Houston Bankruptcy Attorneys

Bankruptcy Timeline in Texas

Bankruptcy is a legal right. If you are facing overwhelming debt, foreclosure and creditor harassment, Chapter 7 or Chapter 13 bankruptcy may be the answer you are looking for in order to get a fresh start, reorganize your debt or discharge your debt. At Mills & Henshaw, our lawyers are here to help you with your bankruptcy proceedings. When you work with a Houston bankruptcy attorney at our firm, you can feel comfortable and confident that your case is in good hands. Following is the general bankruptcy timeline for Chapter 7 and Chapter 13 cases in Texas:

Chapter 7 Bankruptcy Timeline

• The process starts with the filing of the Chapter 7 bankruptcy petition.
• Filing the petition places an automatic stay on collection efforts.
• A bankruptcy trustee will be appointed.
• A meeting of creditors will be held approximately 30 days after the Chapter 7 bankruptcy petition is filed.
• The debtor’s non-exempt assets will be surrendered to the court and liquidated, and the proceeds will be distributed to creditors.
• Several days after 60 days have passed since the meeting of creditors, the court will issue a discharge of the debtor’s debts.

Chapter 13 Bankruptcy Timeline

• The Chapter 13 bankruptcy timeline begins with the filing of the bankruptcy petition with the court.
• Filing under Chapter 13 results in an automatic stay on collection efforts, including foreclosure proceedings.
• A trustee is appointed to administer the case.
• The debtor must file a Chapter 13 payment plan within 15 days of filing a petition for bankruptcy.
• The debtor must begin making payments under this plan within 30 days of the petition date.
• A meeting of creditors is held approximately 30 days after the petition date.
• The debtor will make payments according to his or her payment plan for a minimum of 3 years and no more than 5 years.
• Upon a successful completion of this payment plan, the court will discharge remaining eligible debt.

You Need a Bankruptcy Lawyer

Having a bankruptcy lawyer at your side to guide you through the process and make sure that your rights and interests are protected is a must. Regardless of your particular financial situation or your goals for your future, an attorney at your firm can give you valuable legal advice in order to help you get that fresh start you need.

Contact a Houston bankruptcy lawyer at Mills & Henshaw today if you are considering bankruptcy in the Houston metropolitan area of Texas.