have to make about your Austin bankruptcy is if it is personal or business. If your business is in deep financial trouble, then a Chapter 11 bankruptcy is likely the best way for you to go. This type of bankruptcy keeps your business doors open while you work to repair the damage done by financial hard times. It is a reorganization of the debt. The bankruptcy judge will order you to honor specific preexisting contracts. The rest will be paid off monthly on a set schedule the business can afford. You may have to sell some equipment or assets in the reorganization, but you will have the opportunity to stay in business and give it another chance.

Chapter 13 bankruptcy works much like Chapter 11 only on a personal level. This Austin Texas bankruptcy plan is designed to save families and individuals from losing all of their assets. Taking your debt, monthly income, and monthly expenses into consideration, the court will approve a set amount for you to pay the trustee each month. The court appointed trustee pays your creditors for you. In a Chapter 13 bankruptcy, home foreclosures are stopped and the harassing phone calls are a thing of the past.  An experienced Austin bankruptcy attorney can help you set up the most affordable plan possible under the law.

When most people think of bankruptcy, they think of Chapter 7.  Under Austin Texas law, Chapter 7 eliminates your debts.  Debtors who qualify for and choose this type of bankruptcy can expect to get a fresh start and most debtors will not lose any of their property.  An experienced Austin bankruptcy attorney can help you get the best result possible and protect as much property as possible.