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Principal Office:
Houston Location:
10101 Southwest Freeway
Suite 400
Houston, Texas 77074
Houston Location:
10101 Southwest Freeway
Suite 400
Houston, Texas 77074
Tel. (281) 499-4996
Fax (281) 499-9106
Fax (281) 499-9106
| Licensed by the Supreme Court of Texas. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. |
© 2004 Clayton Wrzesinski. All rights reserved.
Bankruptcy Information
In addition to the other legal services we provide, we are
a debt relief agency and we assist people in filing for
bankruptcy. In fact, one of the most important services
provided by this office is representation in Bankruptcy
Court. This page is dedicated to answering some of the
most common questions regarding Bankruptcy:
1. What kinds of bankruptcies are there?
Generally speaking, for consumers there are two types.
Chapter 7, which is often referred to as liquidation, and
Chapter 13, or reorganization, where a portion of your
debts are repaid.
2. Should I file Chapter 7 or 13?
At our firm, we will be able to help you with that question.
Everyone's individual circumstances vary, but generally
speaking a person with money left over at the end of the
month after taking into account their monthly budget,
including all "necessary" bills, would probably be a good
Chapter 13 candidate. If you do not have any excess
income after paying your monthly minimum expense,
then a Chapter 7 might be your only option.
3. Do I get to keep any of my property?
You get to keep your exempt property. In Texas there
are several advantageous exemptions available to
debtors. Our attorneys will carefully review your situation
to ensure that all available exemptions are used to your
best benefit.
4. What about loans that I put up collateral for, like my
house and car?
"Collateral" is an example of what is referred to as
Secured Debt. With Secured Debt, you will have to
agree to continue paying on the loan, or else the lender
will be able to take the property back from you. It is
common for a person in bankruptcy to keep paying on
their car and house and then keep these items (provided
they can afford it).
5. What about credit cards?
This is a good example of what is known as Unsecured
Debt. In Bankruptcy unsecured debt is either discharged
or repaid out of the nonexempt proceeds of the estate in
chapter 7, or partially repaid under the Chapter 13
payment plan. Most credit cards are unsecured,
meaning there is no property put up as collateral for the
debt. However, some credit cards, such as Sears and
Montgomery Ward are often secured (see no. 4). This
means you may have to give the property back that you
purchased with the card if you want to discharge the debt.
6. How long will I be in Bankruptcy?
It will take approximately three months from the time the
petition is filed until the date of final discharge for a
Chapter 7. Under the Chapter 13 framework, you are "in
bankruptcy" for the duration of the repayment plan,
usually 36-60 months.
7. What can I expect?
Our attorneys will prepare a detailed petition listing all of
your property, debts and other financial information. After
you approve the petition, it will be filed electronically with
the Court. A short period later there will be a meeting
with the bankruptcy trustee that you must attend. This is
usually the only appearance required and one of our
attorneys will be right there with you. Unless there are
problems or one of your creditors objects, the discharge
will be granted a few months later.
8. How long does a Bankruptcy stay on my record?
Generally, credit agencies can report bankruptcies for a
period of ten years.
9. If I am married, does my spouse have to file
bankruptcy too?
Technically no, a single or joint petition may be filed.
However, Texas is a community property state, so more
often than not, the non-filing spouse may still be held
liable for some debts. You can also run into problems
when assets are transferred from one spouse to another.
Our offices can provide valuable assistance to you
regarding this particular topic.
10. Can I go run up my credit cards and then go
bankrupt?
No, the Trustee has the power to object to our being able
to discharge debts where you fraudulently bought items
with the idea of going bankrupt. If it is bad enough, it can
be considered a crime. In fact, once you meet with our
attorneys, you will be instructed NOT to use credit 90
days prior to filing just to be on the safe side. This is just
an example of one of the ways we can help guide you
through what otherwise could be a very stressful
experience.
11. How much does it cost?
The price of your bankruptcy is a combination of filing
fees, expenses, and attorney fees and will vary
depending upon the complexity of your individual case.
It is not possible to give you an exact price over the
internet or telephone because you must actually meet
with one of our attorneys before we can fully assess your
situation.
However, the following may serve as a rough guideline
when considering the costs of bankruptcy:
Chapter 7- (single or couple)-$2000-$3500, depending
upon the complexity of your case, plus the court filing fee
of $299, plus costs of $75 for postage and copies, plus
$50 ($100 for a couple) for a detailed credit report from
all three major credit bureaus.
Your petition is prepared and filed after the full amount is
paid. We allow you to make small monthly installments if
your budget requires.
We accept cash, checks, or money orders.
Chapter 13- minimum fee $3085 ( we represent you for
the full 3-5 year term of the plan), plus the court filing fee
of $274 for the filing fee. Oftentimes, we can file a typical
Chapter 13 case for a $750 down payment, and the rest
of it paid through your monthly payments to a
court-appointed trustee via what is called a "wage
order." Our attorneys are prepared to discuss this with
you at length.
