Jack N. Fuerst Bankruptcy Law Blog on Lawyers.com

Overview of Houston Bankruptcy Law

Tuesday, March 30, 2010 by Jack N. Fuerst

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In Chapter 7 bankruptcy, which is sometimes referred to as "straight" bankruptcy, a debtor is allowed to keep certain property pursuant to "exemptions" and then property over the exemption limit is used to pay creditors. In Houston Chapter 13 bankruptcy, which is often called the "wage-earners" plan, a schedule of debts, assets, and income is prepared and a plan is prepared for the debtor, who must have a steady income, to pay back the some or all of the debt. In Chapter 11 bankruptcy, which is often highly complex, businesses restructure their debt through "reorganization" plans with the aim of allowing the business to continue as a going concern.

Additionally, business debtors may be subject to involuntary bankruptcy proceedings; for example, creditors holding a sufficient aggregate of debt can force a debtor into bankruptcy. Such involuntary proceedings often come as something of a surprise and the debtor generally has less planning time and flexibility to manage the bankruptcy context. When that happens, it is important to retain seasoned bankruptcy legal counsel, such as Jack N. Fuerst & Associates, P.C.  can help you understand the challenges associated with a "surprise" bankruptcy and will work quickly and effectively to help you reach a satisfactory resolution.

 
Posted at 20:04 PM
Topic: Bankruptcy
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