Best Foreclosure Lawyers in Cypress, TX

Determining which chapter of bankruptcy is right for you depends on various factors, including your financial situation, goals, and eligibility. Here are some considerations to help you make an informed decision:

In Chapter 7 bankruptcy, most types of unsecured debts can be discharged, meaning you are no longer legally obligated to repay them. Here are common examples of debts that can be discharged in Chapter 7:

While Chapter 7 bankruptcy provides debt relief by discharging many types of debts, certain debts are generally not dischargeable. Here are common examples of debts that cannot be discharged through Chapter 7:

Chapter 13 bankruptcy, also known as consumer reorganization, is a form of bankruptcy available to individuals with regular income who want to reorganize their debts and develop a repayment plan. Unlike Chapter 7 bankruptcy, which involves the liquidation of assets to pay off debts, Chapter 13 allows debtors to retain their property while paying back creditors over a designated period of time, typically three to five years.

In bankruptcy, priority debts are a specific category of debts that receive special treatment in terms of repayment as outlined in the bankruptcy code. These debts are considered more important or have a higher priority for repayment compared to other debts. Priority debts are typically not dischargeable in bankruptcy, meaning they survive the bankruptcy process and must be paid in full or in part. The specific types of debts considered priority debts can vary depending on the bankruptcy chapter, but here are some common examples: