Bankruptcy Services in Beaumont, Texas

Bankruptcy is a legal proceeding in which people who are unable to pay their bills can get a fresh financial start. The right to file for bankruptcy is provided by federal law, and all bankruptcy cases are handled in federal court. Filing bankruptcy immediately stops your creditors from seeking to collect debts from you, at least until your debts are sorted out according to law.

Chapter 13 Bankruptcy

Debt Consolidation

In a Chapter 13 case you file a "plan" showing how you will pay off some of your past-due and current debts over the next three to five years. The most important thing about a Chapter 13 case is that it will allow you to keep valuable property--especially your home and vehicle--which might otherwise be lost, as long as you can make the payments that the bankruptcy law requires to be made to your creditors. In many ways, Chapter 13 functions as a bill consolidation of secured debts.

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Chapter 7 Bankruptcy

Debt Relief

In a bankruptcy case under Chapter 7, you file a petition asking the court to discharge your debts. The basic idea in a Chapter 7 bankruptcy is to wipe out (discharge) your debts in exchange for your giving up property, except for "exempt" property, which the law allows you to keep. In most cases, all of your property will be exempt. In the relatively few consumer cases where there is non-exempt property, the property is sold, with the money distributed to creditors.

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