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Experienced Austin attorney assists consumers with debt relief under Chapter 7 and Chapter 13 of the bankruptcy code.

4408 Spicewood Springs Road, #413, Austin, TX 78759

Professional and experienced Austin Attorney

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Living with debt can be very stressful financially and emotionally, and getting out of debt, extremely difficult.  At The Law Offices of Sean T. Flynn, PLLC in Austin, TX, I offer personalized, compassionate legal services to help individuals in Central Texas ease their financial troubles. With 10 years of legal experience I assist people in filing under Chapter 7 and Chapter 13 of the bankruptcy code.

10 years of experience
Defining success

Professional and experienced Austin attorney

Consumer Bankruptcy: Chapter 7 and Chapter 13 Bankruptcy

Sometimes life doesn’t go as expected, you run out of money and bankruptcy is the best option available. That’s not the end of the world. Many people have been in your situation before and, with good planning, got out of it. The first step of that good planning is talking to an experienced bankruptcy lawyer to determine which type of bankruptcy suits you best. Basically, you’ll have to choose between the following two options:

Chapter 7 bankruptcy.

This one is widely known as liquidation bankruptcy. If your income and assets are not big enough to pay off your debts, your property will be sold in order to get money for paying them off. It is important to note that certain properties are exempt from selling. To qualify for Chapter 7 relief, you have to pass the bankruptcy means test. This test takes into account several circumstances, including your income, the household size, the nature of the debts, and others. You may get some of the debts discharged in three to five months.

Chapter 13 bankruptcy.

This one is better known as a reorganization bankruptcy. If your income and assets allow repayment of the debts, your property won’t be sold, but you’ll have to pay off your debts according to a repayment plan mandated by the court. Your property may be sold if you eventually fail to repay the debts. You may get a discharge of some of the debts after fully completing the repayment plan. To determine whether Chapter 7 or Chapter 13 bankruptcy is better for you, call an experienced bankruptcy lawyer to discuss your case. Getting advice from a professional is necessary when your future is being decided.

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What Is the difference between a chapter 7 case and a chapter 13 case?

A chapter 7 case Is referred to as a liquidation bankruptcy. How this works Is all the property that the debtor owns Is listed in the bankruptcy and becomes part of a debtor’s bankruptcy estate. Then any “non-exempt” property Is sold by the Trustee and used to pay back the creditor. Now in many cases most or all of the property is exempt. Under Texas law a debtor can typically exempt their house, a car per licensed driver, electronics, and household goods.    

And a chapter 13 case is that in a chapter 7 case the debtor’s nonexempt property (if any exists) is liquidated to pay as much as possible of the debtor’s debts, while in chapter 13 cases a portion of the debtor’s future income is used to pay as much of the debtor’s debts as is feasible under the debtor’s circumstances.  As a practical matter, in a chapter 7 case the debtor loses all or most of his or her nonexempt property and receives a chapter 7 discharge, which releases the debtor from liability for most debts.  In a chapter 13 case, the debtor usually retains his or her nonexempt property, but must pay off as much of his or her debts as the court deems feasible and receives a chapter 13 discharge, which is slightly broader than a chapter 7 discharge and releases the debtor from liability for a few types of debts that are not dischargeable under chapter 7.  However, a chapter 13 case normally lasts much longer than a chapter 7 case and is usually more expensive for the debtor.

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