Corporations Practice Area - Levin & Atwood, LLP.

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Contact Levin & Atwood, LLP in Katy, Texas to schedule a complimentary consultation

The Bankruptcy Code was changed in the fall of 2005, and the credit industry was behind the changes. It is now more difficult and costly to file bankruptcy, but it is still possible.

There are three different kinds of bankruptcies that an individual may file, which are commonly referred to by the chapter of the Bankruptcy Code which govern them: liquidation (Chapter 7), repayment (Chapter 13), and in rare circumstances, a reorganization (Chapter 11).

It is possible that you may not qualify for Chapter 7 bankruptcy, depending on your income, the number of people in your household, and many other factors. After reviewing your debts and situation, the attorneys at Levin & Atwood will be able to determine whether or not you are eligible to file Chapter 7 bankruptcy.
Chapter 7 Bankruptcy is a liquidation process or “fresh start.” Bankruptcy law (Federal and Texas law) allows you to keep certain exempt property, which will not be sold or distributed to creditors. Non-exempt property is available to your creditors. Things that would be considered exempt property under Texas Bankruptcy law are things like your pets, your clothing, jewelry (with some restrictions), and your homestead, among many others. Under Chapter 7, you will continue to make payments on your secured property that you intend to keep, like your home and your cars.

Chapter 13 Bankruptcy is a repayment plan under court supervision. Chapter 13 is appropriate for you if you want to avoid or stop repossession of your car or foreclosure of your house because of missed monthly payments or non-payment of property taxes. Chapter 13 allows you to restructure payments by combining many debts into a plan specifically created for your situation and paying one monthly payment to the Chapter 13 Trustee. You will need to be employed in order to qualify for Chapter 13 reorganization. Chapter 13 is usually appropriate for people who have fallen behind on secured loans, like your home and your car, and need to catch up before repossession or foreclosure.

Bankruptcy is not for everyone. At Levin & Atwood we offer Bankruptcy alternatives, including debt settlement. We can work with your creditors and attempt to settle your debt for pennies on the dollar. It is dangerous to try and settle a debt without having a written settlement agreement, because you as the consumer do not have proof of the creditor’s intentions with regard to your settlement. All too often consumers “settle” debts only to have the debts re-appear years later.

If you are interested in trying to settle your debt, whether you have or have not been sued, please contact us. We are a debt relief agency we help people file for bankruptcy under the bankruptcy code.

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