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Bankruptcy In Texas Article
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Looking at the Forms Bankruptcy Can Take
from:There are many types or forms bankruptcy can take. The US bankruptcy laws are designed to help individuals, businesses and even municipalities that are having severe debt problems that appear to be unsolvable within the current income or revenue levels. There are many reasons why this happens, but the reasons seem unimportant when buried under a mountain of debt. As many people discover when bills become backlogged, debt collection practices are harsh. The phone rings off the hook with collectors, and the late notices and penalty charges only seem to make the situation worse by the day. When you owe back taxes, the IRS is relentless when it comes to collecting the money.
The forms of bankruptcy are defined as chapters. The chapters were written to provide a specific form for filing when you are an individual, farmer, business, or municipality. Most people are aware of the availability of bankruptcy laws applicable to people and businesses, but even counties and cities can find themselves unable to pay their debt. Right now there is a current case in Alabama in which a county cannot pay its sewer bonds and is considering filing bankruptcy.
The first form bankruptcy takes for individuals is chapter 7. A chapter 7 is a liquidation bankruptcy in which your non-exempted assets are used to pay off as much debt as possible and the remaining balances are eliminated. A chapter 13 is called an individual debt adjustment form. In this case, an individual agrees to a court defined debt repayment plan.
Another form bankruptcy can take is chapter 11 which is a business reorganization plan. Under this chapter, the business asks for the debt to be adjusted in a way that makes it workable. The business can also ask for a total reorganization which is often what you read about large corporations doing in order to stay in business. Farm businesses, on the other hand, will file a chapter 12 when needing debt relief.
The other types of bankruptcies are chapter 9 for municipalities and chapter 15 for ancillary cases or cases which don't fit the other defined chapters. There are even bankruptcy laws that address service people who are unable to pay their debts because they are overseas serving their country.
It is easy to see how complex the bankruptcy codes really is and it is a work in progress too. Every day new court cases refine the code based on actual experiences. A good bankruptcy attorney will always stay current on the laws so that you are able to get the best advice possible. The goal is to help you or your business start over again financially, but in a way that is the best fit for your situation.
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Bankruptcy In Texas News
Texas Rangers Auction May Proceed With Nolan Ryan, Mark Cuban Bidding
An auction for the Texas Rangers may proceed, a bankruptcy judge ruled, opening the way for Dallas Mavericks owner Mark Cuban to bid against Hall of Fame pitcher Nolan Ryan for control of the first-place club.
Read more...Texas Rangers will fetch at least $307 million US
A bankruptcy judge Friday rejected a last-minute higher bid on the Texas Rangers from Major League Baseball's preferred buyer, a deal that would have cancelled next week's auction.
Read more...Texas Rangers Get `Enhanced' Bid From Greenberg-Ryan Group to Buy Team
The baseball teams chief restructuring officer disclosed the existence of the bid at a hearing today in U.S. Bankruptcy Court in Fort Worth, Texas. He didnt give details of the new offer.
Read more...Rangers auction could put Ryan, Cuban in bid war
More than two months after the Texas Rangers filed for bankruptcy, the team now leading the AL West finds itself in an unusual and unexpected place: on the auction block. Instead of getting the judge's quick approval to sell the ballclub to Major League Baseball's preferred buyer, a group led by Hall of Famer Nolan Ryan, the team will be sold at an auction Wednesday -- one of the few ever...
Read more...Rangers auction will proceed despite higher offer
A bankruptcy judge Friday rejected a last-minute higher bid on the Texas Rangers from Major League Baseball's preferred buyer, a deal that would have canceled next week's auction. Since U.S. Bankruptcy Judge D. Michael Lynn said Wednesday's auction will proceed as planned, the higher bid from a group led by Hall of Fame pitcher Nolan Ryan and Pittsburgh attorney Chuck Greenberg is now...
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