What is the difference between a Chapter 7 and a Chapter 13 bankruptcy?

In a Chapter 7 bankruptcy you ask the bankruptcy court to discharge most of the debts you owe. In exchange for this discharge, the bankruptcy trustee can take any property you own that is not exempt from collection, sell it, and distribute the proceeds to your creditors. In Texas, the types of property people typically own are almost always exempt property, which means you usually get to keep all of your property.  

In a Chapter 13 bankruptcy you file a repayment plan with the bankruptcy court to pay back some or all of your debts over time. The amount you'll have to repay depends on how much you earn, the amount and types of debt you owe, and how much property you own. Determining which chapter of the bankruptcy code is right for you is a matter to be discussed with your attorney.

For more information on bankruptcy, I recommend consulting a qualified Fort Worth bankruptcy attorney.  As an experienced and dedicated Fort Worth bankruptcy attorney, I can offer advice on how to proceed based on your specific situation. You and I can meet face to face to discuss your options. I look forward to helping you become debt free. To schedule a FREE consultation, please contact me at (817) 732-7590 or (972) 819-3861. You can also send me an E-mail or complete the Free Case Evaluation.