Should I Choose Chapter 7 Bankruptcy or Chapter 13 Bankruptcy San Antonio

Should I Choose Chapter 7 Bankruptcy or Chapter 13 Bankruptcy San Antonio

Introduction

You may doubt about to choose Chapter 7 Bankruptcy or Chapter 13 Bankruptcy San Antonio. It depends on your present and the probable future financial conditions. When you file a bankruptcy in San Antonio, the court will appoint a trustee to evaluate your present financial condition. He will consider the sources of income, fixed assets, liquid assets, real estate asset, and others. By comparing them with the net debts value, he will suggest the method of choosing between the two types of a bankruptcy settlement.

Chapter 7 Bankruptcy or Chapter 13 Bankruptcy San Antonio – Deciding Factors

If you don’t have any income and the total asset value is insufficient to pay for the debts, the trustee may appeal to the court to exempt you from repayment of debts. Then you walk free from all the debts for the rest of your life. Here, chapter 7 applies.

If your asset value is enough to repay debts, the trustee will allocate a maximum value of repayable debt for every asset you have. He will take away only those assets whose value is above the maximum ceiling decided. You can retain the other assets which are below the maximum ceiling value.

The trustee will sell the other property and repay the debtors. However, there are certain exemptions like the primary residence, personal property, and other sources of income which are required for the survival of you and your family. It is also applicable under Chapter 24 hr tow truck Bankruptcy San Antonio.

Chapter 13 Bankruptcy San Antonio applies when your income is sufficient to repay the debts. It could be full-repayment or part-repayment as the trustee decides. Here also, the trustee will evaluate your income sources and the assets. Chapter 13 also allows you to retain your assets required for your livelihood and survival. Once you have repaid the debts which the trustee has decided, you are free from the Bankruptcy San Antonio regulations.

Should I Choose Chapter 7 Bankruptcy or Chapter 13 Bankruptcy San Antonio

Bankruptcy San Antonio – Petition

You have to apply the Bankruptcy San Antonio petition as early as possible. You can find many Bankruptcy attorneys in San Antonio who can help you to do it. He will ask you to make a list of all your fixed and liquid assets, income sources, expenses, and other liabilities.

The Bankruptcy San Antonio petition ahs to be accompanied with many documents related to the schedules and other attachments. You have to fill all of them and submit to the trustee.

Chapter 7 Bankruptcy San Antonio- Voluntary Petition

Form-number B-101 applies for the individual debtors. You have to input your name, your social security number, business names, address, the reason for a bankruptcy filing, applicable chapter, fee payment details, etc.

If you can’t pay the court fee, you can also request for an exemption. If you have filed a bankruptcy petition in the last five years, you have to specify those details also. The attorney and the court trustee will evaluate your petition form before submitting it to the court. Inspection and evaluation by the court will happen later.