What Does Bankruptcy Involve?
Bankruptcy refers to a Federal Law under the section 11 USC which was created for providing debt relief for businesses and individual. Congress recognized that many people many people will run into financial difficulty throughout their life time so they created bankruptcy laws to protect them from their creditors. Many people have considered bankruptcy in Fort Worth.
Who May File Bankruptcy in Fort Worth, TX?
Qualifications to file bankruptcy in Texas make it so that almost everyone may qualify for bankruptcy, in one form or another, such as Chapter 7 liquidation bankruptcy and Chapter 13 wage earner’s bankruptcy. Yet not all people even have the need to file bankruptcy. We regularly recommend against bankruptcy for some people with whom our attorneys meet for a free bankruptcy consultation. Some people are wondering about the “New” bankruptcy statutes and how they affect Texans. This law passed October, 2005 and was intended to make bankruptcy more difficult to file for individuals who supposedly should not be allowed to discharge their debts.
Yet the thing of it is that still around 95% of the people who visit our office, who formerly would have qualified to file chapter 7, also qualify now with the new bankruptcy law which was passed by congress. These people qualify to file chapter 7 even under the new laws.
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This is why we recommend a free bankruptcy consultation. Those people who do not now qualify to file chapter 7 bankruptcy still qualify to file bankruptcy according to the chapter 13 regulations and standards. By Rick Weaver.