Patrick D. West Law Firm, P.C

Types of Bankruptcy – What Type Can Help You?

There are three main types of bankruptcy cases for individuals, the most common of which are chapter 7 and chapter 13.

In most Chapter 7 bankruptcy, all property is exempt, and debtors can keep possession of all property. These bankruptcy cases are sometimes called No-Asset Cases.. If the debtor has more assets than can be exempted, the trustee sells the property, and then distributes the proceeds to creditors according to priorites established by bankruptcy law.

A Chapter 13 bankruptcy is sometimes used by individuals that want to catch up on past due home mortgages or car loan payments and keep their assets. In Chapter 13, a debtor promises to pay all or part of the debts over a three to five year period. If the debtor makes these required payments, he or she wil be able to keep his or her property.

Would you like a free consultation on your Texas bankruptcy options from a Fort Worth bankruptcy attorney that will give you honest answers ?  Contact the law office of DFW bankruptcy attorney Patrick D. West, today,  and start getting the relief you need to move on in your life!

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This entry was posted on Saturday, January 7th, 2012 at 4:56 am and is filed under Bankruptcy Videos. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.