Chapter 13 Bankruptcy in Dallas Fort Worth

            A Chapter 13 bankruptcy filing reorganizes your debts.  As part of your bankruptcy filing you submit a plan that describes how much each of your creditors will receive under that plan.  This plan last 3 to 5 years.  Filing for this chapter of bankruptcy is sometimes referred to as filing a "wage earner" bankruptcy because you must have a regular income to qualify.  A Chapter 13 bankruptcy filing is administered by the Chapter 13 Trustee.  The Chapter 13 Trustee for Fort Worth is Tim Truman and the Chapter 13 Trustee for Dallas is Thomas Powers.

            A Chapter 13 bankruptcy filing is sometimes the only option if you do not "qualify" for a Chapter 7 bankruptcy filing.  Chapter 13 bankruptcy filing has some advantages that a Chapter 7 bankruptcy filing does not, but also has several disadvantages (such as lasting 3 to 5 years).   Chapter 13 can be more advantageous in other parts of the country which have less generous bankruptcy exemptions.  In the Dallas / Fort Worth Texas area, however, many people are able to file under Chapter 7 without losing any property because of the generous exemption rules in Texas.  Whether Chapter 7 or Chapter 13 is right for you will depend on the details of your particular financial situation.  An attorney can help you make this important decision and answer any other questions you may have. 

For more information see the Texas Bankruptcy FAQ.

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