When considering filing for bankruptcy in Texas, the options available to individual consumers can lead to a great deal of confusion. For some, Chapter 7 bankruptcy is preferable. For others, Chapter 13 bankruptcy is right for them. When piling the different possibilities on top of the financial challenges that led to the bankruptcy consideration, a person might begin to feel overwhelmed. For those who are confronted with a troublesome financial situation, having a grasp on the differences can be achieved with legal help.
Eligibility to file for Chapter 7 and the means test
Texas residents who are confronted with financial struggles might not want to consider bankruptcy, but it is often the most feasible way to get back into a better position and move forward. When thinking about filing for Chapter 7, there are certain rules that must be followed and criteria that must be met to successfully proceed. It is necessary to follow the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Under this law, only those who earn less than the median amount in their state are able to file for Chapter 7 bankruptcy.
Large sports retailer puts plans in place for Chapter 11
Businesses large and small in Texas and throughout the country will inevitably run into peaks and valleys. With this in mind, it is important to prepare for every possible contingency and understand the potential value of filing for Chapter 11 bankruptcy. Contrary to popular belief, a reorganization under Chapter 11 does not automatically mean that the business is finished and will therefore have no future. In reality, a business bankruptcy under Chapter 11 can help a business get back into a better position to move forward with a debt reorganization and come out stronger than before.
Refusal to grant discharge when filing for bankruptcy, Part II
Texans are not immune to unexpected life changes and the need for debt relief. Filing for bankruptcy is a method with which financial challenges can be mitigated and a person can get back into a better position to move forward. There is the possibility that there will be a refusal by the court to grant a discharge. Part I discussed some of the circumstances in which a discharge might be refused. This post will discuss the remaining reasons under the law.
