https://www.denisetruelaw.com/blog daily 0.75 2023-03-22 https://www.denisetruelaw.com/blog/get-elders-out-of-debt-wtiKd monthly 0.5 2023-09-07 https://www.denisetruelaw.com/blog/elderly-parent-scammed monthly 0.5 2023-08-31 https://www.denisetruelaw.com/blog/widows-conundrum monthly 0.5 2023-03-20 https://www.denisetruelaw.com/blog/tag/widow monthly 0.5 https://www.denisetruelaw.com/blog/tag/social+security monthly 0.5 https://www.denisetruelaw.com/blog/tag/chapter+7 monthly 0.5 https://www.denisetruelaw.com/contact daily 0.75 2022-05-10 https://www.denisetruelaw.com/bio daily 0.75 2022-04-28 https://images.squarespace-cdn.com/content/v1/6177232aa042e275fbdaef77/fe7f6c70-ac0d-41cf-89aa-06f5c7f3928d/denise.jpg Bio - Denise True, Attorney at Law Experience. Diligence. Compassion. https://www.denisetruelaw.com/bankruptcy-info daily 0.75 2022-04-28 https://images.squarespace-cdn.com/content/v1/6177232aa042e275fbdaef77/1648136793202-R13QJ8O25EEYVGXZTG4V/unsplash-image-xL84hvV09yQ.jpg Bankruptcy Info - Chapter 7 Under the US Bankruptcy Code, there are basically three chapters that a consumer debtor can file under. The first is Chapter 7, which pertains to liquidation of non-exempt assets. Liquidation refers to when assets are sold and reduced to cash proceeds, which are then paid out to unsecured creditors. Only non-exempt assets can be liquidated/sold. In Texas there are two exemption schemes, Texas exemptions and federal exemptions. Generally, homeowners with significant equity in their home use Texas exemptions, while renters/new home owners tend to use federal exemptions. Finally, Chapter 7 cases usually last between 90 to 120 days. https://images.squarespace-cdn.com/content/v1/6177232aa042e275fbdaef77/1648136892960-GM5MMDE1YA9PTKNTUAWC/unsplash-image-Ai__hjzmrVo.jpg Bankruptcy Info - Chapter 13 The second is Chapter 13, which refers to the reorganization of debts as creditors will receive some sort of repayment on the debt owed to them. Accordingly, a payment plan is filed with the court and must be confirmed by the Judge. Chapter 13 cases usually last 60 months, but can end in as little as 36 months in certain circumstances. Further, there is a Chapter 13 Trustee, who oversees the case and takes a percentage of the monthly plan payment as a fee for services associated with paying creditors. Chapter 13 is for debtors who either do not qualify for Chapter 7 or have a secured debt they are trying to get current on. https://images.squarespace-cdn.com/content/v1/6177232aa042e275fbdaef77/1648498934437-JWE95V5UF1VK91F654GH/unsplash-image-yCdPU73kGSc.jpg Bankruptcy Info - Chapter 11 The third is Chapter 11, which refers to the reorganization of business debts. It is usually used by businesses such as Chrysler; however, individuals can technically file under Chapter 11 if their debts exceed the debt limit for a Chapter 13 or if they are trying to avoid having a Trustee intimately involved with the process. Of course, the fees associated with a Chapter 11 are often cost-prohibitive and are often so high that even small businesses find it difficult to successfully reorganize under Chapter 11. https://www.denisetruelaw.com/home daily 1.0 2025-12-17 https://images.squarespace-cdn.com/content/v1/6177232aa042e275fbdaef77/788b1f42-1eba-46a9-afbc-ec36211433a9/Austin+monthly+lady+justice.png https://images.squarespace-cdn.com/content/v1/6177232aa042e275fbdaef77/fe7f6c70-ac0d-41cf-89aa-06f5c7f3928d/denise.jpg https://www.denisetruelaw.com/chapter-7 daily 0.75 2023-02-13 https://images.squarespace-cdn.com/content/v1/6177232aa042e275fbdaef77/1648136793202-R13QJ8O25EEYVGXZTG4V/unsplash-image-xL84hvV09yQ.jpg Chapter 7 - Chapter 7 Under the US Bankruptcy Code, there are basically three chapters that a consumer debtor can file under. The first is Chapter 7, which pertains to liquidation of non-exempt assets. Liquidation refers to when assets are sold and reduced to cash proceeds, which are then paid out to unsecured creditors. Only non-exempt assets can be liquidated/sold. In Texas there are two exemption schemes, Texas exemptions and federal exemptions. Generally, homeowners with significant equity in their home use Texas exemptions, while renters/new home owners tend to use federal exemptions. Finally, Chapter 7 cases usually last between 90 to 120 days. https://www.denisetruelaw.com/chapter-13 daily 0.75 2023-02-26 https://images.squarespace-cdn.com/content/v1/6177232aa042e275fbdaef77/1648136892960-GM5MMDE1YA9PTKNTUAWC/unsplash-image-Ai__hjzmrVo.jpg Chapter 13 - Chapter 13 The second chapter consumers can file bankruptcy under is Chapter 13, which refers to the reorganization of debts as creditors will receive some sort of repayment on the debt owed to them. Accordingly, a payment plan is filed with the court and must be confirmed by the Judge. Chapter 13 cases usually last 60 months, but can end in as little as 36 months in certain circumstances. Further, there is a Chapter 13 Trustee, who oversees the case and takes a percentage of the monthly plan payment as a fee for services associated with paying creditors. Chapter 13 is for debtors who either do not qualify for Chapter 7 or have a secured debt they are trying to get current on. https://www.denisetruelaw.com/chapter-11 daily 0.75 2023-02-26 https://images.squarespace-cdn.com/content/v1/6177232aa042e275fbdaef77/1648498934437-JWE95V5UF1VK91F654GH/unsplash-image-yCdPU73kGSc.jpg Chapter 11 - Chapter 11 The third chapter a US consumer debtor could file under is Chapter 11, which refers to the reorganization of business debts. It is usually used by businesses such as Chrysler; however, individuals can technically file under Chapter 11 if their debts exceed the debt limit for a Chapter 13 or if they are trying to avoid having a Trustee intimately involved with the process. Of course, the fees associated with a Chapter 11 are often cost-prohibitive and are often so high that even small businesses find it difficult to successfully reorganize under Chapter 11. https://www.denisetruelaw.com/exemptions daily 0.75 2023-02-26