Texans who are planning to file Chapter 13 bankruptcy petitions should take note of a recent U.S. Supreme Court decision that could affect those cases. The ruling, issued on May 4, ended a circuit court split regarding the ability of people to appeal denials of their Chapter 13 repayment plans.
Individuals in Texas who have filed for Chapter 13 bankruptcy may wonder what to do if they find that they still cannot make payments on their mortgage. There are two solutions available if an individual no longer wishes to continue making house payments in this situation.
As Texas residents may know, Chapter 13 bankruptcy allows an individual to reorganize debt and make payments on it over a three- to five-year period while retaining primary residence ownership. However, individuals may not be aware of recent changes in the law.
People considering filing bankruptcy in Texas should be aware that only certain types of bankruptcy allow for tax debt relief. In addition, only certain kinds of federal tax debt are eligible for relief. Understanding how various types of bankruptcy work is important to understanding what tax options may be available. Chapter 7 bankruptcy may be a viable option, but Chapter 13 may be one's only recourse.
For some Texas residents, bankruptcy protection may be the only answer for debt relief. However, the question of which type of bankruptcy to file can be difficult due to the differences between them.
Financial difficulties for Texas residents can range in magnitude, making it important to evaluate your options as you take on a specific situation. When those challenges extend to many debts or involve an extreme life change, you may find that filing bankruptcy becomes a serious consideration. However, bankruptcy isn't always the best solution. Even when you do find that bankruptcy appears to be the route to take, it is important to have solid counsel to ensure that your filing is accurate and appropriate.
Homeowners in Texas who are both overwhelmed by unmanageable debt levels as well as the specter of foreclosure may be unaware that filing Chapter 13 bankruptcy can both provide relief from their debt as well as halt the foreclosure of their home. Unlike the liquidation under Chapter 7, Chapter 13 bankruptcy provides a vehicle through which filers may take control of their delinquencies and save their homes.
Many people may have questions about what kinds of property they can keep when declaring bankruptcy in Texas. Depending on what type of bankruptcy someone files, certain assets may be exempt from collection activity.
Many Texas residents encounter serious financial problems and consider a Chapter 13 bankruptcy after a setback such as an illness, injury or layoff. You may be thinking about taking this path if your income disqualifies you from filing a Chapter 7 bankruptcy, or you may be contemplating a Chapter 13 bankruptcy because you have assets, such as a home or motor vehicle, that you would like to hold onto.
For Texas residents facing an unmanageable amount of debt, there is help out there. They can put a stop to collection calls through a Chapter 13 bankruptcy filing. When filing Chapter 13 bankruptcy, individuals can help themselves, getting out of debt by agreeing to a repayment plan with those to whom they owe money.