Chapter 13 Bankruptcy

In a Chapter 13 Bankruptcy the debtor with a regular source of income submits a debt reorganization and repayment plan. If approved by the trustee, the creditors must accept it. In a Chapter 13 bankruptcy, the debtor usually keeps his/her assets. A Chapter 13 Bankruptcy is sometimes called a Wage Earner Bankruptcy.

Other Bankruptcies

• Chapter 9 bankruptcy is a municipal bankruptcy and is a federal mechanism for the resolution of a city, county, or other municipality's debts.
• Chapter 11 bankruptcy is a rehabilitation or reorganization of debts by businesses and some individuals with substantial debts and assets. This is sometimes called a corporate bankruptcy and is is a form of corporate financial reorganization which typically allows companies to continue to function while they follow debt repayment plans.
• Chapter 12 bankruptcy is a special bankruptcy for family farmers and fishermen.
• Chapter 15 bankruptcy is used by non-US entities to seek help dealing with debts.

Machi & Associates, P.C.
Principle office located in Arlington, Texas.

^*Ted Machi, Board Certified Consumer Bankruptcy Law, Texas Board of Legal Specialization. Barry Johnson, Board Certified Personal Trial Injury Trial Law, Texas Board of Legal Specialization. *Barry Johnson, Board Certified Criminal Law, Texas Board of Legal Specialization. All Other Attorneys Not Certified By The Texas Board of Legal Specialization.

Disclaimer