We are proud of our ability to keep our fees very
reasonable, and we strive to make this process
affordable for you by offering flexible terms.
a debt relief agency and we assist people in filing for
bankruptcy. In fact, one of the most important services
provided by this office is representation in Bankruptcy
Court. This page is dedicated to answering some of the
most common questions regarding Bankruptcy:
1. What kinds of bankruptcies are there?
Generally speaking, for consumers there are two types.
Chapter 7, which is often referred to as liquidation, and
Chapter 13, or reorganization, where a portion of your
debts are repaid.
2. Should I file Chapter 7 or 13?
At our firm, we will be able to help you with that question.
Everyone's individual circumstances vary, but generally
speaking a person with money left over at the end of the
month after taking into account their monthly budget,
including all "necessary" bills, would probably be a good
Chapter 13 candidate. If you do not have any excess
income after paying your monthly minimum expense,
then a Chapter 7 might be your only option.
3. Do I get to keep any of my property?
You get to keep your exempt property. In Texas there
are several advantageous exemptions available to
debtors. Our attorneys will carefully review your situation
to ensure that all available exemptions are used to your
best benefit.
4. What about loans that I put up collateral for, like my
house and car?
"Collateral" is an example of what is referred to as
Secured Debt. With Secured Debt, you will have to
agree to continue paying on the loan, or else the lender
will be able to take the property back from you. It is
common for a person in bankruptcy to keep paying on
their car and house and then keep these items (provided
they can afford it).
5. What about credit cards?
This is a good example of what is known as Unsecured
Debt. In Bankruptcy unsecured debt is either discharged
or repaid out of the nonexempt proceeds of the estate in
chapter 7, or partially repaid under the Chapter 13
payment plan. Most credit cards are unsecured,
meaning there is no property put up as collateral for the
debt. However, some credit cards, such as Sears and
Montgomery Ward are often secured (see no. 4). This
means you may have to give the property back that you
purchased with the card if you want to discharge the debt.
6. How long will I be in Bankruptcy?
It will take approximately three months from the time the
petition is filed until the date of final discharge for a
Chapter 7. Under the Chapter 13 framework, you are "in
bankruptcy" for the duration of the repayment plan,
usually 36-60 months.
7. What can I expect?
Our attorneys will prepare a detailed petition listing all of
your property, debts and other financial information. After
you approve the petition, it will be filed electronically with
the Court. A short period later there will be a meeting
with the bankruptcy trustee that you must attend. This is
usually the only appearance required and one of our
attorneys will be right there with you. Unless there are
problems or one of your creditors objects, the discharge
will be granted a few months later.
8. How long does a Bankruptcy stay on my record?
Generally, credit agencies can report bankruptcies for a
period of ten years.
9. If I am married, does my spouse have to file
bankruptcy too?
Technically no, a single or joint petition may be filed.
However, Texas is a community property state, so more
often than not, the non-filing spouse may still be held
liable for some debts. You can also run into problems
when assets are transferred from one spouse to another.
Our offices can provide valuable assistance to you
regarding this particular topic.
10. Can I go run up my credit cards and then go
bankrupt?
No, the Trustee has the power to object to our being able
to discharge debts where you fraudulently bought items
with the idea of going bankrupt. If it is bad enough, it can
be considered a crime. In fact, once you meet with our
attorneys, you will be instructed NOT to use credit 90
days prior to filing just to be on the safe side. This is just
an example of one of the ways we can help guide you
through what otherwise could be a very stressful
experience.
11. How much does it cost?
The price of your bankruptcy is a combination of filing
fees, expenses, and attorney fees and will vary
depending upon the complexity of your individual case.
It is not possible to give you an exact price over the
internet or telephone because you must actually meet
with one of our attorneys before we can fully assess your
situation.
However, the following may serve as a rough guideline
when considering the costs of bankruptcy:
Chapter 7- (single or couple)-$2000-$3500, depending
upon the complexity of your case, plus the court filing fee
of $299, plus costs of $75 for postage and copies, plus
$50 ($100 for a couple) for a detailed credit report from
all three major credit bureaus.
Your petition is prepared and filed after the full amount is
paid. We allow you to make small monthly installments if
your budget requires.
We accept cash, checks, or money orders.
Chapter 13- minimum fee $3085 ( we represent you for
the full 3-5 year term of the plan), plus the court filing fee
of $274 for the filing fee. Oftentimes, we can file a typical
Chapter 13 case for a $750 down payment, and the rest
of it paid through your monthly payments to a
court-appointed trustee via what is called a "wage
order." Our attorneys are prepared to discuss this with
you at length.
We are proud of our ability to keep our fees very
reasonable, and we strive to make this process
affordable for you by offering flexible terms.
Clayton Wrzesinski, P.C.
Austin Location:
2700 Pecan St. West
Suite 400
Pflugerville, TX 78660
Tel. (512) 650-3075
2700 Pecan St. West
Suite 400
Pflugerville, TX 78660
Tel. (512) 650-3075