Q: What types of bankruptcy can be filed in the state of Texas? Are there any specific debts than can not be included?
A: For a regular person there are two basic types of bankruptcy. A Chapter 7, also called Liquidation or Straight Bankruptcy, and a Chapter 13, also called Reorganization. A 7 takes a few months, and any unexempt property will have to be either purchased back or surrendered to the Trustee. A 13 is much more complicated and is usually used in situations where a person wants to keep their home, which is in or close to foreclosure. A 13 requires that the person have a regular income and that a feasible plan for payment be presented. Though certain types of debt survive a discharge (i.e Domestic Support, Taxes, Student Loans, Debts relating to a DUI, ect), all debt, including these must be listed.
A: There are 4 types of bankruptcy, chp 7, chp 11, chp 13, and chp 12 (actually 5 since there is an international bankruptcy). Generally, an individual who is filing for personal, family and/or consumer purposes will file either a chp 7 or chp 13. Bankruptcy is under federal law so everyone can file for either, subject to meeting certain qualification criteria. All debts and property owned and own by the filer must be disclosed and listed in the bankruptcy. Any failure is a bankruptcy crime subject to fine, jail or both, not to mention losing your ability to get a bankruptcy discharge.
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